REGISTERED NUMBER: 01064630 (England and Wales) |
REPORT OF THE DIRECTOR AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
STROLLMOOR LIMITED |
REGISTERED NUMBER: 01064630 (England and Wales) |
REPORT OF THE DIRECTOR AND |
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
STROLLMOOR LIMITED |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 5 |
Consolidated Cash Flow Statement | 7 |
Notes to the Consolidated Cash Flow Statement | 8 |
Notes to the Consolidated Financial Statements | 9 |
STROLLMOOR LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
E3 The Premier Centre |
Abbey Park |
Romsey |
Hampshire |
SO51 9DG |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2023 |
The director presents her report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 1,486,130 | 1,426,120 |
Administrative expenses | 1,022,899 | 1,610,122 |
OPERATING PROFIT/(LOSS) | 463,231 | (184,002 | ) |
Sale of investment properties | 4 | (480,766 | ) | 908,192 |
(17,535 | ) | 724,190 |
Interest receivable and similar income | 69,405 | 2,700 |
51,870 | 726,890 |
Interest payable and similar expenses | 390,569 | 151,049 |
(LOSS)/PROFIT BEFORE TAXATION | (338,699 | ) | 575,841 |
Tax on (loss)/profit | - | - |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (338,699 | ) | 575,841 |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 | 990,000 | 990,000 |
Investments | 7 | - | - |
Investment property | 8 | 38,844,351 | 40,064,278 |
39,834,351 | 41,054,278 |
CURRENT ASSETS |
Debtors | 9 | 480,060 | 577,391 |
Cash at bank and in hand | 4,736,569 | 3,784,668 |
5,216,629 | 4,362,059 |
CREDITORS |
Amounts falling due within one year | 10 | 15,155,231 | 15,181,889 |
NET CURRENT LIABILITIES | (9,938,602 | ) | (10,819,830 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
29,895,749 |
30,234,448 |
CAPITAL AND RESERVES |
Called up share capital | 3,000 | 3,000 |
Share premium | 11 | 747,362 | 747,362 |
Revaluation reserve | 11 | 21,193,538 | 21,999,577 |
Capital redemption reserve | 11 | 133,000 | 133,000 |
Retained earnings | 11 | 7,818,849 | 7,351,509 |
SHAREHOLDERS' FUNDS | 29,895,749 | 30,234,448 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges her responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 12 October 2023 and were signed by: |
Mrs P S Graham - Director |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
COMPANY BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (154,050 | ) | 468,938 |
The director acknowledges her 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. |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
COMPANY BALANCE SHEET - continued |
31 MARCH 2023 |
The financial statements were approved by the director and authorised for issue on |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 492,765 | (30,728 | ) |
Interest paid | (390,569 | ) | (151,049 | ) |
Tax refunds | 41,139 | - |
Net cash from operating activities | 143,335 | (181,777 | ) |
Cash flows from investing activities |
Purchase of investment property | (354,163 | ) | (121,540 | ) |
Sale of tangible fixed assets | - | 1,000 |
Sale of investment property | 1,093,324 | 44,988,948 |
Interest received | 69,405 | 2,700 |
Net cash from investing activities | 808,566 | 44,871,108 |
Cash flows from financing activities |
Loan repayments in year | - | (3,664,470 | ) |
Equity dividends paid | - | (39,000,000 | ) |
Net cash from financing activities | - | (42,664,470 | ) |
Increase in cash and cash equivalents | 951,901 | 2,024,861 |
Cash and cash equivalents at beginning of year |
2 |
3,784,668 |
1,759,807 |
Cash and cash equivalents at end of year | 2 | 4,736,569 | 3,784,668 |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | (338,699 | ) | 575,841 |
Loss/(profit) on disposal of fixed assets | 480,766 | (909,191 | ) |
Finance costs | 390,569 | 151,049 |
Finance income | (69,405 | ) | (2,700 | ) |
463,231 | (185,001 | ) |
Decrease in trade and other debtors | 56,190 | 50,244 |
(Decrease)/increase in trade and other creditors | (26,656 | ) | 104,029 |
Cash generated from operations | 492,765 | (30,728 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 4,736,569 | 3,784,668 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 3,784,668 | 1,759,807 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,784,668 | 951,901 | 4,736,569 |
3,784,668 | 951,901 | 4,736,569 |
Debt |
Debts falling due within 1 year | (12,925,155 | ) | - | (12,925,155 | ) |
(12,925,155 | ) | - | (12,925,155 | ) |
Total | (9,140,487 | ) | 951,901 | (8,188,586 | ) |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Strollmoor Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the accounts of the company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Investments in companies in which the group has the ability to exercise significant influence over their operating and financial policies, but where the company and the group does not have a controlling financial interest are accounted for using the purchase method. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below. |
Valuation of freehold and investment properties |
As described in note 10 to the financial statements, investment property are stated at fair value based on valuation performed by an independent professional valuer Fussell Consultancy with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided by the group to write off the cost of fixed tangible assets over their estimated useful economic lives by equal instalments at the following rates: |
Furniture and fittings -100% |
Plant and machinery - 25% |
Motor vehicles - 25% |
Freehold properties held and used in the group's activities for supplying of services or for administrative purposes are stated in the balance sheet of the company as investment properties. On consolidation, these are restated as freehold properties and are carried at their revalued amounts. The revalued amounts equates to their fair value at the date of revaluation. Any change in revaluation is recognised in the revaluation reserves. |
No depreciation is provided on freehold properties. |
Investment property |
Investment properties are properties held for long term rental yields and include those that are being constructed or developed for future use as investment properties. |
Investment properties are initially recognised at cost and subsequently carried at fair value, determined by independent professional valuers. Changes in fair value are recognised in the revaluation reserves. |
Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements is capitalised and the carrying amounts of the replaced components are recognised in profit or loss. The cost of maintenance, repairs and minor improvements is recognised in profit or loss when incurred. |
On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL). |
4. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Sale of investment properties | (480,766 | ) | 908,192 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Fixtures |
investment | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 | 990,000 | 887,663 | 1,877,663 |
DEPRECIATION |
At 1 April 2022 |
and 31 March 2023 | - | 887,663 | 887,663 |
NET BOOK VALUE |
At 31 March 2023 | 990,000 | - | 990,000 |
At 31 March 2022 | 990,000 | - | 990,000 |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in group undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 757,145 |
NET BOOK VALUE |
At 31 March 2023 | 757,145 |
At 31 March 2022 | 757,145 |
The company's investments at the Balance Sheet date in the share capital of companies include the following wholly owned subsidiary undertakings which are incorporated in England and Wales, with registered office at E3, The Premier Centre, Abbey Park, Romsey, Hampshire SO51 9DG, United Kingdom: |
Company | Principal activity |
Adeptus Limited | Property trading and investment |
Colebrook Holdings Limited | Dormant |
D & F Estates Limited | Property investment |
DWG Estates Limited | Dormant |
Dyson Holdings Limited | Property investment |
Elksian Securities Limited | Property trading and investment |
Glenfield Holdings Limited | Dormant |
Gweneth Estates Limited | Property investment |
J & L Estates Limited | Dormant |
Maxiacre Limited | Property investment |
Morribrook Investments Limited | Property investment |
Seal Estates Limited | Property investment |
Stoke Ideal Estates Limited | Dormant |
Super Estates Limited | Dormant |
Wayside Holdings Limited | Property investment |
8. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 | 40,064,278 |
Additions | 354,163 |
Disposals | (1,574,090 | ) |
At 31 March 2023 | 38,844,351 |
NET BOOK VALUE |
At 31 March 2023 | 38,844,351 |
At 31 March 2022 | 40,064,278 |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | INVESTMENT PROPERTY - continued |
Group |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2015 | 20,656,216 |
Cost | 18,188,135 |
38,844,351 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 18,188,135 | 23,657,045 |
Aggregate depreciation | (31,840 | ) | (31,840 | ) |
investment properties were valued on an open market basis on 31 March 2015 by Fussell Consultancy MRICS . |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 14,741 | 13,244 |
Amounts owed by group undertakings | - | - |
Other debtors | 340,176 | 388,815 |
Tax | 4,846 | 45,985 |
Deferred tax asset | 68,925 | 68,925 | - | - |
Prepayments | 51,372 | 60,422 |
480,060 | 577,391 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | 12,925,155 | 12,925,155 |
Trade creditors | 31,678 | 42,913 |
Tax | 12,119 | 157,809 |
Other creditors | 40,832 | 39,494 |
Accruals and deferred income | 1,213,677 | 1,135,230 |
Accrued expenses | 931,770 | 881,288 |
15,155,231 | 15,181,889 |
STROLLMOOR LIMITED (REGISTERED NUMBER: 01064630) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | RESERVES |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 April 2022 | 7,351,509 | 747,362 | 21,999,577 | 133,000 | 30,231,448 |
Deficit for the year | (338,699 | ) | (338,699 | ) |
Property revaluation | 39,440 | - | (61,790 | ) | - | (22,350 | ) |
Property disposal | 766,599 | - | (744,249 | ) | - | 22,350 |
At 31 March 2023 | 7,818,849 | 747,362 | 21,193,538 | 133,000 | 29,892,749 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2022 | 5,610,749 |
Deficit for the year | ( |
) | - | ( |
) |
At 31 March 2023 | 5,456,699 |