Stag Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01944046 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2020

for

Stag Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M P Robinson

Mrs J M Robinson

D S R Robinson

W M Robinson

P S Robinson

SECRETARY:

D S R Robinson

REGISTERED OFFICE:

Stag House

Giddynap Lane

Inchbrook

Stroud

Gloucestershire

GL5 5EZ

REGISTERED NUMBER:

01944046 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

National Westminster Bank Plc

3 Temple Back East

Temple Quay

Bristol

BS1 9BW

FIXED ASSETS

Tangible assets

4

-

7,340

Investments

5

200

200

Investment property

6

1,610,000

1,495,000

1,610,200

1,502,540

CURRENT ASSETS

Debtors

7

900,775

600,405

Cash at bank

20,461

498,922

921,236

1,099,327

CREDITORS

Amounts falling due within one year

8

504,479

567,098

NET CURRENT ASSETS

416,757

532,229

TOTAL ASSETS LESS CURRENT LIABILITIES

2,026,957

2,034,769

CREDITORS

Amounts falling due after more than one year

9

700,233

726,548

NET ASSETS

1,326,724

1,308,221

CAPITAL AND RESERVES

Called up share capital

11

184,684

184,684

Share premium

134,043

134,043

Revaluation reserve

12

371,732

256,732

Retained earnings

636,265

732,762

SHAREHOLDERS' FUNDS

1,326,724

1,308,221

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 25 August 2020 and were signed on its behalf by:

Mrs J M Robinson - Director

1.	STATUTORY INFORMATION

Stag 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 as modified by the revaluation of certain assets.

Turnover

Turnover in respect of the Company's investment portfolio properties represents rental income, recharged utility and related costs, arising from operating leases, excluding VAT. The Company recognises revenue on a straight line accruals basis.

Turnover in respect of development property sales is recognised at the point of exchange where the risks and rewards of ownership are effectively transferred to the buyer.

Revenue from management charges to subsidiary undertakings is recognised on a straightline accruals basis and represent the recharge of costs incurred in respect of the transaction.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Furniture, fittings and equipment

-

25% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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.

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.

Basic financial assets

Basic financial assets, which include trade and other 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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 trade and other 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 receipts discounted at a market rate of interest.

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. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Furniture,

fittings

and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 April 2019

and 31 March 2020

3,338

41,971

45,309

DEPRECIATION

At 1 April 2019

3,338

34,631

37,969

Charge for year

-

7,340

7,340

At 31 March 2020

3,338

41,971

45,309

NET BOOK VALUE

At 31 March 2020

-

-

-

At 31 March 2019

-

7,340

7,340

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2019

and 31 March 2020

41,971

DEPRECIATION

At 1 April 2019

34,631

Charge for year

7,340

At 31 March 2020

41,971

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

7,340

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

200

NET BOOK VALUE

At 31 March 2020

200

At 31 March 2019

200

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Stag Homes (Gloucestershire) Limited

Registered office: England and Wales

Nature of business: Development of building projects

%

Class of shares:

holding

£1 Ordinary

100.00

31.3.20

31.3.19

£

£

Aggregate capital and reserves

4,680

52,758

(Loss)/profit for the year

(48,078

)

45,584

Stag Homes (Severnside) Limited

Registered office: England and Wales

Nature of business: Construction of domestic buildings and letting

%

Class of shares:

holding

£1 Ordinary

100.00

31.3.20

31.3.19

£

£

Aggregate capital and reserves

927

1,114

Loss for the year

(187

)

(3,514

)

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

1,495,000

Revaluations

115,000

At 31 March 2020

1,610,000

NET BOOK VALUE

At 31 March 2020

1,610,000

At 31 March 2019

1,495,000

Fair value at 31 March 2020 is represented by:

£

Valuation in 2002

93,848

Valuation in 2011

102,146

Valuation in 2013

(10,000

)

Valuation in 2015

10,738

Valuation in 2016

55,000

Valuation in 2017

5,000

Valuation in 2020

115,000

Cost

1,238,268

1,610,000

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

31.3.20

31.3.19

£

£

Cost

1,238,268

1,238,268

The freehold investment properties were revalued by the directors in 2020 on an open market value for existing use basis.

The valuation of £1,610,000 at 31 March 2020 comprises original costs of £1,238,268 and accumulated revaluations totalling £371,732 in respect of previous years.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

7,200

2,093

Amounts owed by group undertakings

883,691

575,156

Directors' current accounts

-

6,193

VAT

9,884

16,963

900,775

600,405

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

40,367

33,336

Other loans

436,517

425,034

Hire purchase contracts

-

7,420

Trade creditors

8,862

66,690

Corporation tax

-

5,808

Social security and other taxes

6,594

17,705

Accruals and deferred income

12,139

11,105

504,479

567,098

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans

700,233

726,548

The bank loan is repayable by instalments of which £622,500 (2019 - £622,500) falls due after five years. Interest is charged on the bank loan at 2.35% p.a. over LIBOR.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank overdrafts

14,291

7,260

Bank loans

726,309

752,624

Hire purchase contracts

-

7,420

740,600

767,304

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

184,684

Ordinary

£1

184,684

184,684

12.

RESERVES

Revaluation

reserve

£

At 1 April 2019

256,732

Transfer

115,000

At 31 March 2020

371,732