Speeds (Derby) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09286514

Speeds (Derby) Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2024

Speeds (Derby) Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5	3,577	4,010
Investments	6	12,451,656	12,444,396
		-------------	-------------
		12,455,233	12,448,406

Current assets

Debtors	7	414,480	779,449
Cash at bank and in hand		2,167,419	1,376,564
		------------	------------
		2,581,899	2,156,013

Creditors: amounts falling due within one year	8	232,094		152,005
		------------		------------
Net current assets			2,349,805		2,004,008
			-------------		-------------
Total assets less current liabilities			14,805,038		14,452,414

Provisions	794,213	790,653
	-------------	-------------
Net assets	14,010,825	13,661,761
	-------------	-------------

Capital and reserves

Called up share capital	6,233,972	6,233,972
Non-distributable reserves	3,104,809	3,104,809
Profit and loss account	4,672,044	4,322,980
	-------------	-------------
Shareholders funds	14,010,825	13,661,761
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Speeds (Derby) Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

K E Strawson
Director

Company registration number: 09286514

Speeds (Derby) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Rectory, Thoresway, Market Rasen, Lincolnshire, LN8 3UY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Investment properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to is fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

(c) Going concern

The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it and does not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis.

(d) Revenue recognition

Turnover comprises revenue recognised by the company in respect of rental income receivable net of valued added tax. Revenue from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreement.

(e) Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively . Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at 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 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 that are expected to apply to the reversal of the timing difference.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	15% reducing balance

(h) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

(i) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).

5. Tangible assets

	Office Equipment
	£
Cost
At 1 January 2024 and 31 December 2024	4,837
	-------
Depreciation
At 1 January 2024	827
Charge for the year	433
	-------
At 31 December 2024	1,260
	-------
Carrying amount
At 31 December 2024	3,577
	-------
At 31 December 2023	4,010
	-------

6. Investments

	Investment properties
	£
Valuation
At 1 January 2024	12,444,396
Additions	7,260
	-------------
At 31 December 2024	12,451,656
	-------------
Impairment
At 1 January 2024 and 31 December 2024	–
	-------------

Carrying amount
At 31 December 2024	12,451,656
	-------------
At 31 December 2023	12,444,396
	-------------

Investment properties have been valued by the director with input from an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.

Investments held at valuation

In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Investment properties
	£
At 31 December 2024
Aggregate cost	8,721,765
Aggregate depreciation	–
	------------
Carrying value	8,721,765
	------------

At 31 December 2023
Aggregate cost	8,714,505
Aggregate depreciation	–
	------------
Carrying value	8,714,505
	------------

7. Debtors

	2024	2023
	£	£
Other debtors	414,480	779,449
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Corporation tax	65,384	52,472
Social security and other taxes	71,064	49,263
Directors loan account	1,616	1,616
Other creditors	94,030	48,654
	---------	---------
	232,094	152,005
	---------	---------

9. Related party transactions

The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group. During the year the company received a loan from a director . The loan is interest free and repayable on demand . At the year end date the balance due to the director totalled £ 1,616 (2023 - £ 1,616 ).

10. Controlling party

Throughout the year, the company was controlled by Speeds Strawson Ltd , a company registered in England and Wales, whose registered office is The Old Rectory, Thoresway, Market Rasen, Lincolnshire, England, LN8 3UY.