Storey Property Developments (Two) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11651931 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

STOREY PROPERTY DEVELOPMENTS (TWO)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M P Storey

M R Storey

SECRETARY:

M P Storey

REGISTERED OFFICE:

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

BUSINESS ADDRESS:

Unit 5 & 6 Shenley Pavilions

Chalkdell Drive

Shenley Wood

Milton Keynes

Buckinghamshire

MK5 6LB

REGISTERED NUMBER:

11651931 (England and Wales)

SENIOR STATUTORY AUDITOR:

David Rawlinson FCA FCCA

AUDITORS:

Rawlinson Pryde Limited

Chartered Accountants and

Statutory Auditors

Argent House

5 Goldington Road

Bedford

Bedfordshire

MK40 3JY

CURRENT ASSETS

Stocks

4

2,266,603

4,278,850

Debtors

5

453

11,307

Prepayments and accrued income

-

24,311

Cash at bank

191,108

1,139,439

2,458,164

5,453,907

CREDITORS

Amounts falling due within one year

6

3,233,491

5,968,099

NET CURRENT LIABILITIES

(775,327

)

(514,192

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(775,327

)

(514,192

)

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

(775,329

)

(514,194

)

SHAREHOLDERS' FUNDS

(775,327

)

(514,192

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 February 2024 and were signed on its behalf by:

M R Storey - Director

1.	STATUTORY INFORMATION

Storey Property Developments (Two) 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 the Pound Sterling (£).

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.

Going concern

The Directors acknowledge that there is an excess of liabilities over assets on the balance sheet. The funds currently required by the company are provided by the parent company, Storey Property Developments Limited, which has indicated its continued financial support of the company for a period of at lease twelve months from the date of approval of these financial statements. For this reason the Directors continue to adopt the going concern basis in preparing these financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met fully before revenue is recognised:

Sales of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue is measured reliably;

- it is probable that the companywill receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchases on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss recognised immediately in profit and loss.

Total site costs are spread over all the units based on the expected margin of the development in aggregate.

Land stock is recognised at the time a liability is recognised; generally after exchange of unconditional contracts.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost 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 the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors

Short-term debtors are measured at transaction price less impairment. Loans receivable are measured initially at fair value net of transaction costs and are measured subsequently at amortised cost using the effective interest method less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-terms creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.

STOCKS

30.6.23

30.6.22

£

£

Stocks

2,266,603

4,278,850

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

VAT

453

11,307

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Bank loans and overdrafts (see note 7)

-

2,231,587

Trade creditors

3,113

458,988

Amounts owed to group undertakings

2,950,528

2,849,822

Other creditors

131,866

154,750

Accruals and deferred income

147,984

272,952

3,233,491

5,968,099

7.

LOANS

An analysis of the maturity of loans is given below:

30.6.23

30.6.22

£

£

Amounts falling due within one year or on demand:

Bank loans

-

2,231,587

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

30.6.22

£

£

Bank loans

-

2,231,587

The bank loan is secured with a first charge by way of legal mortgage over the property, and a fixed and floating charge over all other assets.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 July 2022

(514,194

)

Deficit for the year

(261,135

)

At 30 June 2023

(775,329

)

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Rawlinson FCA FCCA (Senior Statutory Auditor)

for and on behalf of Rawlinson Pryde Limited

12.	RELATED PARTY DISCLOSURES

During the year the company received an interest free loan from M & M (MK) Ltd of £2,000,000. The loan was repaid within the year.

13.	CONTROLLING PARTY

The immediate parent company is Storey Property Developments Limited and the ultimate parent company is Storey Property Developments Holdings Limited.

Storey Property Developments Holdings Limited prepares consolidated financial statements and its registered office is Argent House, 5 Goldington Road, Bedford, MK40 3JY.