Registration number:
Prepared for the registrar
for the
Year Ended 30 September 2024
Shore Thing Properties Limited
(Registration number: 05933041)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Other financial assets |
1,326,701 |
1,164,639 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions |
(64,337) |
(64,337) |
|
Deferred tax liabilities |
(1,839,369) |
(1,839,369) |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
212 |
212 |
|
Revaluation reserve |
7,641,402 |
7,701,169 |
|
Retained earnings |
957,251 |
1,540,457 |
|
Shareholders' funds |
8,598,865 |
9,241,838 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Critical accounting judgements and key sources of estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, fittings and equipment |
25% on cost per annum |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold
sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If
contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 October 2023 |
|
|
|
Additions |
|
- |
|
At 30 September 2024 |
|
|
|
Depreciation |
|||
At 1 October 2023 |
|
|
|
Charge for the year |
|
- |
|
At 30 September 2024 |
|
|
|
Carrying amount |
|||
At 30 September 2024 |
|
- |
|
At 30 September 2023 |
|
- |
|
Investment properties |
2024 |
|
At 1 October 2023 |
|
Additions |
|
Disposals |
( |
At 30 September 2024 |
|
Valuations are based on fair value.
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 October 2023 |
1,164,639 |
1,164,639 |
Revaluations |
(1,225) |
(1,225) |
Additions |
1,129,404 |
1,129,404 |
Disposals |
(966,117) |
(966,117) |
At 30 September 2024 |
1,326,701 |
1,326,701 |
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
216,702 |
353,796 |
|
Deferred income |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Creditors include bank loans repayable by instalments of £8,033,426 (2023 - £4,825,520) due after more than five years.
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Provisions |
Other provisions |
Total |
|
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
|
Deferred tax |
Deferred tax assets and liabilities
2024 |
Liability |
Revaluation of investment property |
|
|
2023 |
Liability |
Revaluation of investment property |
|
|
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on revaluation of other assets |
( |
( |
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on revaluation of other assets |
|
|
|
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
The Shawbrook Mortgage is secured by a fixed charge over the assets of the company date 04 July 2023.
Shore Thing Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Related party transactions |
Other related party transactions
During the year the company made the following related party transactions:
Wixted and Co Limited
(A company in which T P Wixted is a director and a shareholder)
During the year, the company made and received loans and other payments and receipts from Wixted and Co Limited. At the balance sheet date the amount due from Wixted and Co Limited was £406,984 (2023 - £162,879)
TPW Investments Limited
(A company in which T P Wixted is a director and a shareholder)
During the year, the company received loans and other payments from TPW Investments Limited. At the balance sheet date the amount due to TPW Investments Limited was £640,372 (2023 - £640,372)
T P Wixted
At 30 September 2024 the company was owed £1,316,568 (2023 - £823,744) by T P Wixted in the form of a director's loan account. This loan has no fixed repayment terms and interest is not payable on the balance owed.