The directors present their annual report and financial statements for the year ended 30 September 2023.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's Strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risk and future developments.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
SA 2017 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 Lower Cookham Road, Maidenhead, Berkshire, SL6 8JU.
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 £.
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.
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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The director has used his judgement regarding the recoverability of a number of related party debts. All material related party debtor balances have been provided against in full, apart from the directors loan account owed to the company by the estate of Mr A J Goff.
The average monthly number of persons (including directors) employed by the company during the year was:
All shares have the same rights and restrictions pari passu.
At the year end, the company was owed £4,700,649 (2022: £,4,700,649) by the estate of its shareholder A J Goff in respect of funds advanced to Mr Goff during his time as director of the company.
At the year end the company was owed £619,719 (2022: £619,719) by its subsidiary undertaking Stirling Ackroyd A.S, a company incorporated in Turkey, in respect of loans made to that company, for prudence a provision of £619,719 (2022: £619,719) has been made.
At the year end, the company was owed £1,393,710 (2022: £1,393,710) by Stirling Ackroyd S.L. a company registered in Spain and under common control, in respect of loans made to that company, for prudence a provision of £1,393,710 (2022: £1,393,710) has been made.
At the year end, the company was owed £483,846 (2022: £483,846) by Stirling Ackroyd Spain S.L. a company registered in Spain and under common control, in respect of loans made to that company, for prudence a provision of £483,846 (2022: £483,846) has been made.
At the year end, the company was owed £225,182 (2022: £225,182) by Stirling Ackroyd Ibiza S.L. a company registered in Spain and under common control, in respect of loans made to that company, for prudence a provision of £225,182 (2022: £225,182) has been made.
At the year end, the company was owed £298,411 (2022: £298,411) by Stirling Ackroyd Legal LLP, a partnership in which A J Goff was a member, in respect of loans made to that partnership, for prudence a provision of £298,411 (2022: £298,411) has been made.
At the year end, the company was owed £1,000,000 (2022: £1,000,000) by Urban Edge New York Street Limited, a wholly owned subsidiary of Urban Edge Group Limited, in respect of loans made to that company, for prudence a provision of £1,000,000 (2022: £1,000,000) has been made.
At the year end, the company was owed £37,647 (2022: £37,647) by Herrick Gallery LLP, a partnership in which A J Goff was a member, in respect of loans made to that partnership, for prudence a provision of £37,647 (2022: £37,647) has been made.
At the year end, the company owed £1,500 (2022: £2,477) to S4B (UK) Limited, a company under the control of J O'Mahony. Professional fees of £18,602 (2022: £21,198) charged by S4B (UK) Limited are included in administrative expenses.
The ultimate controlling parties are Mr A Baker and Dr S Ryan, by virtue of being the executors of the estate of A J Goff, the sole shareholder prior to his death on 30 September 2016.