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SERIOUS PROPERTY MATTERS LTD

Registered Number
14026412
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

SERIOUS PROPERTY MATTERS LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

R Barker
S Price
S Warren

Registered Address

70 North Hill
Plymouth
PL4 8HF

Registered Number

14026412 (England and Wales)
SERIOUS PROPERTY MATTERS LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets48,97211,911
Investment property51,050,711958,163
1,059,683970,074
Current assets
Debtors616,86016,442
Cash at bank and on hand45,4967,424
62,35623,866
Creditors amounts falling due within one year7(355,287)(357,533)
Net current assets (liabilities)(292,931)(333,667)
Total assets less current liabilities766,752636,407
Creditors amounts falling due after one year8(698,400)(678,275)
Provisions for liabilities9(23,137)-
Net assets45,215(41,868)
Capital and reserves
Called up share capital33
Profit and loss account45,212(41,871)
Shareholders' funds45,215(41,868)
The financial statements were approved and authorised for issue by the Board of Directors on 2 June 2025, and are signed on its behalf by:
S Warren
Director
Registered Company No. 14026412
SERIOUS PROPERTY MATTERS LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Due to the nature of the company, the only area where there are significant judgement which would affect the amounts recognised in the financial statements is the valuation of properties. The properties are valued by the directors, they base the valuation on market conditions and other external information.
Turnover policy
Income from property rental is recognised on an accruals basis, it is included within turnover in the period to which the rental income relates.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 September 23-18,44218,442
Additions-1,9591,959
At 31 August 24-20,40120,401
Depreciation and impairment
At 01 September 23-6,5316,531
Charge for year4,898-4,898
At 31 August 244,8986,53111,429
Net book value
At 31 August 24(4,898)13,8708,972
At 31 August 23-11,91111,911
5.Investment property
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been £958,163 (2023 - £958,163).

£
Fair value at 01 September 23958,163
Fair value adjustments92,548
At 31 August 241,050,711
6.Debtors: amounts due within one year

2024

2023

££
Other debtors16,44216,442
Prepayments and accrued income418-
Total16,86016,442
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-2,246
Amounts owed to related parties353,997353,997
Accrued liabilities and deferred income1,2901,290
Total355,287357,533
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts698,400678,275
Total698,400678,275
Within bank borrowings and overdrafts is an amount of £698,400 (2023: £678,275) that has been secured by a fixed charge over the investment properties of the company.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)23,137-
Total23,137-
10.Related party transactions
During the year the company maintained a loan account with a related entity, the related entity is connected via common control. At 31 July 2024 there was an amount owed of £670 (2023: £670) to the company. The amounts are interest free and disclosed in other debtors. During the year the company also maintained loan accounts with the directors of the company. At 31 July 2024 there was an amount owed of £353,997 (2023: £353,997) from the company to the directors. The amounts are interest free and disclosed in amounts owed to related parties.