Solent City Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03029917 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

SOLENT CITY DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

I Wellcoat

C C K Wellcoat

REGISTERED OFFICE:

80 Oyster Quay

Port Way

Portsolent

Portsmouth

PO6 4TF

REGISTERED NUMBER:

03029917 (England and Wales)

ACCOUNTANTS:

Underwood Barron LLP

Monks Brook House

13/17 Hursley Road

Chandlers Ford

Eastleigh

Hampshire

SO53 2FW

BANKERS:

Lloyds Bank

Fareham

PO Box 1000

BX1 1LT

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

1,300,692

1,600,692

1,300,692

1,600,692

CURRENT ASSETS

Debtors

6

1,349

2,284

Cash at bank

87,961

79,465

89,310

81,749

CREDITORS

Amounts falling due within one year

7

840,456

1,187,832

NET CURRENT LIABILITIES

(751,146

)

(1,106,083

)

TOTAL ASSETS LESS CURRENT LIABILITIES

549,546

494,609

CAPITAL AND RESERVES

Called up share capital

200

2

Fair value reserve

8

70,020

98,603

Retained earnings

479,326

396,004

SHAREHOLDERS' FUNDS

549,546

494,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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 11th May 2022 and were signed on its behalf by:

I Wellcoat - Director

1.	STATUTORY INFORMATION

Solent City Developments 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

33% on cost and 25% on 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 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2021

and 31st March 2022

5,004

DEPRECIATION

At 1st April 2021

and 31st March 2022

5,004

NET BOOK VALUE

At 31st March 2022

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2021

1,600,692

Disposals

(300,000

)

At 31st March 2022

1,300,692

NET BOOK VALUE

At 31st March 2022

1,300,692

At 31st March 2021

1,600,692

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

1,349

1,349

Other debtors

-

935

1,349

2,284

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

675

-

Taxation and social security

21,481

23,535

Other creditors

818,300

1,164,297

840,456

1,187,832

8.

RESERVES

Fair

value

reserve

£

At 1st April 2021

98,603

Property revaluation

(28,583

)

At 31st March 2022

70,020