St Albans Development Ltd - Period Ending 2022-12-31
St Albans Development Ltd - Period Ending 2022-12-31
Registration number:
St Albans Development Ltd
for the Year Ended 31 December 2022
St Albans Development Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
St Albans Development Ltd
Company Information
Directors |
H Piric D Zecevic |
Registered office |
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Accountants |
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St Albans Development Ltd
(Registration number: 10975502)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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 |
3 |
3 |
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Retained earnings |
509,869 |
439,865 |
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Shareholders' funds |
509,872 |
439,868 |
St Albans Development Ltd
(Registration number: 10975502)
Balance Sheet as at 31 December 2022
For the financial year ending 31 December 2022 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.
Approved and authorised by the
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St Albans Development Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.
St Albans Development Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture & Fitting |
25% RBM |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
St Albans Development Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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.
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 profit and loss account 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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
St Albans Development Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Profit before tax |
Arrived at after charging/(crediting)
2022 |
2021 |
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Depreciation expense |
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Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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Stocks |
2022 |
2021 |
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Work in progress |
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Debtors |
Current |
2022 |
2021 |
Other debtors |
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St Albans Development Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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3 |
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3 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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St Albans Development Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Related party transactions |
Transactions with directors |
2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
H Piric |
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Directors loan account |
( |
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( |
( |
D Zecevic |
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Directors loan account |
( |
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( |
( |
2021 |
At 1 January 2021 |
Repayments by director |
At 31 December 2021 |
H Piric |
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Directors loan account |
( |
( |
( |
D Zecevic |
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Directors loan account |
( |
( |
( |
Summary of transactions with other related parties
At the balance sheet date the amount due from St Albans Residential Limited was £244,152.20 (2021 - £230,718.14). H Piric and D Zecevic are the directors of this company.