Sudbury Orchard Property Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02579212 (England and Wales)

Financial Statements

for the Year Ended 28 February 2023

for

Sudbury Orchard Property Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K R Bell

Mrs H M Bell

Mr A J Bell

Mrs J L Bell

SECRETARY:

Mr A J Bell

REGISTERED OFFICE:

1 Sudbury Place

Highfields

LOUTH

Lincolnshire

LN11 9YA

REGISTERED NUMBER:

02579212 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Barclays Bank plc

Victoria Street

GRIMSBY

Lincolnshire

DN31 1DE

SOLICITORS:

Wilkin & Chapman

GRIMSBY

Lincolnshire

DN31 1HE

FIXED ASSETS

Investment property

4

780,000

780,000

CURRENT ASSETS

Debtors

3,237

2,935

Cash at bank

45

294

3,282

3,229

CREDITORS

Amounts falling due within one year

22,181

27,836

NET CURRENT LIABILITIES

(18,899

)

(24,607

)

TOTAL ASSETS LESS CURRENT LIABILITIES

761,101

755,393

CAPITAL AND RESERVES

Called up share capital

72,002

72,002

Capital redemption reserve

138,000

138,000

Fair value reserve

175,080

175,080

Retained earnings

376,019

370,311

SHAREHOLDERS' FUNDS

761,101

755,393

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 March 2023 and were signed on its behalf by:

Mr A J Bell - Director

1.	STATUTORY INFORMATION

Sudbury Orchard Property 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.

Turnover

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

In the current year Turnover represents rental income from investment property exclusive of value added tax.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2022

and 28 February 2023

780,000

NET BOOK VALUE

At 28 February 2023

780,000

At 28 February 2022

780,000

The directors revalued the investment property at its fair value at 28 February 2019 based on its freehold with vacant possession market value and are of the opinion that the value is still appropriate at 28 February 2023.

If the investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

624,420

624,420

Aggregate depreciation

(33,000

)

(30,000

)

5.	RELATED PARTY DISCLOSURES

Mr K R Bell is a Director of The Burdens Group Limited and the following transactions occured:

Included in the Income Statement is rental income from The Burdens Group Limited on a market value basis amounting to £76,577 (2022: £72,955).