REGISTERED NUMBER: 08429997 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SUSSEX COAST PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

S B Rhodes

P A Hanlon

REGISTERED OFFICE:

20 Havelock Road

Hastings

East Sussex

TN34 1BP

REGISTERED NUMBER:

08429997 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

FIXED ASSETS

Tangible assets

4

260

9,231

Investments

5

200

200

Investment property

6

13,735,000

13,735,000

13,735,460

13,744,431

CURRENT ASSETS

Debtors

7

319,289

323,258

Cash at bank

574

48

319,863

323,306

CREDITORS

Amounts falling due within one year

8

429,572

357,863

NET CURRENT LIABILITIES

(109,709

)

(34,557

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,625,751

13,709,874

CREDITORS

Amounts falling due after more than one year

9

(4,841,698

)

(4,923,470

)

PROVISIONS FOR LIABILITIES

(2,158,754

)

(2,158,690

)

NET ASSETS

6,625,299

6,627,714

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

11

6,625,199

6,627,614

SHAREHOLDERS' FUNDS

6,625,299

6,627,714

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2025 and were signed on its behalf by:

S B Rhodes - Director

P A Hanlon - Director

1.	STATUTORY INFORMATION

Sussex Coast Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

Turnover

Turnover represents net invoices sales of property, freehold or leasehold, excluding value added tax.

Turnover also represents net rents received, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvement

to

property

£

COST

At 1 April 2024

and 31 March 2025

102,905

DEPRECIATION

At 1 April 2024

93,674

Charge for year

8,971

At 31 March 2025

102,645

NET BOOK VALUE

At 31 March 2025

260

At 31 March 2024

9,231

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

200

NET BOOK VALUE

At 31 March 2025

200

At 31 March 2024

200

Shares in group undertakings relate to:-

Palace Court Commerical Property Limited & Sussex Coast Properties (St Mary's Hall) Limited

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

and 31 March 2025

13,735,000

NET BOOK VALUE

At 31 March 2025

13,735,000

At 31 March 2024

13,735,000

Fair value at 31 March 2025 is represented by:

£

Valuation in 2018

1,095,758

Valuation in 2020

975,000

Valuation in 2021

55,000

Valuation in 2022

(187,500

)

Valuation in 2023

5,926,500

Valuation in 2024

770,000

Cost

5,100,242

13,735,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Amounts owed by group undertakings

319,289

323,258

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

10,045

6,149

Trade creditors

14,274

17,665

Taxation and social security

-

385

Other creditors

405,253

333,664

429,572

357,863

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

4,841,698

4,923,470

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Shawbrook

4,823,040

4,895,359

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

4,851,743

4,929,619

Shawbrook

296,701

296,701

5,148,444

5,226,320

Shawbrook Bank Limited has a fixed and floating charge over the following freehold properties owned by the company:-

Palace Court, Hastings, East Sussex

34 & 35 White Rock, Hastings, East Sussex

1-6 Palace Avenue, Hastings, East Sussex

C W Booth Holdings Limited have a charge on the company in regards of 33 Eversley Road, Bexhill, TN40. and 11 Albany Road, St Leonards on Sea, TN38.

Reward Capital Limited have a charge on the company in regards of 33 Eversley Road, Bexhill, TN40.

Further details on all charges can be found on Companies House.

11.

RESERVES

The split between non-distributable and distributable reserves are as follows:-

31.3.25

31.3.24

£

£

Distributable reserves

149,130

151,545

Non-distributable reserves

6,476,069

6,476,069

Total

6,625,199

6,627,614

12.	RELATED PARTY DISCLOSURES

At the year end, the company owed the directors, £10,451 (2024 £451). This loan is interest free and repayable on demand.

At the year end, the company owed Coastal Holiday Lettings Limited, a company linked to the director, Mr P A Hanlon, £40,000 (2024 £40,000). This loan is interest free and repayable on demand.

At the year end, the company owed Hanlon & Rhodes Group Limited, a company linked to the directors, Mr S B Rhodes & M P A Hanlon, £42,657 (2024 -£27,343). This loan is interest free and repayable on demand.

At the year end, subsidiary company Palace Court Commercial Property Limited, owed the company £69,389 (2024 £70,358). This loan is interest free and repayable on demand.

At the year end, subsidiary company Sussex Coast Properties (St Mary's Hall) Limited, owed the company £249,900 (2024 £249,900). This loan is interest free and repayable on demand.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sussex Coast Properties Limited for the year ended 31 March 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Sussex Coast Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sussex Coast Properties Limited and state those matters that we have agreed to state to the Board of Directors of Sussex Coast Properties Limited, as a body, in this report in accordance with icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sussex Coast Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sussex Coast Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sussex Coast Properties Limited. You consider that Sussex Coast Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sussex Coast Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

1 December 2025