5 Steine St Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11493671 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

5 Steine St Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

J Anderson-Mann

D M Frizzell

A Spencer

Registered office:

85 Church Road

Hove

East Sussex

BN3 2BB

Registered number:

11493671 (England and Wales)

Accountants:

Wilson Sandford Limited

Chartered accountants

85 Church Road

Hove

East Sussex

BN3 2BB

Fixed assets

Investment property

4

1,000,000

1,000,000

Current assets

Debtors

5

9,394

15,345

Cash at bank

6,381

13,440

15,775

28,785

Creditors: amounts falling due within one year

6

403,976

502,997

Net current liabilities

(388,201

)

(474,212

)

Total assets less current liabilities

611,799

525,788

Creditors: amounts falling due after more than one year

7

620,302

550,000

Net liabilities

(8,503

)

(24,212

)

Capital and reserves

Called up share capital

9

1

1

Retained earnings

(8,504

)

(24,213

)

Shareholders' funds

(8,503

)

(24,212

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 March 2023 and were signed on its behalf by:

J Anderson-Mann - Director

1.	Statutory information

5 Steine St Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Rents received are shown gross of commissions and fees.

Government grants

Government grants are recognised in the period to which they relate.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued at its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4.	Investment property

Total

£

Fair value

At 1 January 2022

and 31 December 2022

1,000,000

Net book value

At 31 December 2022

1,000,000

At 31 December 2021

1,000,000

The investment property fair value of £1,000,000 (2021 - £1,000,000) was determined by the directors based on the market value of similar properties in the area

5.

Debtors: amounts falling due within one year

2022

2021

£

£

Amounts owed by group undertakings

5,083

7,855

Amounts owed by associates

1,500

1,500

Other debtors

2,811

5,990

9,394

15,345

6.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

1,439

850

Amounts owed to group undertakings

300,924

462,163

Amounts owed to associates

77,544

37,377

Taxation and social security

21,922

-

Other creditors

2,147

2,607

403,976

502,997

7.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans

530,067

550,000

Amounts owed to group undertakings

90,235

-

620,302

550,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

530,067

550,000

8.	Secured debts

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

530,067

-

Loans are secured against the assets to which they relate.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

1

Ordinary

£1

1

1

10.	Related party disclosures

Within creditors are amounts owed to group undertakings of £310,687 (2021 - £462,163) and amounts owed to associates of £77,610 (2021 - £37,311).