1.
General Information
SOARING PROPERTIES LTD
is a private company, limited by shares, incorporated in England & Wales, registered number
10558929
. The registered office is 143 Station Road, Hampton, Middlesex, TW12 2AL.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basisin preparing the annual financial statements.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Know how are being amortised evenly over their estimated useful life of five years. This is fully amoritised at the reporting date.
2.5.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
SOARING PROPERTIES LTD
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
4.
Intangible Assets
| Other intangible assets | |||
|---|---|---|---|
| £ | |||
| Cost | |||
| As at 1 January 2025 |
|
||
| As at 31 December 2025 |
|
||
| Amortisation | |||
| As at 1 January 2025 |
|
||
| As at 31 December 2025 |
|
||
| Net Book Value | |||
| As at 31 December 2025 |
|
||
| As at 1 January 2025 |
|
||
5.
Investment Property
| 2025 | |
|---|---|
| £ | |
| Fair Value | |
| As at 1 January 2025 and 31 December 2025 |
|
Fair value at 31 December 2025 is represented by:
|
£
|
|
|
Valuation in 2021
|
69,748
|
|
Valuation in 2022
|
50,373
|
|
Cost
|
379,879
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
500,000
![1](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
6.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors | - |
|
|
| Other debtors | 2,850 | 31,098 | |
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 215,625 | 225,345 | |
|
|
|
||
SOARING PROPERTIES LTD
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
9.
Secured Creditors
The mortgages provided by Hampshire Trust Bank PLC are secured against the freehold properties known as 20 Highfield Road, Doncaster, South Yorkshire, DN1 2LA and 32 Highfield Road, Doncaster, South Yorkshire, DN1 2LA by way of fixed charge.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts | 378,415 | 382,490 |
11.
Reserves
| Income Statement | |
|---|---|
| £ | |
| As at 1 January 2025 |
( |
| Loss for the year and total comprehensive income |
( |
| As at 31 December 2025 |
( |
The reserves include £97,298 that is not distributable because it relates to the net of tax revaluation of an investment property.
12.
RELATED PARTY DISCLOSURES
The company's borrowings with Hampshire Trust Bank £378,415 have been guaranteed by Mr Ole Valsgard, a director and shareholder of the company.