Company registration number 03258458 (England and Wales)
SAXON ESTATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
SAXON ESTATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SAXON ESTATES LIMITED
BALANCE SHEET
AS AT 29 OCTOBER 2024
29 October 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
963
Current assets
Stocks
4
5,583,206
3,804,015
Debtors
5
56,203
204,991
Cash at bank and in hand
1,227,120
3,293,280
6,866,529
7,302,286
Creditors: amounts falling due within one year
6
(379,450)
(280,555)
Net current assets
6,487,079
7,021,731
Total assets less current liabilities
6,488,042
7,021,731
Provisions for liabilities
(27,938)
Net assets
6,488,042
6,993,793
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
6,488,040
6,993,791
Total equity
6,488,042
6,993,793
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 29 October 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.
SAXON ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 OCTOBER 2024
29 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
Mr M K Salt
Director
Company Registration No. 03258458
SAXON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Saxon Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashcombe Court, Woolsack Way, Godalming, Surrey, United Kingdom, GU7 1LQ.
1.1
Basis of preparing the financial statements
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year end the company had net assets of £6,488,042 (2023 - £6,993,793). The director is confident that the company has the available resources to continue in operational existence for the foreseeable future and has therefore prepared the accounts on a going concern basis.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
3 years straight line
1.4
Stocks
Property stock represents the cost incurred to date in respect of land and property purchases, development expenditure and all associated costs. For property previously held as an investment up to 31 October 2019, the stock is held at deemed cost which is the fair value of the property at that point in time.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SAXON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future taxable profits or against the reversal of deferred tax liabilities.
Deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SAXON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Computers
£
Cost
At 30 October 2023
Additions
1,083
At 29 October 2024
1,083
Depreciation and impairment
At 30 October 2023
Depreciation charged in the year
120
At 29 October 2024
120
Carrying amount
At 29 October 2024
963
At 29 October 2023
4
Stocks
2024
2023
as restated
£
£
Stocks
5,583,206
3,804,015
SAXON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,619
25,355
Other debtors
44,584
179,636
56,203
204,991
6
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
35,169
54,428
Corporation tax
34,110
Other taxation and social security
873
998
Other creditors
343,408
191,019
379,450
280,555
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
80
2
1
2
Ordinary B shares of 1p each
80
0
1
Ordinary C shares of 1p each
40
0
200
2
2
2
During the year, the company completed a sub-division of it's shareholding. 2 Ordinary shares of £1 were sub-divided to 200 ordinary shares of £0.01.
During the year, the company also transferred 80 shares to a new ordinary B share class and 40 shares to a new ordinary C share class.
8
Related party transactions
Transactions with related parties
At the balance sheet date the director was owed £152,847 (2023 - £102,731). This balance is included within other creditors.
SAXON ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 OCTOBER 2024
- 7 -
9
Prior period adjustment
The previous financial statements to the year ended 29 October 2023 have been restated. This is due to the inclusion of late stock items and adjustments in resepect of the dilapidations provision.
Stock was previously included at £3,761,715 and has now increased to £3,804,015 due to some capital itmes being incorrectly written off to the profit and loss account. This increased the profit in 2023 by £42,300.
Total costs still to be paid in respect of dilapidation work totalled £60,831 and this was excluded from other creditors as at the 29 October 2023. This has now been corrected and resulted in a reduction to profit and an increase to other creditors of 60,831.
Overall the profit for the year ended 29 October 2023 has reduced from £116,452 to £97,921, an adjustment of £18,531. The net effect on equity carried forward has also seen a reduction of £18,531 from £7,012,324 to £6,993,793.