Company Registration No. 05291503 (England and Wales)
Stygrid Property Developers Limited
Unaudited financial statements
for the year ended 31 March 2023
Stygrid Property Developers Limited
Unaudited financial statements
Contents
Stygrid Property Developers Limited
Company Information
for the year ended 31 March 2023
Directors
Jarrod Peter George Gridley
Jessica Sarah Bofkin
Company Number
05291503 (England and Wales)
Registered Office
5 Scrub Lane
Benfleet
Essex
SS7 2JA
England
Accountants
Lo Roche Business Services Ltd
5 Scrub Lane
Hadleigh
Benfleet
SS7 2JA
Stygrid Property Developers Limited
Statement of financial position
as at 31 March 2023
Tangible assets
10,685
14,246
Inventories
416,611
874,294
Cash at bank and in hand
10,217
7,633
Creditors: amounts falling due within one year
(146,970)
(221,635)
Net current assets
501,449
671,764
Total assets less current liabilities
512,134
686,010
Creditors: amounts falling due after more than one year
(416,614)
(600,858)
Called up share capital
100
100
Share premium
22,988
22,988
Profit and loss account
72,432
62,064
Shareholders' funds
95,520
85,152
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by
Jarrod Peter George Gridley
Director
Company Registration No. 05291503
Stygrid Property Developers Limited
Notes to the Accounts
for the year ended 31 March 2023
Stygrid Property Developers Limited is a private company, limited by shares, registered in England and Wales, registration number 05291503. The registered office is 5 Scrub Lane, Benfleet, Essex, SS7 2JA, England.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The financial statements are presented in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over period of lease
Plant & machinery
25% on cost
Motor vehicles
25% on cost
Fixtures & fittings
33% on cost
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Stygrid Property Developers Limited
Notes to the Accounts
for the year ended 31 March 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery
Amounts falling due within one year
Trade debtors
47,919
11,188
Accrued income and prepayments
-
284
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
10,654
Trade creditors
39,627
53,681
Taxes and social security
-
13,833
Other creditors
107,343
143,467
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
404,614
600,858
Obligations under finance leases and hire purchase contracts
12,000
-
Stygrid Property Developers Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
