Registration number: 02612423

Surfbuild Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 9

Surfbuild Limited

Company Information

Director

J P Crossan

Company secretary

M Crossan

Registered office

130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Auditor

Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Surfbuild Limited

Statement of Financial Position as at 30 April 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	6	11,140	16,936
Investment property	7	2,100,037	1,906,000
		2,111,177	1,922,936
Current assets
Stocks	8	4,565,765	3,722,327
Debtors	9	1,320,491	2,467,366
Cash at bank and in hand		8,546	28,468
		5,894,802	6,218,161
Creditors: Amounts falling due within one year	10	(2,773,575)	(3,889,468)
Net current assets		3,121,227	2,328,693
Total assets less current liabilities		5,232,404	4,251,629
Creditors: Amounts falling due after more than one year	10	(3,702,654)	(2,738,811)
Provisions for liabilities - deferred tax		(213,443)	(208,618)
Net assets		1,316,307	1,304,200
Capital and reserves
Called up share capital		110	110
Profit and loss account		1,316,197	1,304,090
Total equity		1,316,307	1,304,200

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The director of Surfbuild Limited has elected not to include a copy of the profit and loss account within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the director on 28 April 2026
 

.........................................

J P Crossan

Director

Company registration number: 02612423

Surfbuild Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of development and commercial renting of private dwellings.

2	Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 28 April 2026 was Helen Evans, who signed for and on behalf of Brebners.

3	Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a loss before tax for the year ended 30 April 2025, but had net assets at that date of £1,316,307 including cash at bank of £8,546.

The director has considered the potential effect of the extended period of high inflation and interest rates, as well as the ongoing conflict in the Middle East, and the director is confident that the impact on the company is manageable. The company’s working capital requirements are currently met via a combination of own resources and funds provided by connected parties of £5,732,190. The director has no reason to believe that any of these facilities will be discontinued. As a consequence, it is the director's view that the company has sufficient financial resources to meet its liabilities as they fall due and that the company is well placed to manage its business risks successfully despite the economic outlook.

On the basis of the above and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the approval of the accounts. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Surfbuild Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Revenue from the sale of property developments are recognised on exchange of contracts.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line
Motor vehicles	25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Surfbuild Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Hire purchase

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at cost. The asset is then depreciated over its useful life. Future payments are apportioned between finance costs in the income statement and reduction of the liability so as to achieve a constant periodic rate of interest on the remaining balance of the liability using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Surfbuild Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

4	Staff numbers

The average number of persons employed by the company during the year, was 6 (2024 - 6).

Surfbuild Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

5

Taxation

Deferred tax

Deferred tax assets and liabilities

2025	Liability £
Revaluation of investment property	374,225
Accelerated capital allowances	2,686
Tax losses carried forward	(163,468)
	213,443

2024	Liability £
Revaluation of investment property	325,716
Accelerated capital allowances	4,135
Tax losses carried forward	(121,233)
	208,618

6	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2024	8,786	26,054	34,840
Additions	280	-	280
At 30 April 2025	9,066	26,054	35,120
Depreciation
At 1 May 2024	5,990	11,914	17,904
Charge for the year	1,362	4,714	6,076
At 30 April 2025	7,352	16,628	23,980
Carrying amount
At 30 April 2025	1,714	9,426	11,140
At 30 April 2024	2,796	14,140	16,936

Surfbuild Limited

Notes to the Financial Statements for the Year Ended 30 April 2025

7	Investment properties

	2025 £
At 1 May 2024	1,906,000
Fair value adjustments	194,037
At 30 April 2025	2,100,037

The fair value of the company's investment property is considered annually by the director on the basis of market value with existing use.

There has been no valuation of investment property by an independent valuer.

8

Stocks

	2025 £	2024 £
Work in progress	4,565,765	3,722,327

9

Debtors

	2025 £	2024 £
Trade debtors	1,726	1,210
Other debtors	1,318,765	2,466,156
	1,320,491	2,467,366

10

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Loans	2,038,773	2,598,434
Trade creditors	235,569	193,366
Taxation and social security	7,756	6,390
Other creditors	491,477	1,091,278
	2,773,575	3,889,468