St. Martins-le-Grand Estates Ltd Filleted accounts for Companies House (small and micro)

ST. MARTINS-LE-GRAND ESTATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02507727

St. Martins-le-Grand Estates Ltd

Filleted Unaudited Financial Statements

For the year ended

30 September 2020

St. Martins-le-Grand Estates Ltd

Statement of Financial Position

30 September 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	2,666,754	2,924,464
Investments	6	1	1
		------------	------------
		2,666,755	2,924,465

Current assets

Debtors	7	10,845	12,443
Cash at bank and in hand		688,937	381,094
		---------	---------
		699,782	393,537

Creditors: amounts falling due within one year	8	936,478	867,019
		---------	---------
Net current liabilities		236,696	473,482
		------------	------------
Total assets less current liabilities		2,430,059	2,450,983

Provisions	342,351	379,582
	------------	------------
Net assets	2,087,708	2,071,401
	------------	------------

Capital and reserves

Called up share capital	99	99
Undistributable reserve	1,459,497	1,678,224
Other reserves	63,647	63,647
Profit and loss account	564,465	329,431
	------------	------------
Shareholders funds	2,087,708	2,071,401
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

St. Martins-le-Grand Estates Ltd

Statement of Financial Position (continued)

30 September 2020

These financial statements were approved by the board of directors and authorised for issue on 23 June 2021 , and are signed on behalf of the board by:

J L Wayt

Director

Company registration number: 02507727

St. Martins-le-Grand Estates Ltd

Notes to the Financial Statements

Year ended 30 September 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Upper High Street, Epsom, Surrey, KT17 4QJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent falling due in the period.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).

5. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 October 2019	2,504,000	420,000	68,269	2,992,269
Additions	–	–	2,862	2,862
Disposals	–	( 260,000)	–	( 260,000)
	------------	---------	--------	------------
At 30 September 2020	2,504,000	160,000	71,131	2,735,131
	------------	---------	--------	------------
Depreciation
At 1 October 2019	–	–	67,805	67,805
Charge for the year	–	–	572	572
	------------	---------	--------	------------
At 30 September 2020	–	–	68,377	68,377
	------------	---------	--------	------------
Carrying amount
At 30 September 2020	2,504,000	160,000	2,754	2,666,754
	------------	---------	--------	------------
At 30 September 2019	2,504,000	420,000	464	2,924,464
	------------	---------	--------	------------

Tangible assets held at valuation

The freehold and long leasehold properties were revalued by the directors at 30 September 2020 on an open market value basis.

6. Investments

	Shares in group undertakings
	£
Cost
At 1 October 2019 and 30 September 2020	1
	----
Impairment
At 1 October 2019 and 30 September 2020	–
	----

Carrying amount
At 30 September 2020	1
	----
At 30 September 2019	1
	----

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Lancasters Estate Agents Limited	Ordinary	75.06

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2020	2019	2020	2019
	£	£	£	£
Subsidiary undertakings
Lancasters Estate Agents Limited	(1,136,192)	(1,033,920)	( 102,272)	(92,639)
	------------	------------	---------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	7,245	8,843
Other debtors	3,600	3,600
	--------	--------
	10,845	12,443
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	521	2,071
Trade creditors	3,747	3,076
Corporation tax	29,289	–
Other creditors	902,921	861,872
	---------	---------
	936,478	867,019
	---------	---------

The directors loans are secured on the properties of the company.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J L Wayt	713,932	( 105,190)	608,742
	---------	---------	---------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J L Wayt	738,881	( 24,949)	713,932
	---------	--------	---------