Company Registration No. 11840123 (England and Wales)
STUBBINGS LAND DEVELOPMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
STUBBINGS LAND DEVELOPMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
STUBBINGS LAND DEVELOPMENT LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
3
1
1
Debtors
4
8,600,677
5,843,135
Investments
6
2,500,000
2,500,000
Cash at bank and in hand
1,991,841
6,453,585
13,092,519
14,796,721
Creditors: amounts falling due within one year
7
(1,432,644)
(2,927,050)
Net current assets
11,659,875
11,869,671
Provisions for liabilities
(236,230)
(236,230)
Net assets
11,423,645
11,633,441
Capital and reserves
Called up share capital
10,640
10,640
Profit and loss reserves
8
11,413,005
11,622,801
Total equity
11,423,645
11,633,441
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
SW Orrin
Director
Company Registration No. 11840123
STUBBINGS LAND DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Stubbings Land Development Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Pratts Farm Cottages, Pratts Farm Lane, Little Waltham, Chelmsford, Essex, CM3 3PR.
1.1
Accounting convention
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period in excess of 12 months from the date of signing these financial statements when making this assessment. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover comprises the sale of land held in stock and is recognised at the fair value of the consideration received or receivable for this land, including hope value. It is shown net of VAT and other sales related taxes. No account is taken of conditional receipts which may arise in future where the conditions have not yet been met.
1.4
Stocks
Stock comprises potential development land held for resale plus the costs incurred to date of furthering the planning permission process and of ultimately selling the land. Stock is stated at the lower of cost and estimated net realisable value.
1.5
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 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. Financial assets classified as receivable within one year are not amortised.
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.
STUBBINGS LAND DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
STUBBINGS LAND DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Key management staff and directors split their time between a number of the companies, formerly part of a group which demerged in 2019, but which remain under common control.
The related employment costs are initially borne by the former holding company then re-charged to each of the relevant companies on an estimated time spent basis by way of a Management Charge, which is treated as a cost in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Stocks
2023
2022
£
£
Land for resale
1
1
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,500
12,500
Other debtors
8,525,677
5,830,635
8,548,177
5,843,135
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
52,500
Total debtors
8,600,677
5,843,135
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
2,500,000
2,500,000
STUBBINGS LAND DEVELOPMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
6
Current asset investments
2023
2022
£
£
Other investments
2,500,000
2,500,000
The current asset investment relates to an investment in a development project and is held at the lower of cost and net realisable value.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
920
261
Corporation tax
2,681,976
Other creditors
1,431,724
244,813
1,432,644
2,927,050
8
Profit and loss reserves
The profit and loss reserves are fully distributable.
9
Related party transactions
At the period end, the company was owed £2,810,815 (2022: £173,078) from entities under common control and owed £1,427,373 (2022: £240,462) to entities under common control.