Stevenson Deane Property Co Limited - Period Ending 2023-08-31
Stevenson Deane Property Co Limited - Period Ending 2023-08-31
Registration number:
Stevenson Deane Property Co Limited
for the
Year Ended 31 August 2023
Stevenson Deane Property Co Limited
Contents
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Stevenson Deane Property Co Limited
Balance Sheet
as at 31 August 2023
|
Note |
2023 |
2022 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets/(liabilities) |
|
( |
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Allotted, called up and fully paid share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
|
Registration number: 02843648
Stevenson Deane Property Co Limited
Balance Sheet
as at 31 August 2023 (continued)
For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
|
......................................... |
Stevenson Deane Property Co Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 August 2023
|
General information |
The company is a private company limited by shares incorporated in England within the United Kingdom.
The company's registration number is 02843648.
The address of its registered office is:
|
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 in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.
Turnover also comprises the fair value of rent received in relation to the investment properties.
Stevenson Deane Property Co Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 August 2023
(continued)
|
2 |
Accounting policies (continued) |
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost (or deemed cost), less any accumulated depreciation and 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 over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold land |
Not depreciated |
|
Freehold buildings |
1% per annum on a straight line basis |
|
Plant and machinery |
20% per annum on a straight line basis |
|
Motor vehicles |
20% per annum on a straight line basis |
Investment property
Stevenson Deane Property Co Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 August 2023
(continued)
|
2 |
Accounting policies (continued) |
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. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Stevenson Deane Property Co Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 August 2023
(continued)
|
Tangible assets |
|
Land and buildings |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost |
||||
|
At 1 September 2022 |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
|
At 31 August 2023 |
|
|
|
|
|
Depreciation |
||||
|
At 1 September 2022 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 August 2023 |
|
|
|
|
|
Net book value |
||||
|
At 31 August 2023 |
|
|
|
|
|
At 31 August 2022 |
|
|
|
|
|
Investment properties |
|
2023 |
|
|
At 1 September |
|
|
Disposals |
( |
|
Fair value adjustments |
|
|
At 31 August |
|
The directors are of the opinion that the value in the accounts reflects the fair value at the year end.
Stevenson Deane Property Co Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 August 2023
(continued)
|
Debtors |
|
Current |
2023 |
2022 |
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Stevenson Deane Property Co Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 August 2023
(continued)
|
Creditors |
|
2023 |
2022 |
|
|
Due within one year |
||
|
Bank loans |
26,086 |
32,248 |
|
HP and finance lease liabilities |
4,642 |
4,641 |
|
Other borrowings |
34,339 |
32,668 |
|
Trade creditors |
|
|
|
Directors loan accounts |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
|
|
|
|
|
|
|
Due after one year |
||
|
Bank loans |
524,627 |
545,627 |
|
HP and finance lease liabilities |
34,086 |
38,728 |
|
Redeemable preference shares |
130,982 |
300,000 |
|
Other borrowings |
51,676 |
227,578 |
|
741,371 |
1,111,933 |
Bank loans included in creditors amounts falling due within one year and after one year are secured on the company's investment properties.
Stevenson Deane Property Co Limited
Notes to the Unaudited Financial Statements
for the
Year Ended 31 August 2023
(continued)
|
7 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
|
Note |
2023 |
2022 |
|
|
Due after one year |
|||
|
Bank loans and overdrafts |
|
|
|
Profit and loss account reserves |
This includes the Fair Value Reserve of £2,024,333 (2022: £1,868,773), being the cumulative fair value adjustments to the investment properties of £2,699,111 (2022: £2,491,697) less the related deferred tax provision of £674,778 (2022: £622,924).