Company registration number 07930767 (England and Wales)
SECURE EMPTY PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
SECURE EMPTY PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
SECURE EMPTY PROPERTY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
577,233
343,864
Current assets
Stocks
23,312
4,738
Debtors
4
732,148
490,998
Cash at bank and in hand
579,725
636,055
1,335,185
1,131,791
Creditors: amounts falling due within one year
5
(832,146)
(559,436)
Net current assets
503,039
572,355
Total assets less current liabilities
1,080,272
916,219
Creditors: amounts falling due after more than one year
6
(226,347)
(386,737)
Provisions for liabilities
(34,189)
Net assets
819,736
529,482
Capital and reserves
Called up share capital
7
300,044
300,044
Capital redemption reserve
150,001
50,001
Profit and loss reserves
369,691
179,437
Total equity
819,736
529,482
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SECURE EMPTY PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2022
30 June 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 March 2023 and are signed on its behalf by:
Mr S C Broadbent
Director
Company Registration No. 07930767
SECURE EMPTY PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2020
44
1
(214,451)
(214,406)
Year ended 30 June 2021:
Profit and total comprehensive income for the year
-
-
174,255
174,255
Redemption of shares
7
50,000
(50,000)
Conversion of preference shares to ordinary B shares and preference dividends waived
300,000
-
253,954
553,954
Credits to equity for equity settled share-based payments
-
-
15,679
15,679
Balance at 30 June 2021
300,044
50,001
179,437
529,482
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
290,254
290,254
Redemption of shares
7
100,000
(100,000)
Balance at 30 June 2022
300,044
150,001
369,691
819,736
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
1
Accounting policies
Company information
Secure Empty Property Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Richard House, 9 Winckley Square, Preston, PR1 3HP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property improvements
over the life of the lease
Plant and equipment
16.7% - 25% straight line
Fixtures and fittings
16.7% - 33.3% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the
contributions payable in the
year. Differences between contributions payable in
the year and contributions actually paid are shown as
either accruals or prepayments.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 8 -
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Equity-settled share-based payments
Equity-settled share-based payments are measured at fair value at the date of
grant by reference to the
fair value of the equity instruments granted using the
binomial lattice model. The fair value determined at
the grant date is expensed
on a straight-line basis over the vesting period, based on the estimate of shares
that will eventually vest. A corresponding adjustment is made to equity.
1.16
On 4 May 2021, the Company agreed with the preference shareholder to waive
accumulated dividends of
£253,954 shown in the
prior year of the
financial statements
as a capital contribution. The Company
had
incurred exceptional legal fees of
£11,575 in
the prior year in
relation to this.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
24
27
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 9 -
3
Tangible fixed assets
Leasehold property improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2021
10,747
936,362
96,797
242,793
1,286,699
Additions
350
172,654
8,256
119,452
300,712
Disposals
(158,789)
(4,736)
(17,381)
(180,906)
Revaluation
185,494
185,494
At 30 June 2022
11,097
1,135,721
100,317
344,864
1,591,999
Depreciation and impairment
At 1 July 2021
10,271
725,342
78,475
128,747
942,835
Depreciation charged in the year
524
135,469
13,263
67,017
216,273
Eliminated in respect of disposals
(122,225)
(4,736)
(17,381)
(144,342)
At 30 June 2022
10,795
738,586
87,002
178,383
1,014,766
Carrying amount
At 30 June 2022
302
397,135
13,315
166,481
577,233
At 30 June 2021
476
211,020
18,322
114,046
343,864
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
705,109
412,122
Other debtors
27,039
27,479
732,148
439,601
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
51,397
Total debtors
732,148
490,998
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 10 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
50,000
8,333
Trade creditors
295,674
127,236
Taxation and social security
137,717
142,134
Other creditors
348,755
281,733
832,146
559,436
The bank loan
above
is partially guaranteed by the UK Government under the
Coronavirus Business Interruption Loan (CBIL) Scheme. Interest is charged at 3.24% fixed for 3 years
then 2.81% above the Bank of England base rate for the remaining term of the loan.
Repayments of the loan started in May 2022.
Included in other creditors
are hire purchase agreements
totalling £47,197 (2021: £52,985)
which are
secured on the assets to which
they relate.
8% Cumulative redeemable preference share liability totalling £100,000 (2021: £100,000) is also included in other creditors.
Subject to the Companies Acts, the Company may, by ordinary resolution,
determine the time, manner,
and conditions upon which the Preference Shares shall be redeemed.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
191,667
241,667
Other creditors
34,680
145,070
226,347
386,737
Other creditors relates to a hire purchase liability totalling £34,680 (2021: £45,070) which are secured on the assets to which they relate. Also included within other creditors payable in over one year is £nil (2021: £100,000) in respect of preference shares treated as debt, redeemable by the Company in over one year.
The bank loan
above
is partially guaranteed by the UK Government under the
Coronavirus Business Interruption Loan (CBIL) Scheme. Interest is charged at 3.24% fixed for 3 years
then 2.81% above the Bank of England base rate for the remaining term of the loan.
Repayments of the loan started in May 2022.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
41,667
SECURE EMPTY PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 11 -
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
2,472
2,472
25
25
A Ordinary shares of 1p each
1,867
1,867
19
19
B Ordinary shares of £1 each
300,000
300,000
300,000
300,000
304,339
304,339
300,044
300,044
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
of £1 each
100,000
200,000
100,000
200,000
Preference shares classified as liabilities
100,000
200,000
The company redeemed £100,000 (2021: £50,000) £1 redeemable preference shares prior to the year end. No premium was payable on redemption.
A dividend on these shares of
£12,656 (2021: £38,016)
for the year has been accrued
. These shares carry no voting rights.
8
Share options
The company has an EMI tax approved share option scheme involving three employees with options over
154 (202
1
: 154) £0.01 ordinary shares. Options were
granted on 26 March 2014, on 21 December 2016
and on 14 February 2018 at an
exercise price of £0.01 per share.
In addition one employee has tax unapproved
options over 145 £0.01 ordinary shares. These options were
granted on 17 March
2015 and on 21 December 2016 at an exercise price of £0.01 per share.
Tax
unapproved options and the EMI tax approved share options expire 10 years
after grant date.
In accordance with Section 35.10 b of FRS 102 the company has
chosen not to apply Section 26 Share
Based payments to Equity Instruments
granted before the date of transition to this FRS.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
27,992
58,642
2022-06-30
2021-07-01
false
28 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
Mr S C Broadbent
Mr A R M Mapstone
Mr G F H Bibby
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