Stratford Apartments Ltd 31/03/2021 iXBRL

Stratford Apartments Ltd 31/03/2021 iXBRL

STRATFORD APARTMENTS LTD - Company Information

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Stratford Apartments Ltd
Filleted accounts
31 March 2021
Company registration number: 06193509
Stratford Apartments Ltd
Directors and other information
Director G M El-Kassir
Secretary M G El-Kassir and N V Walsh
Company number 06193509
Registered office 37f Warpsgrove Lane
Chalgrove
Oxford
OX44 7RW
Auditor Cox Hinkins & Co
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Stratford Apartments Ltd
Director's responsibilities statement
Year ended 31st March 2021
The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Stratford Apartments Ltd
Balance sheet
31st March 2021
2021 2020
Note £ £ £ £
Current assets
Stocks 1,319,540 1,319,540
Debtors 5 425,300 428,078
_______ _______
1,744,840 1,747,618
Creditors: amounts falling due
within one year 6 ( 1,781,840) ( 1,784,197)
_______ _______
Net current liabilities ( 37,000) ( 36,579)
_______ _______
Net liabilities ( 37,000) ( 36,579)
_______ _______
Capital and reserves
Called up share capital 7 1 1
Profit and loss account ( 37,001) ( 36,580)
_______ _______
Shareholders deficit ( 37,000) ( 36,579)
_______ _______
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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 December 2021 , and are signed on behalf of the board by:
G M El-Kassir
Director
Company registration number: 06193509
Stratford Apartments Ltd
Notes to the financial statements
Year ended 31st March 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 37f Warpsgrove Lane, Chalgrove, Oxford, OX44 7RW. There was no significant change in the company's principal activity during the year which continued to be the acquisition and resale of real estate.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below.The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
These financial statements have been prepared on a going concern basis. At 31st March 2020, the company was owed £375,760 by and owed £61,679 to other members of the group. The recoverability of the monies owed and the ability of other group companies to provide continued financial support is dependant on the group continuing as a going concern.The group continues to incur significant cash outflows, due to property development activity that it is undertaking at various sites, which are funded by both bank borrowings and regular stage payments from potential purchasers. The group has also advanced £18.4m to its marketing agent that is due to be recovered against marketing costs on present and future property developments.The appraisals for all the group's present property developments forecast a profitable outcome on the basis of projected sales prices. Estimation of selling price is subject to significant inherent uncertainties including, in particular, the prediction of future trends in market values. In assessing the outcome of the projects, it is also necessary to estimate the percentage of purchasers who will not look to complete and the cost of contract buybacks once an onward sale has been agreed.Profitable outcomes on the current property developments will enable the group to undertake future property developments against which it will be able to recover its marketing advance.Although the forecasts support the ability of the group to remain a going concern, there is a risk that anticipated sales and forecast sales prices will not be realised as the underlying trading assumptions used in forecasting are extremely judgemental and difficult to predict and could be subject to significant variation, even more so in the current climate with increased uncertainty due to Covid-19. This therefore represents a material uncertainty that may cast significant doubt upon the group's ability to continue as a going concern.Having assessed the principal risks and having regard for the above, based on the current likelihood of forecast sales being achieved, the director considers it appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements. Therefore these financial statements do not include any adjustments that would result if the going concern basis of preparation was inappropriate.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 not recognised in respect of any timing differences at the reporting date as all are insignificant.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: Nil).
5. Debtors
2021 2020
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 375,760 375,538
Other debtors 49,540 52,540
_______ _______
425,300 428,078
_______ _______
6. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors - 2,754
Amounts owed to group undertakings and undertakings in which the company has a participating interest 61,679 61,679
Other creditors 1,720,161 1,719,764
_______ _______
1,781,840 1,784,197
_______ _______
7. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
8. Summary audit opinion
The auditor's report for the year is dated 23 December 2021
We draw attention to note 3 in the financial statements, which indicates that there is a risk anticipated sales and forecast sales prices of various property developments undertaken by the group will not be realised as the underlying trading assumptions used in forecasting are extremely judgemental and difficult to predict and could be subject to significant variation. Failure to realise anticipated sales and forecast sales prices will impact on the ability of the group to settle monies owed and to provide continued financial support to the company. As stated in note 3, these events or conditions, along with the other matters as set forth in note 3, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The senior statutory auditor was Michael Howard Hinkins for and on behalf of Cox Hinkins & Co
9. Controlling party
The company is under the control of GRE Capital Ltd, a company incorporated in England & Wales, which owns 100% of the issued ordinary shares. GRE Capital Ltd prepares consolidated financial statements for the group.