Company registration number 05318745 (England and Wales)
SB HOLDINGS (EXETER) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SB HOLDINGS (EXETER) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SB HOLDINGS (EXETER) LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
3,420,000
3,420,000
Investments
4
293,500
293,500
3,713,500
3,713,500
Current assets
Debtors
5
7,557
9,332
Cash at bank and in hand
29,757
20,347
37,314
29,679
Creditors: amounts falling due within one year
6
(215,965)
(199,585)
Net current liabilities
(178,651)
(169,906)
Total assets less current liabilities
3,534,849
3,543,594
Creditors: amounts falling due after more than one year
7
(1,570,000)
(1,570,000)
Provisions for liabilities
8
(115,362)
(115,362)
Net assets
1,849,487
1,858,232
Capital and reserves
Called up share capital
293,500
293,500
Non-distributable profits reserve
9
1,240,051
1,240,051
Distributable profit and loss reserves
315,936
324,681
Total equity
1,849,487
1,858,232
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SB HOLDINGS (EXETER) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Mr M P Charlton
Mr T S Charlton
Director
Director
Company registration number 05318745 (England and Wales)
SB HOLDINGS (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
SB Holdings (Exeter) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents rents receivable, and is recognised on a straight line basis over the lease term.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SB HOLDINGS (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
5
3
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
3,420,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 December 2015 by Symonds & Sampson Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
A revised valuation was carried out by Vickery Holman during March 2021. However, the valuation was conducted on a different basis. The directors have undertaken a review of the fair value of the property as at 30 September 2024 and consider that the value has not changed materially since the 2015 independent valuation was undertaken.
4
Fixed asset investments
2024
2023
£
£
Investments in subsidiary undertakings
293,500
293,500
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
7,557
9,332
SB HOLDINGS (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
144,340
135,840
Taxation and social security
15,928
19,791
Other creditors
55,697
43,954
215,965
199,585
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,570,000
1,570,000
Bank loans are secured by fixed charges over all freehold property of the company.
8
Deferred taxation
The following is the analysis of the deferred tax balances for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property revaluations
115,362
115,362
There were no deferred tax movements in the year.
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
1,240,051
1,240,051
Non-distributable reserves comprise revaluations of investment property, net of deferred tax provisions.
SB HOLDINGS (EXETER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
One director
2.25
1,224
12,000
(12,000)
1,224
1,224
12,000
(12,000)
1,224
The loan to the directors was unsecured and repayable on demand.