Sysco Propco Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI635538

SYSCO PROPCO LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 December 2024

SYSCO PROPCO LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	759,985	760,356

Current assets

Debtors	5	9,525	3,096

Creditors: amounts falling due within one year	6	798,568	601,267
		---------	---------
Net current liabilities		789,043	598,171
		---------	---------
Total assets less current liabilities		( 29,058)	162,185

Creditors: amounts falling due after more than one year	7	209,330	347,852
		---------	---------
Net liabilities		( 238,388)	( 185,667)
		---------	---------

Capital and reserves

Called up share capital	8	3	3
Profit and loss account		( 238,391)	( 185,670)
		---------	---------
Shareholders deficit		( 238,388)	( 185,667)
		---------	---------

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 statement of income and retained earnings 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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SYSCO PROPCO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr P Bingham

Director

Company registration number: NI635538

SYSCO PROPCO 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 N. Ireland. The address of the registered office is C/O FEB Chartered Accountants, Linenhall Exchange, First Floor, Linenhall Street, Belfast, BT2 8BG, N. Ireland.

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

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.

Disclosure exemptions

(a) No cash flow statement has been presented for the company.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

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.

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:

	Fixtures and fittings	-	20% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

4. Tangible assets

	Investment property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	758,503	7,371	765,874
	---------	-------	---------
Depreciation
At 1 January 2024	–	5,518	5,518
Charge for the year	–	371	371
	---------	-------	---------
At 31 December 2024	–	5,889	5,889
	---------	-------	---------
Carrying amount
At 31 December 2024	758,503	1,482	759,985
	---------	-------	---------
At 31 December 2023	758,503	1,853	760,356
	---------	-------	---------

The company's investment property was valued in late 2015 based on an independent valuation undertaken by Campbell Cairns. By consulting with external advisors, and through their own experience, the directors believe that the fair value has not changed significantly. A personal guarantee for £400,000 from the directors is held by Ulster Bank collateralised by a Freehold 1st Legal charge held over Unit 2 Cromac Place, Gasworks, Ormeau Road, Belfast.

5. Debtors

	2024	2023
	£	£
Trade debtors	5,219	–
Other debtors	4,306	3,096
	-------	-------
	9,525	3,096
	-------	-------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	61,160	58,416
Trade creditors	4,589	5,400
Amounts owed to group undertakings	1,497,159	1,301,534
Ulster Bank Loan	74,909	74,909
Sysco Software Holdco	(839,289)	(839,289)
Other creditors	40	297
	------------	------------
	798,568	601,267
	------------	------------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	209,330	347,852
	---------	---------

8. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.50 each	6	3	6	3
	----	----	----	----

9. Directors' advances, credits and guarantees

The directors received loans of £NIL (2023: £NIL) during the year. At the balance sheet date, £NIL (2023: £NIL) remained outstanding. Any loans are interest free repayable on demand.

10. Related party transactions

The company is under the control of its directors and shareholders; Mr P Bingham and Mr C Donnelly. Transactions with directors are disclosed in note 10 of the financial statements. The company is related to Sysco Software (NI) Limited by virtue of common control. During the year the company charged rent of £24,000 (2023: £24,000) to Sysco Software (NI) Limited. At the balance sheet date, an amount of £1,049,491 remained outstanding (2023: £921,472). The company is also related to Sysco Limited by virtue of common control. At the balance sheet date, £447,668 (2023: £380,062) remained outstanding. The company is also related to Sysco Software Holdco Limited by virture of common control. At the balance sheet date, Sysco Software Holdco Limited owed the company £839,289 (2023: £839,289).