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Registration number: 08541003

107 Station Street Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

107 Station Street Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

107 Station Street Limited

(Registration number: 08541003)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

5

16,720,000

18,095,924

Current assets

 

Debtors

6

1,438,743

1,403,997

Cash at bank and in hand

 

233,073

240,761

 

1,671,816

1,644,758

Creditors: Amounts falling due within one year

7

(6,632,936)

(6,396,695)

Net current liabilities

 

(4,961,120)

(4,751,937)

Total assets less current liabilities

 

11,758,880

13,343,987

Creditors: Amounts falling due after more than one year

7

(12,538,277)

(12,409,748)

Provisions for liabilities

(899,408)

(950,971)

Net liabilities

 

(1,678,805)

(16,732)

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

2,881,506

4,772,581

Retained earnings

(4,560,411)

(4,789,413)

Shareholders' deficit

 

(1,678,805)

(16,732)

 

107 Station Street Limited

(Registration number: 08541003)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 February 2023
 

.........................................
N Charalambous
Director

 

107 Station Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
107 Station Street
Burton-on-Trent
Staffordshire
England
DE14 1SZ
United Kingdom

These financial statements were authorised for issue by the director on 23 February 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are prepared in the company's functional currency of British Pounds (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises Rent receivable.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

107 Station Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade creditors

Creditors with no stated interest rate and payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

107 Station Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

107 Station Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

59,745

59,745

At 28 February 2023

59,745

59,745

Depreciation

At 1 March 2022

59,745

59,745

At 28 February 2023

59,745

59,745

Carrying amount

At 28 February 2023

-

-

5

Investment properties

2023
£

At 1 March

18,095,924

Additions

15,778

Fair value adjustments

(1,391,702)

At 28 February

16,720,000

The investment properties class of fixed assets was valued on 31 December 2022 by Savills, Chartered Surveyors, at £16,720,000. The basis of this valuation was market value. As at 28 February 2023 the directors are of the opinion there has been no change to the valuation. The historical cost was £12,939,086.

6

Debtors

Current

2023
£

2022
£

Trade debtors

481,016

451,138

Prepayments

144,652

19,923

Other debtors

813,075

932,936

 

1,438,743

1,403,997

 

107 Station Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

20,000

20,000

Trade creditors

 

1,031,772

1,970,523

Taxation and social security

 

255,101

83,421

Accruals and deferred income

 

510,151

447,985

Other creditors

 

4,815,912

3,874,766

 

6,632,936

6,396,695

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

76,990

78,346

Other Loans

 

12,461,287

12,331,402

 

12,538,277

12,409,748

Other loans are secured by way of legal charge over the investment property, as well as a guarantee provided by Empyrean Gourley Ltd, and a personal guarantee from the director

 

107 Station Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100