REGISTERED NUMBER: 01715609 (England and Wales)

Financial Statements for the Year Ended 30 September 2024

for

Shepperton Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G K Davis

Mrs J A Davis

REGISTERED OFFICE:

11 Lansdowne Court

Bumpers Way

Bumpers Farm

Chippenham

SN14 6RZ

REGISTERED NUMBER:

01715609 (England and Wales)

AUDITORS:

Mark Arber Limited

71-75 Shelton Street

Covent Garden

London

WC2H 9JQ

FIXED ASSETS

Tangible assets

4

12,524

16,699

Investments

5

1,400

1,400

Investment property

6

8,445,000

9,165,200

8,458,924

9,183,299

CURRENT ASSETS

Debtors

7

65,338

95,646

Cash at bank

190,130

220,855

255,468

316,501

CREDITORS

Amounts falling due within one year

8

881,988

274,343

NET CURRENT (LIABILITIES)/ASSETS

(626,520

)

42,158

TOTAL ASSETS LESS CURRENT LIABILITIES

7,832,404

9,225,457

CREDITORS

Amounts falling due after more than one year

9

(4,104,347

)

(4,867,485

)

PROVISIONS FOR LIABILITIES

10

(222,564

)

(158,807

)

NET ASSETS

3,505,493

4,199,165

CAPITAL AND RESERVES

Called up share capital

2

2

Fair Value Reserve

11

3,185,383

3,565,583

Retained earnings

11

320,108

633,580

SHAREHOLDERS' FUNDS

3,505,493

4,199,165

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 31 December 2024 and were signed on its behalf by:

G K Davis - Director

1.	STATUTORY INFORMATION

Shepperton 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.

Going Concern

The company's activities are financed primarily through a mortgage facility which expires on 16 March 2026. At the date of approval of these financial statements, the facility has not been refinanced and the company will be required to obtain new financing in order to continue as a going concern. The directors believe that the company's investment property portfolio will provide sufficient security to enable the refinancing of the mortgage facility when required.

In addition, at the reporting date the company had material amounts payable to group undertakings which are currently in administration. The administrators of those companies have a statutory duty to realise assets for the benefit of creditors and are reviewing intercompany balances using group financial information. The amounts recognised in these financial statements are based on the company's accounting records and are subject to reconciliation as part of the administrators' review. The directors believe that the amounts recognised represent the best estimate of the liabilities at the reporting date.

Subsequent to the year end, the company has made payments in partial settlement of amounts due to group undertakings.

The directors consider it appropriate to prepare the financial statements on a going concern basis. Nevertheless, the requirement to refinance the mortgage facility and the potential demand for repayment of amounts due to group undertakings give rise to a material uncertainty which may cast significant doubt on the company's ability to continue as a going concern. The financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.

Turnover

Turnover represents the total rents receivable during the year.

Tangible fixed assets

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

Plant and machinery etc

-

50% on cost and 25% on reducing balance

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.

Deferred taxation is provided on any gains at the rate expected to apply when the properties are sold.

No depreciation is provided in respect of freehold investment properties. Although the Companies Act 2006 would normally require the systematic annual depreciation of fixed assets, the directors believe that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view, since the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.

An independent valuation for the properties was obtained on shortly after the year end and forms the basis of the carrying values in these financial statements.

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.

Going concern

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 October 2023

and 30 September 2024

7,332

385,763

393,095

DEPRECIATION

At 1 October 2023

7,182

369,214

376,396

Charge for year

38

4,137

4,175

At 30 September 2024

7,220

373,351

380,571

NET BOOK VALUE

At 30 September 2024

112

12,412

12,524

At 30 September 2023

150

16,549

16,699

5.	FIXED ASSET INVESTMENTS

Unlisted

investment

£

COST

At 1 October 2023

and 30 September 2024

1,400

NET BOOK VALUE

At 30 September 2024

1,400

At 30 September 2023

1,400

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

9,165,200

Disposals

(340,000

)

Revaluations

(380,200

)

At 30 September 2024

8,445,000

NET BOOK VALUE

At 30 September 2024

8,445,000

At 30 September 2023

9,165,200

Fair value at 30 September 2024 is represented by:

£

Valuation in 2011

2,726,377

Valuation in 2012

(2,074,319

)

Valuation in 2014

927,653

Valuation in 2015

1,663,905

Valuation in 2016

329,718

Valuation in 2017

851,647

Valuation in 2018

1,321,463

Valuation in 2019

100,636

Valuation in 2023

(2,281,497

)

Valuation in 2024

(380,200

)

Cost

5,259,617

8,445,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade debtors

52,991

62,878

Amounts owed by group undertakings

-

22,463

Other debtors

12,347

10,305

65,338

95,646

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans and overdrafts

-

188,617

Trade creditors

6,247

11,622

Amounts owed to group undertakings

127,537

-

Amounts owed to participating interests

667,133

-

Taxation and social security

-

483

Other creditors

81,071

73,621

881,988

274,343

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans

4,104,347

3,932,959

Other creditors

-

934,526

4,104,347

4,867,485

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

3,932,959

The bank loan is secured by fixed charges over the company's freehold investment properties. At 30 September 2024, the outstanding balance on the loan was £4,104,347. The facility provides for a maximum loan amount of up to £5,724,095. The loan attracts interest at a rate of 1.15% per month (13.80% per annum), which is rolled up and added to the loan balance in accordance with the loan agreement. No repayments of principal were made during the year.

The loan expires on 16 March 2026.

10.	PROVISIONS FOR LIABILITIES

30.9.24

30.9.23

£

£

Deferred tax

222,564

158,807

Deferred

tax

£

Balance at 1 October 2023

158,807

Provided during year

63,757

Balance at 30 September 2024

222,564

11.

RESERVES

Fair

Retained

Value

earnings

Reserve

Totals

£

£

£

At 1 October 2023

633,580

3,565,583

4,199,163

Deficit for the year

(313,472

)

(313,472

)

Fair value change in the year

-

(380,200

)

(380,200

)

At 30 September 2024

320,108

3,185,383

3,505,491

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Arber (Senior Statutory Auditor)

for and on behalf of Mark Arber Limited

13.	RELATED PARTY DISCLOSURES

At the reporting date, the company owed the following amounts to group undertakings:

- Shepperton Ventures Ltd: £127,537

- Shepperton Group Ltd: £632,133 - in administration

- Shepperton Builders Ltd: £35,000 - in administration

The administrators of the relevant companies have a statutory duty to realise assets for the benefit of creditors and are reviewing intercompany balances. The amounts are unsecured and repayable on demand. No guarantees have been provided in respect of these balances.

During the year, the company paid a management fee of £30,000 to Shepperton Group Limited (in administration)

14.	POST BALANCE SHEET EVENTS

Subsequent to the year end, the company drew further amounts under its existing mortgage facility and interest continued to be capitalised in accordance with the loan agreement. At 30 September 2025, the outstanding balance was £5,490,019. No repayments of principal were made during this period.

Subsequent to the year end, the company made payments to group undertakings in administration in partial settlement of intercompany balances.

Subsequent to the year end, the company disposed of an investment property for proceeds of £540,000, which was consistent with its carrying value at the reporting date. The proceeds have been used to support the company's liquidity and to partially settle amounts due to group undertakings.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Shepperton Ventures Limited which is incorporated in the British Virgin Islands and is controlled by its shareholder G K Davis.