Stuart Properties Limited - Period Ending 2020-03-31

Stuart Properties Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 7

Stuart Properties Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	5	6,558,663	6,558,998
Current assets
Stocks	6	656,003	599,673
Debtors	7	533,187	527,536
Cash at bank and in hand		706,323	536,303
		1,895,513	1,663,512
Creditors: Amounts falling due within one year	8	(316,551)	(307,160)
Net current assets		1,578,962	1,356,352
Total assets less current liabilities		8,137,625	7,915,350
Provisions for liabilities	4	(696,000)	(623,000)
Net assets		7,441,625	7,292,350
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		7,440,625	7,291,350
Total equity		7,441,625	7,292,350

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2020 and signed on its behalf by:
 

......................................... T Stuart Director

Company Registration Number: 08605746

Stuart Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

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:
Hill Barton Business Park
Sidmouth Road
Exeter
United Kingdom
EX5 1DR

These financial statements were authorised for issue by the Board on 12 November 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There have been no material departures from this standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling.

Going concern

The directors of Stuart Properties Limited have considered the impact of COVID-19.

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Stuart Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

2	Accounting policies (continued)

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue on the following basis:

Development income - recognised upon legal completion or in respect of long-term contracts, by reference to the stage of completion.

Rental income - revenue is recognised on an accruals basis in the period for which the rent applies.

Tax

The current corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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
Plant and machinery	10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable property, determined annually by suitably qualified valuers who are internal to the company. The valuers use 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.

Stuart Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

2	Accounting policies (continued)

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on anticipated selling price less anticipated cost to completion and selling costs. Cost includes all direct cost and an appropriate proportion of fixed and variable overheads.

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Short term intra group debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic. Such instruments are initially measured at transaction price, including transaction costs. Those instruments considered current are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Long term instruments are subsequently measured at amortised cost using the effective interest rate method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2019 - 5).

4

Taxation

Tax charged/(credited) in the profit and loss account:

Stuart Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

4	Taxation (continued)

	2020  £	2019  £
Current taxation
Corporation tax	99,000	115,000
Under / (over) provision in prior year	(3,299)	(794)
	95,701	114,206
Deferred taxation
Arising from origination and reversal of timing differences	73,000	-
	168,701	114,206

Deferred tax

Deferred tax assets and liabilities:

2020	Liability £
Capital allowances in excess of depreciation	65,000
Revaluation of investment properties	572,000
Short-term timing differences	59,000
	696,000

2019	Liability £
Capital allowances in excess of depreciation	58,000
Revaluation of investment properties	565,000
Short-term timing differences	-
	623,000

Stuart Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

5	Tangible assets

	Investment properties £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2019	6,555,645	4,600	6,560,245
At 31 March 2020	6,555,645	4,600	6,560,245
Depreciation
At 1 April 2019	-	1,247	1,247
Charge for the year	-	335	335
At 31 March 2020	-	1,582	1,582
Carrying amount
At 31 March 2020	6,555,645	3,018	6,558,663
At 31 March 2019	6,555,645	3,353	6,558,998

6

Stocks

	2020 £	2019 £
Work in progress	656,003	599,673

7

Debtors

	2020  £	2019  £
Trade debtors	190,790	201,375
Amounts due from group undertakings	-	3,254
Other debtors	342,397	322,907
	533,187	527,536

Stuart Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2020

8

Creditors

Creditors: amounts falling due within one year

	2020  £	2019  £
Due within one year
Trade creditors	4,462	2,346
Social security and other taxes	24,596	35,394
Other creditors	7,173	5,226
Accruals and deferred income	181,320	175,320
Corporation tax	99,000	88,874
	316,551	307,160

9	Related party transactions

Summary of transactions with parent

During the year the company supplied services to its parent totalling £nil (2019: £nil). At the balance sheet date the amount due from its parent was £nil (2019: £3,254).
 

Summary of transactions with entities with joint control or significant interest

A company under the control of certain directors operates a group treasury function for related companies. At the balance sheet date the amount owed by that company was £321,907 (2019: £321,907).
 

10	Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Stuart Property (Holdings) Limited, incorporated in England & Wales. It's registered address is the same as the company's.