22 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 126,114 28,468 97,646 97,646 xbrli:pure xbrli:shares iso4217:GBP 00358869 2022-03-01 2023-02-28 00358869 2023-02-28 00358869 2022-02-28 00358869 2021-03-01 2022-02-28 00358869 2022-02-28 00358869 core:LandBuildings 2022-03-01 2023-02-28 00358869 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 00358869 bus:Director1 2022-03-01 2023-02-28 00358869 bus:Director9 2022-03-01 2023-02-28 00358869 core:WithinOneYear 2023-02-28 00358869 core:WithinOneYear 2022-02-28 00358869 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 00358869 core:LandBuildings 2022-02-28 00358869 core:PlantMachinery 2022-02-28 00358869 core:FurnitureFittings 2022-02-28 00358869 core:LandBuildings 2023-02-28 00358869 core:PlantMachinery 2023-02-28 00358869 core:FurnitureFittings 2023-02-28 00358869 core:PlantMachinery 2022-03-01 2023-02-28 00358869 core:FurnitureFittings 2022-03-01 2023-02-28 00358869 core:AfterOneYear 2023-02-28 00358869 core:AfterOneYear 2022-02-28 00358869 core:ShareCapital 2023-02-28 00358869 core:ShareCapital 2022-02-28 00358869 core:RevaluationReserve 2023-02-28 00358869 core:RevaluationReserve 2022-02-28 00358869 core:RetainedEarningsAccumulatedLosses 2023-02-28 00358869 core:RetainedEarningsAccumulatedLosses 2022-02-28 00358869 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 00358869 core:CostValuation core:Non-currentFinancialInstruments 2022-02-28 00358869 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-02-28 00358869 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-02-28 00358869 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-02-28 00358869 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 00358869 core:Non-currentFinancialInstruments 2023-02-28 00358869 core:Non-currentFinancialInstruments 2022-02-28 00358869 core:LandBuildings 2022-02-28 00358869 core:PlantMachinery 2022-02-28 00358869 core:FurnitureFittings 2022-02-28 00358869 bus:SmallEntities 2022-03-01 2023-02-28 00358869 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 00358869 bus:FullAccounts 2022-03-01 2023-02-28 00358869 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 00358869 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 00358869 bus:OrdinaryShareClass1 2023-02-28 00358869 bus:OrdinaryShareClass1 2022-02-28 00358869 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-01 2023-02-28 00358869 core:AfterOneYear 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 00358869
Stratton-Streles Estates Limited
Unaudited financial statements
28 February 2023
Stratton-Streles Estates Limited
Statement of financial position
28 February 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
97,646
97,646
Tangible assets
6
10,971,287
10,613,734
Investments
7
1,405,722
1,421,759
------------
------------
12,474,655
12,133,139
Current assets
Stocks
1,101,281
823,470
Debtors
8
2,219,229
1,287,125
Cash at bank and in hand
136,608
568,438
-----------
-----------
3,457,118
2,679,033
Creditors: Amounts falling due within one year
9
( 1,129,153)
( 863,916)
-----------
-----------
Net current assets
2,327,965
1,815,117
------------
------------
Total assets less current liabilities
14,802,620
13,948,256
Creditors: Amounts falling due after more than one year
10
( 784,853)
( 254,344)
Provisions
Taxation including deferred tax
( 1,752,243)
( 1,269,842)
------------
------------
Net assets
12,265,524
12,424,070
------------
------------
Capital and reserves
Called up share capital
11
42,000
42,000
Revaluation reserve
3,890,248
4,292,853
Profit and loss account
8,333,276
8,089,217
------------
------------
Shareholders funds
12,265,524
12,424,070
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Stratton-Streles Estates Limited
Statement of financial position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Mr H W Van Poortvliet
Mr H W Jarvis
Director
Director
Company registration number: 00358869
Stratton-Streles Estates Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales with registration number 00358869 . The address of the registered office is Lower Lobbersdown Farm, Tetsworth, Thame, Oxfordshire, OX9 7BB. The place of business address is Hall Farm, Colby, Norwich, Norfolk, NR11 7EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Revenue recognition
The turnover shown in the profit and loss account represents the amounts of goods and services provided during the year exclusive of Value Added Tax. Turnover is recognised when the goods are physically delivered or the services are actually provided to the customer. In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage of completion.
Deferred tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Licences and entitlements are initially recorded at cost. At the year end they are recorded at the fair value by revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Licence and Entitlements
-
5% and 20% respectively
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are recorded at cost or valuation less depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
4% straight line
Plant and machinery
-
10% - 28.13% Reducing balance
Depreciation is not provided on freehold property because the estimated residual values at the time of acquisition were considered to be not materially lower than cost and any depreciation charge would be immaterial.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit or loss.
Investments
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in the profit or loss.
Stocks
Commodity stocks and cultivations are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. The valuation of crops in store and cultivations include an element of depreciation.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 22 (2022: 18 ).
5. Intangible assets
Licence and Entitlements
£
Cost
At 1 March 2022 and 28 February 2023
126,114
---------
Amortisation
At 1 March 2022 and 28 February 2023
28,468
---------
Carrying amount
At 28 February 2023
97,646
---------
At 28 February 2022
97,646
---------
Entitlements are measured at fair value. The directors have assessed and determined the value at the reporting date but it can only be reliably tested in the market itself.
6. Tangible assets
Land and buildings
Plant and machinery
Investment property
Total
£
£
£
£
Cost or valuation
At 1 March 2022
3,995,533
4,320,810
5,570,269
13,886,612
Additions
350,545
740,768
1,091,313
Disposals
( 322,764)
( 322,764)
Revaluations
( 103,050)
( 103,050)
-----------
-----------
-----------
------------
At 28 February 2023
4,346,078
4,738,814
5,467,219
14,552,111
-----------
-----------
-----------
------------
Depreciation
At 1 March 2022
1,132,458
2,140,420
3,272,878
Charge for the year
42,400
421,809
464,209
Disposals
( 156,263)
( 156,263)
-----------
-----------
-----------
------------
At 28 February 2023
1,174,858
2,405,966
3,580,824
-----------
-----------
-----------
------------
Carrying amount
At 28 February 2023
3,171,220
2,332,848
5,467,219
10,971,287
-----------
-----------
-----------
------------
At 28 February 2022
2,863,075
2,180,390
5,570,269
10,613,734
-----------
-----------
-----------
------------
Investment properties are measured at fair value. The directors' assess and determine the fair value of the investment properties at each reporting date. The values inevitably have a degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
7. Investments
Unlisted investments
Listed investments
Total
£
£
£
Cost
At 1 March 2022
58,933
1,362,826
1,421,759
Additions
181,378
181,378
Disposals
( 30)
( 167,595)
( 167,625)
Revaluations
( 29,790)
( 29,790)
-------
-----------
-----------
At 28 February 2023
58,903
1,346,819
1,405,722
-------
-----------
-----------
Impairment
At 1 March 2022 and 28 February 2023
-------
-----------
-----------
Carrying amount
At 28 February 2023
58,903
1,346,819
1,405,722
-------
-----------
-----------
At 28 February 2022
58,933
1,362,826
1,421,759
-------
-----------
-----------
Listed investments are measured at fair value. This is based on the market value at the reporting date; this value will vary depending on the stock market.
8. Debtors
2023
2022
£
£
Trade debtors
729,327
671,190
Amounts owed by group undertakings and undertakings in which the company has a participating interest
872,500
Prepayments and accrued income
520,952
469,662
Other debtors
96,450
146,273
-----------
-----------
2,219,229
1,287,125
-----------
-----------
9. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
157,094
83,837
Trade creditors
542,494
305,017
Accruals and deferred income
40,523
43,071
Corporation tax
36,632
Social security and other taxes
10,902
19,123
Obligations under finance leases and hire purchase contracts
219,477
194,053
Director loan accounts
37,687
60,102
Other creditors
120,976
122,081
-----------
---------
1,129,153
863,916
-----------
---------
Included in creditors due within one year are obligations under hire purchase agreements of £219,477 (2022: £194,053) which have been secured by the company.
10. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
429,946
87,964
Obligations under finance leases and hire purchase contracts
354,907
166,380
---------
---------
784,853
254,344
---------
---------
Included in creditors due after one year are obligations under hire purchase agreements of £354,907 (2022: £166,380) which have been secured by the company.
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.50 each
84,000
42,000
84,000
42,000
-------
-------
-------
-------