Stag Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01944046 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 March 2018

for

Stag Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M P Robinson

Mrs J M Robinson

D S R Robinson

W M Robinson

P S Robinson

SECRETARY:

D S R Robinson

REGISTERED OFFICE:

Stag House

Giddynap Lane

Inchbrook

Stroud

Gloucestershire

GL5 5EZ

REGISTERED NUMBER:

01944046 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

National Westminster Bank Plc

3 Temple Back East

Temple Quay

Bristol

BS1 9BW

FIXED ASSETS

Tangible assets

4

18,217

29,197

Investments

5

200

200

Investment property

6

1,495,000

1,615,000

1,513,417

1,644,397

CURRENT ASSETS

Debtors

7

1,183,406

1,029,842

Cash at bank

-

17,043

1,183,406

1,046,885

CREDITORS

Amounts falling due within one year

8

871,262

741,027

NET CURRENT ASSETS

312,144

305,858

TOTAL ASSETS LESS CURRENT LIABILITIES

1,825,561

1,950,255

CREDITORS

Amounts falling due after more than one year

9

521,904

644,300

NET ASSETS

1,303,657

1,305,955

CAPITAL AND RESERVES

Called up share capital

11

184,684

184,684

Share premium

134,043

134,043

Revaluation reserve

12

256,732

256,732

Retained earnings

728,198

730,496

SHAREHOLDERS' FUNDS

1,303,657

1,305,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 7 September 2018 and were signed on its behalf by:

M P Robinson - Director

1.	STATUTORY INFORMATION

Stag Developments 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover in respect of the Company's investment portfolio properties represents rental income,

recharged utility and related costs, arising from operating leases, excluding VAT. The Company

recognises revenue on a straight line accruals basis.

Turnover in respect of development property sales is recognised at the point of exchange where the

risks and rewards of ownership are effectively transferred to the buyer.

Revenue from management charges to subsidiary undertakings is recognised on a straightline

accruals basis and represent the recharge of costs incurred in respect of the transaction.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Furniture, fittings and equipment

-

25% on cost

Motor vehicles

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are

initially measured at transaction price including transaction costs and are subsequently carried

at amortised cost using the effective interest method unless the arrangement constitutes a

financing transaction, where the transaction is measured at the present value of the future

receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or

more events that occurred after the initial recognition of the financial asset, the estimated

future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the

asset expire, or when it transfers the financial asset and substantially all the risks and rewards

of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow

group companies and preference shares that are classified as debt, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate

of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Trade creditors are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Trade creditors are classified as current liabilities if

payment is due within one year. If not, they are presented as creditors falling due after more than

one year. Trade creditors are recognised initially at transaction price and subsequently measured

at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are

discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Furniture,

fittings

and

Motor

equipment

vehicles

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

3,338

41,971

45,309

DEPRECIATION

At 1 April 2017

2,467

13,645

16,112

Charge for year

487

10,493

10,980

At 31 March 2018

2,954

24,138

27,092

NET BOOK VALUE

At 31 March 2018

384

17,833

18,217

At 31 March 2017

871

28,326

29,197

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2017

and 31 March 2018

41,971

DEPRECIATION

At 1 April 2017

13,645

Charge for year

10,493

At 31 March 2018

24,138

NET BOOK VALUE

At 31 March 2018

17,833

At 31 March 2017

28,326

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2017

and 31 March 2018

200

NET BOOK VALUE

At 31 March 2018

200

At 31 March 2017

200

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Stag Homes (Gloucestershire) Limited

Registered office: England and Wales

Nature of business: Development of building projects

%

Class of shares:

holding

£1 Ordinary

100.00

31.3.18

£

Aggregate capital and reserves

7,174

Profit for the year

7,074

Stag Homes (Severnside) Limited

Registered office: England and Wales

Nature of business: Construction of domestic buildings and letting

%

Class of shares:

holding

£1 Ordinary

100.00

28.2.18

£

Aggregate capital and reserves

4,628

Profit for the year

4,528

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

1,615,000

Disposals

(120,000

)

At 31 March 2018

1,495,000

NET BOOK VALUE

At 31 March 2018

1,495,000

At 31 March 2017

1,615,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2002

93,848

Valuation in 2011

102,146

Valuation in 2013

(10,000

)

Valuation in 2015

10,738

Valuation in 2016

55,000

Valuation in 2017

5,000

Cost

1,238,268

1,495,000

If investment property had not been revalued it would have been included at the following historical

cost:

31.3.18

31.3.17

£

£

Cost

1,238,268

1,358,268

The freehold investment properties were revalued by the directors in 2017 on an open market value for

existing use basis.

The valuation of £1,495,000 at 31 March 2018 comprises original costs of £1,238,268 and

accumulated revaluations totalling £256,732 in respect of previous years.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

5,454

4,563

Amounts owed by group undertakings

1,170,725

1,016,747

Other debtors

-

2,145

VAT

7,227

5,237

Prepayments and accrued income

-

1,150

1,183,406

1,029,842

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

57,704

38,946

Other loans

692,385

644,368

Hire purchase contracts

10,922

10,922

Trade creditors

91,566

5,169

Corporation tax

261

15,269

Social security and other taxes

8,569

10,678

Directors' current accounts

-

2,175

Accruals and deferred income

9,855

13,500

871,262

741,027

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

514,484

626,364

Hire purchase contracts

7,420

17,936

521,904

644,300

The bank loan is repayable by instalments of which £336,651 (2017 - £451,531) falls due after five

years. Interest is charged on the bank loan at 2.0% p.a. over LIBOR.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdraft

5,436

-

Bank loans

566,752

665,310

Hire purchase contracts

18,342

28,858

590,530

694,168

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

184,684

Ordinary

£1

184,684

184,684

12.

RESERVES

Revaluation

reserve

£

At 1 April 2017

and 31 March 2018

256,732