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Registered number: 10527837
ST PANCRAS WAY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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ST PANCRAS WAY LIMITED
REGISTERED NUMBER: 10527837
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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ST PANCRAS WAY LIMITED
REGISTERED NUMBER: 10527837
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2020
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 December 2021.
The notes on pages 3 to 7 form part of these financial statements.
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ST PANCRAS WAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
St Pancras Way Limited is a private company limited by shares, company number 10527837 and incorporated in England and Wales. The registered address of the company is 10 Queen Street Place, London, United Kingdom, EC4R 1AG.
The principal activity of the company during the period was property rental.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue represents rental income due less payments received in advance.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
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ST PANCRAS WAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Investment property is carried at fair value determined by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 1 (2019 - 1).
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ST PANCRAS WAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Freehold investment property
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The 2020 valuations were made by at the director's valuation, on an open market value for existing use basis.
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Called up share capital not paid
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Prepayments and accrued income
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Cash and cash equivalents
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ST PANCRAS WAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The above bank loan is secured against the freehold property known as 29-31 Malvern Road, Hornchurch, RM11 1BG.
Also included in bank loans is the Bank loan of £50,000, guaranteed by the UK Government as part of the Bounce Back Loan Scheme (BBLS). Under the terms of the scheme the UK Government will cover any interest charges due on the loan for the first 12 months. This bank loan was received on 4 June 2020. The Company will not need to make any repayments of interest for the first 12 months after the date of the loan drawdown.
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The prior year adjustments relate to an understatement of £56,221 made in the addition to the freehold property investment for the year ended 31 December 2019 and the related impact on the deferred tax attributable to the potential capital gain on the property. The effect has been to reduce the revaluation reserve by £56,221, increase the tax credit by £3,502, increase other creditors by £56,221 and reduce the deferred tax provision by £15,869 at 31 December 2019. The second adjustment is due to an unaccrued management fees of £75,659. The effect has been to increase administration expenses for the year ended 31 December 2019 by £75,659, increase other creditors by £33,373 and reduce other debtors by £42,286.
The overall impact of the above is to reduce net assets and profit for the year ended 31 December 2019 by £112,509.
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ST PANCRAS WAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Related party transactions
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Included in other debtors is £278,235 (as restated 2019: £235,950) due from companies related by virtue of common ownership.
Included within other creditors is £981,211 (as restated 2019: £975,881) due to companies related by virtue of common ownership. All the companies are connected by virtue of having M Smith as a common director.
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The company is under the control of Michael Smith by virtue of his 100% shareholding.
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