Stuart Properties Limited - Period Ending 2023-03-31

Stuart Properties Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 6

Stuart Properties Limited

Balance Sheet

31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	5	8,010,332	7,234,062
Current assets
Stocks	6	16,482	16,482
Debtors	7	3,998,953	3,136,131
Cash at bank and in hand		167,477	1,271,414
		4,182,912	4,424,027
Creditors: Amounts falling due within one year	8	(415,208)	(450,760)
Net current assets		3,767,704	3,973,267
Total assets less current liabilities		11,778,036	11,207,329
Provisions for liabilities		(1,396,000)	(1,396,000)
Net assets		10,382,036	9,811,329
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		10,381,036	9,810,329
Shareholders' funds		10,382,036	9,811,329

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 December 2023 and signed on its behalf by:
 

.........................................

T Stuart

Director

Company Registration Number: 08605746

Stuart Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hill Barton Business Park
Sidmouth Road
Exeter
United Kingdom
EX5 1DR

These financial statements were authorised for issue by the Board on 13 December 2023.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There have been no material departures from this standard.

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.

The financial statements are presented in Sterling.

Going concern

In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue on the following basis:

Development income - recognised upon legal completion or in respect of long-term contracts, by reference to the stage of completion.

Rental income - revenue is recognised on an accruals basis in the period for which the rent applies.

Stuart Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

2	Accounting policies (continued)

Tax

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Plant and machinery	10% reducing balance

Investment property

Investment property is carried at fair value, derived from yields for comparable property, determined annually by the directors, who include a qualified valuer. The directors use observable market prices and other relevant information available in determining fair value. Changes in fair value are recognised in profit or loss.

Work in progress

Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on anticipated selling price less anticipated cost to completion and selling costs. Cost includes all direct cost and an appropriate proportion of fixed and variable overheads.

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.

Stuart Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

2	Accounting policies (continued)

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Short term intra group debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic. Such instruments are initially measured at transaction price, including transaction costs. Those instruments considered current are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Long term instruments are subsequently measured at amortised cost using the effective interest rate method.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Taxation

Tax charged/(credited) in the profit and loss account

	2023 £	2022 £
Current taxation
UK corporation tax	140,000	195,000
UK corporation tax adjustment to prior periods	(3,422)	(2,366)
	136,578	192,634
Deferred taxation
Arising from origination and reversal of timing differences	-	(69,000)
Tax expense in the income statement	136,578	123,634

Deferred tax

Deferred tax assets and liabilities

2023	Liability £
Capital allowances in excess of depreciation	96,000
Revaluation of investment properties	1,300,000
	1,396,000

Stuart Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4	Taxation (continued)

2022	Liability £
Capital allowances in excess of depreciation	96,000
Revaluation of investment properties	1,300,000
	1,396,000

5	Tangible assets

	Properties under construction  £	Investment properties £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2022	231,648	7,000,000	4,600	7,236,248
Additions	771,951	4,819	-	776,770
At 31 March 2023	1,003,599	7,004,819	4,600	8,013,018
Depreciation
At 1 April 2022	-	-	2,186	2,186
Charge for the year	-	-	500	500
At 31 March 2023	-	-	2,686	2,686
Carrying amount
At 31 March 2023	1,003,599	7,004,819	1,914	8,010,332
At 31 March 2022	231,648	7,000,000	2,414	7,234,062

Revaluation

The fair value of the company's investment properties was determined on 31 March 2023. The valuations have been carried out by the directors on an open market basis based on expected rental yields. Had this class of asset been measured on a historical cost basis, their carrying amount would have been £1,671,015 (2022 - £1,666,196).

6

Stocks

	2023 £	2022 £
Work in progress	16,482	16,482

Stuart Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

7

Debtors

	2023  £	2022  £
Trade debtors	178,520	166,899
Other debtors	3,820,433	2,969,232
	3,998,953	3,136,131

8

Creditors

Creditors: amounts falling due within one year

	2023  £	2022  £
Due within one year
Trade creditors	7,526	11,594
Social security and other taxes	1,868	31,784
Other creditors	5,658	3,589
Accruals and deferred income	260,156	208,793
Corporation tax	140,000	195,000
	415,208	450,760

9	Related party transactions

Summary of transactions with entities with joint control or significant interest

A company under the control of certain directors operates a group treasury function for related companies. At the balance sheet date the amount owed by that company was £3,606,668 (2022: £2,956,769).
 

10	Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Stuart Property (Holdings) Limited, incorporated in England & Wales. It's registered address is the same as the company's.