Company registration number 00187705 (England and Wales)
WEST STREATHAM BUILDING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WEST STREATHAM BUILDING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
WEST STREATHAM BUILDING COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
23,000
Investments
5
54,578
55,622
54,578
78,622
Current assets
Debtors
6
1,116,715
1,106,759
Cash at bank and in hand
82,254
66,217
1,198,969
1,172,976
Creditors: amounts falling due within one year
7
(33,877)
(23,941)
Net current assets
1,165,092
1,149,035
Total assets less current liabilities
1,219,670
1,227,657
Provisions for liabilities
(7,142)
(10,808)
Net assets
1,212,528
1,216,849
Capital and reserves
Called up share capital
8
5,000
5,000
Revaluation reserve
21,425
40,583
Profit and loss reserves
1,186,103
1,171,266
Total equity
1,212,528
1,216,849
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 26 September 2023 and are signed on its behalf by:
Chris Watts
Q G Hicks
Director
Director
Company registration number 00187705 (England and Wales)
WEST STREATHAM BUILDING COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
5,000
48,390
1,168,269
1,221,659
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
155,190
155,190
Dividends
-
-
(160,000)
(160,000)
Transfers
-
(7,807)
7,807
-
Balance at 31 March 2022
5,000
40,583
1,171,266
1,216,849
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
175,679
175,679
Dividends
-
-
(180,000)
(180,000)
Transfers
-
(19,158)
19,158
-
Balance at 31 March 2023
5,000
21,425
1,186,103
1,212,528
WEST STREATHAM BUILDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
West Streatham Building Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 105 Mitcham Lane, Streatham, London, SW16 6LY.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents fees, rents and other income derived from properties under the company's control together with interest on loans to group companies and dividends from group companies. Income is recognised at the time the company becomes entitled to receive the income. Where the income relates to a period of time it is allocated to accounting periods on a pro-rata basis.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Unlisted investments are initially measured at cost and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the profit and loss account.
WEST STREATHAM BUILDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WEST STREATHAM BUILDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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 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.
1.9
Investment income
Investment income consists of dividends and interest receivable for the year. Dividend income from equity investments is recognised when the shareholders' rights to receive payment have been established. Interest income is recognised on a time basis by reference to the principal outstanding and the agreed rate of interest.
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
Directors' remuneration and dividends
2023
2022
£
£
Remuneration paid to directors
2,000
2,000
Dividends paid to directors
11,988
10,656
WEST STREATHAM BUILDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 April 2022
23,000
Disposals
(23,000)
At 31 March 2023
The investment property was sold during the year. These had been valued by the directors on an open market value basis as at 31 March 2022. On an historical cost basis these would have been included at an original cost of £1,220.
5
Fixed asset investments
2023
2022
£
£
Investments
54,578
55,622
Movements in fixed asset investments
Shares in group undertakings
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 April 2022
23,271
32,351
55,622
Fair value gains
-
(1,044)
(1,044)
At 31 March 2023
23,271
31,307
54,578
Carrying amount
At 31 March 2023
23,271
31,307
54,578
At 31 March 2022
23,271
32,351
55,622
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
50
Amounts owed by group undertakings
1,116,715
1,106,709
1,116,715
1,106,759
WEST STREATHAM BUILDING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
21,906
11,424
Other creditors
11,971
12,517
33,877
23,941
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Christopher Mantel
Statutory Auditor:
Alliotts LLP
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Description of
Income
Payments
transaction
2023
2022
2023
2022
£
£
£
£
Group subsidiary
Dividend
125,286
105,504
Group subsidiary
Interest income
88,713
87,030
Balances with related parties
The following amounts were outstanding at the reporting end date:
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Group subsidiary
1,116,715
1,106,709