ST_GEORGE_ESTATES_LIMITED - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

St George Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Copper Room, Deva City Office Park, Trinity Way, Manchester, M3 7BG.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Having taken into consideration the impact of the interruption to the company following the Covid-19 coronavirus pandemic, the director has prepared revised financial projections and cash flows forecasts. Whilst there remains significant uncertainty around the impact of the pandemic, at the time of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

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.

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, 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.

Other financial assets, including investments in Objects D'Art and equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in Objects D'Art and equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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, 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 payments 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. Amounts 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.

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.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

Investment property comprises of an apartment in Israel. The fair value of the investment property has been assessed by a director of the company who has been involved in property investment and development for a period in excess of 40 years. In assessing fair values a smoothing approach has been adopted to account for "spikes" be it capital gain or loss so as to be seen to achieve a reflection of such requirement. Changes in the social and economic fabric of the city and the direct impact on capital value per sq. m must also be accounted for as well as for new developments so as to achieve the overall objective.

Unlisted investments consists of items of Objects D'Art restated from US dollars to UK sterling at the time the items were purchased and several items of Jewellery. The cost of the items of Objects D'Art at the time of purchase was £48,500 and the cost of the Jewellery was £24,400.

The bounce back loan of £25,000 is repayable over 10 years at a fixed interest rate of 2.5%.

Accruals include an administration and management charge of £1,200 (2021: £1,200) due for the year to St. George Estates (Management) Limited.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties consists of £29,000 (2021: £29,000) owed to Foregate Investments Limited, £6,631 (2021: £5,831) owed to Pinelarch Limited, £59,240 (2021: £32,665) owed to Plantation Investments Limited and £9,710 (2021: £3,990) owed to Water Lane Investments Limited.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties consists of £147,547 (2021: £152,466) owed by Carrwood Estates Limited, £Nil (2021: £Nil) owed by Pinelarch Limited, £Nil (2021: £Nil) owed by Plantation Investments Limited, £109,082 (2021: £104,482) owed by Shirmax Limited, £195 (2021: £1,925) owed by St. George Estates (Management) Limited, £Nil (2021: £Nil) owed by Water Lane Investments Limited and £123,670 (2021: £124,220) owed by The Gradel Foundation.

Mr A. Gradel is a director of all of the above companies and is a shareholder in Carrwood Estates Limited and Pinelarch Limited. Mr A. Gradel is also a trustee of The Gradel Foundation.

Included within Creditors: amounts falling due within one year is a balance of £220,824 (2021: £248,736) due to Mr A. Gradel. The balance is unsecured, interest free and repayable upon demand.

The ultimate parent undertaking is Carrwood Estates Limited, a company registered in England and Wales.

In the opinion of the director there is no ultimate controlling party.