STAVCO CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2023
Company Registration Number: 04337743
STAVCO CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
STAVCO CONSTRUCTION LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2023
DIRECTOR
N C Staveley
SECRETARY
The MGroup Secretarial Services Limited
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
04337743 England and Wales
STAVCO CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 5 APRIL 2023
Notes 2023 2022
£ £
FIXED ASSETS
Investments 5 4,325,000 4,325,000
CURRENT ASSETS
Debtors 6 48,371 31,097
Cash at bank and in hand 112,858 99,202
161,229 130,299
CREDITORS: Amounts falling due within one year 7 40,805 38,482
NET CURRENT ASSETS 120,424 91,817
TOTAL ASSETS LESS CURRENT LIABILITIES 4,445,424 4,416,817
CREDITORS: Amounts falling due after more than one year 8 2,287,500 2,287,500
Provisions for liabilities and charges 233,049 233,049
NET ASSETS 1,924,875 1,896,268
CAPITAL AND RESERVES
Called up share capital 1 1
Distributable profit and loss account 474,546 445,939
Non distributable profit and loss account 1,450,328 1,450,328
SHAREHOLDER'S FUNDS 1,924,875 1,896,268
STAVCO CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 5 APRIL 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
N C Staveley
Director
Date approved by the board: 7 November 2023
STAVCO CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
1 GENERAL INFORMATION
Stavco Construction Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Income is measured at the fair value of consideration received or receivable. It is recognised in respect of rental income received during the year.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Grant Income
Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
STAVCO CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Loans receivable are measured initially at fair value, net of transaction costs, and subsequently at amortised cost, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
STAVCO CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The director has made key assumptions in determination of the fair value of the investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of these assets.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2023 2022
Average number of employees 1 1
STAVCO CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
5 FIXED ASSET INVESTMENTS
Investment properties
£
Cost
At 6 April 2022 4,325,000
At 5 April 2023 4,325,000
Net book value
At 6 April 2022 4,325,000
At 5 April 2023 4,325,000
In the opinion of the director, all investment properties have been stated at fair value.
6 DEBTORS
2023 2022
£ £
Prepayments and accrued income 4,361 1,155
Other debtors 44,010 29,942
48,371 31,097
7 CREDITORS: Amounts falling due within one year
2023 2022
£ £
Taxation and social security 16,013 24,405
Accruals and deferred income 22,740 12,153
Other creditors 2,052 1,924
40,805 38,482
8 CREDITORS: Amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 1,987,500 1,987,500
Other creditors 300,000 300,000
2,287,500 2,287,500
STAVCO CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
9 SECURED DEBTS
The company has two bank loans with Handelsbanken which are secured on the properties of the company. The loans will be repaid in full on the fifth anniversary of the date of the drawdown of the loans and interest is paid on the loans quarterly at a 2.75% margin over LIBOR.
10 CONTINGENCIES AND COMMITMENTS
Not provided
Deferred Taxation 2023 2022
£ £
Losses 7,009 5,327
Balance carried forward 7,009 5,327
11 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 May 2022 Amounts advanced Amounts repaid Amounts written off or waived Balance at 5 April 2023
£ £ £ £ £
N C Staveley 19,594 67,638 53,068 - 34,164
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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