The Stringer Court Company Limited - Period Ending 2021-03-31
The Stringer Court Company Limited - Period Ending 2021-03-31
Registration number:
The Stringer Court Company Limited
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The Stringer Court Company Limited
Statement of Financial Position as at 31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
1,689,318 |
1,689,318 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
12,001 |
12,001 |
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Capital redemption reserve |
5,999 |
5,999 |
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Profit and loss account |
2,225,067 |
2,012,697 |
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Total equity |
2,243,067 |
2,030,697 |
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
The Stringer Court Company Limited
Statement of Financial Position as at 31 March 2021
Approved and authorised by the
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Mr A R Court
Director
Company registration number: 01577239
The Stringer Court Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment and development.
Accounting policies |
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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year ended 31 March 2021 and had net assets at that date amounting to £2,243,067.
The directors have considered the potential effect of the Covid-19 pandemic and, although there is no certainty as to when this will end, the directors' view is that the impact on the company remains manageable. The company has continued to receive rental income from its residential tenants and the directors are confident that situation will continue as the pandemic restrictions are lifted.The directors are confident that the company will be able to continue to meet its financial obligations, as and when they fall due.
Having made enquiries the directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for rent receivable and the sale of properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises rental income equally over the period of the lease or licence.
Government grants
Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
The Stringer Court Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
The Stringer Court Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company during the year, was
Investment properties |
Fair value |
2021 |
At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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The investment properties are stated at fair value at 31 March 2021 as estimated by the directors at an amount of £891,060.
Stocks |
2021 |
2020 |
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Stock |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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The Stringer Court Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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Bank borrowings are secured by a fixed charge on certain investment properties and properties for development included in stocks.
Profit and loss reserve |
The non-distributable amount of the profit and loss reserve amounts to £382,116 (2020: £382,116).
Related party transactions |
Exemption is taken under FRS 102 paragraph 1AC.35 not to disclose transactions or amounts fully due with companies wholly owned within the group.
Transactions with directors |
At 31 March 2021 an amount of £Nil (2020: £134,467) was due from the directors. During the year there were repayments of £134,467. No interest was paid and there are no set terms in place.