STACEY HOUSE LIMITED |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Company's rental income is collected by the Company's parent company (Lantern Recovery LLP). |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
Not depreciated |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
over 5 years |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 April 2022 |
335,000 |
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At 31 March 2023 |
335,000 |
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Depreciation |
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At 31 March 2023 |
- |
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Net book value |
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At 31 March 2023 |
335,000 |
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At 31 March 2022 |
335,000 |
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4 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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23,534 |
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23,534 |
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5 |
Leases of assets |
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The Company has aggregate rentals receivable in relation to operating leases of £Nil (2021 - £Nil). At March 2022, the Company held freehold investment properties used in operating leases at a cost of £335,000 (2021 - £335,000), the accumulated depreciation being £Nil (2021 - £Nil). |
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6 |
Related party transactions |
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At the year end Company owed £23,534 (2021 - 23,534) to its parent company. The amount is not secured, is repayable on demand and no guarantees have been given. |
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7 |
Controlling party |
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The Company considers R M Coleman to be its ultimate controlling party. The parent company is Lantern Recovery LLP. |
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8 |
Other information |
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STACEY HOUSE LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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Lantern House |
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39-41 High Street |
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Potters Bar |
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Hertfordshire |
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EN6 5AJ |