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Registration number: 09940056

Great Charles Street Properties Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2023

 

Great Charles Street Properties Limited

Contents

Strategic Report

1 to 2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 38

 

Great Charles Street Properties Limited

Strategic Report for the Year Ended 30 June 2023

The directors present their strategic report for the year ended 30 June 2023.

Principal activity

The principal activity of the group is that of the holding company of a property project management group.

Fair review of the business

The group has continued to trade well.

The management team is a stable long serving team with a flexible and dynamic outlook.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

182,567,275

130,776,057

Profit before tax

£

21,793,416

20,748,690

Cash and short-term deposits

£

21,317,906

28,557,539

Principal risks and uncertainties

Management of project risk is Stoford’s principle business activity. Risk is identified within each project and managed to an acceptable level and thoroughly monitored throughout the progress of the scheme. Risk is therefore progressively eroded by active risk management from project inception through to completion.

The business faces market risk and uncertainty beyond its control. The business responds to this risk by closely monitoring market performance and reacting accordingly.

The company does not presently have any bank borrowings, relying entirely on funds from within the group and the funds of purchasers of those investments created by the business.

Non-financial and sustainability information

Energy and carbon report

This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities.

Emissions and energy consumption

During the year ended 30 June 2023, Great Charles Street Properties Limited recorded greenhouse gas emissions from:

Combustion of gas for office heating of 1.82 tonnes of CO2e per year (2022: 2.18).

Combustion of vehicle fuel for transport of 3.14 tonnes of CO2e per year (2022: 1.84).

Purchase of electricity by the group for its own use of 4.92 tonnes of CO2e per year (2022: 5.34).

 

Great Charles Street Properties Limited

Strategic Report for the Year Ended 30 June 2023

CO2e emissions have been calculated as follows:

• Combustion of gas for office heating: by applying conversion factors (supplied by the UK Government) to actual kWh consumed,

• Combustion of vehicle fuel for transport: by applying conversion factors (supplied by the UK Government) to estimated kWh consumed (based upon an average vehicle efficiency of 4miles per kWh),

• Purchase of electricity by the group for its own use: by applying conversion factors (supplied by the UK Government) to actual kWh consumed.

Intensity ratio

CO2e emissions relative to group activity

Tonnes of CO2e emitted annually per £1M of group turnover.. During the year ended 30 June 2023 this was 5.41% (2022: 7.14%).

Section 172(1) statement

The Board of directors confirm that, during the year under review, they have, individually and collectively, acted in a way they consider to be in good faith and that which would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, had regard (amongst other matters) to those matters sets out in Section (1)(a) to (f) of the Companies Act 2006, being:
a. The likely consequences of any decision in the long term,
b. The interests of the company's employees,
c. The need to foster the company's business relationships with suppliers, customers and others,
d. The impact of the company's operations on the community and the environment,
e. The desirability of the company maintaining a reputation for high standards of business conduct, and
f. The need to act fairly as between members of the company.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
J Craig
Director

 

Great Charles Street Properties Limited

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the for the year ended 30 June 2023.

Directors of the group

The directors who held office during the year were as follows:

MJ Burgin

J Craig

DP Gallagher

G A A Ludlow

AR Morgan

Financial instruments

Objectives and policies

Financial risk management is an integral part of the way the group is managed. In the course of its business, the group is exposed primarily to interest rate risk, liquidity risk and credit risk. The overall aim of the group’s financial risk management policies is to minimise potential adverse effects on financial performance and net assets.

The group’s treasury department manages the principal financial risks within policies and operating parameters approved by the Board of Directors. Treasury is not a profit centre and the group does not enter into speculative transactions.

Price risk, credit risk, liquidity risk and cash flow risk

The business’ principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business’ operations.

All of the business’ cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Directors' liabilities

The group maintained a Directors' and Officers' liability insurance policy throughout the financial period and has renewed that policy.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

 

Great Charles Street Properties Limited

Directors' Report for the Year Ended 30 June 2023

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
J Craig
Director

 

Great Charles Street Properties Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Great Charles Street Properties Limited

Independent Auditor's Report to the Members of Great Charles Street Properties Limited

Opinion

We have audited the financial statements of Great Charles Street Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Great Charles Street Properties Limited

Independent Auditor's Report to the Members of Great Charles Street Properties Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Great Charles Street Properties Limited

Independent Auditor's Report to the Members of Great Charles Street Properties Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

 

Great Charles Street Properties Limited

Independent Auditor's Report to the Members of Great Charles Street Properties Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Kevin Johns BSc FCA (Senior Statutory Auditor)
For and on behalf of Prime
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
Solihull
B91 3QG

12 March 2024

 

Great Charles Street Properties Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

3

182,567,275

130,776,057

Cost of sales

 

(154,039,414)

(104,212,222)

Gross profit

 

28,527,861

26,563,835

Administrative expenses

 

(6,940,440)

(5,780,027)

Operating profit

4

21,587,421

20,783,808

Other interest receivable and similar income

5

238,223

8,779

Amounts written off investments

 

(11,341)

-

Interest payable and similar expenses

6

(20,887)

(43,897)

   

205,995

(35,118)

Profit before tax

 

21,793,416

20,748,690

Tax on profit

10

(4,601,530)

(4,042,314)

Profit for the financial year

 

17,191,886

16,706,376

Profit/(loss) attributable to:

 

Owners of the company

 

17,181,059

16,679,914

Minority interests

 

10,827

26,462

 

17,191,886

16,706,376

The group has no recognised gains or losses for the year other than the results above.

 

Great Charles Street Properties Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Profit for the year

17,191,886

16,706,376

Total comprehensive income for the year

17,191,886

16,706,376

Total comprehensive income attributable to:

Owners of the company

17,181,059

16,679,914

Minority interests

10,827

26,462

17,191,886

16,706,376

 

Great Charles Street Properties Limited

(Registration number: 09940056)
Consolidated Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11

580,600

805,350

Tangible assets

12

1,762,410

1,811,950

Investments

13

10,100

10,100

Other financial assets

14

8,927,981

-

 

11,281,091

2,627,400

Current assets

 

Stocks

15

5,315,938

5,573,636

Debtors

16

38,365,632

32,028,963

Cash at bank and in hand

 

21,317,906

28,557,539

 

64,999,476

66,160,138

Creditors: Amounts falling due within one year

18

(24,425,299)

(34,113,156)

Net current assets

 

40,574,177

32,046,982

Net assets

 

51,855,268

34,674,382

Capital and reserves

 

Called up share capital

20

720

720

Share premium reserve

2,999,280

2,999,280

Retained earnings

48,854,782

31,673,723

Equity attributable to owners of the company

 

51,854,782

34,673,723

minority interests

 

486

659

Shareholders' funds

 

51,855,268

34,674,382

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
J Craig
Director

 

Great Charles Street Properties Limited

(Registration number: 09940056)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

12

1,725,000

1,725,000

Investments

13

5,276,255

5,276,255

Other financial assets

14

8,927,981

-

 

15,929,236

7,001,255

Current assets

 

Debtors

16

1,819,775

1,675,198

Cash at bank and in hand

 

332,058

9,001,414

 

2,151,833

10,676,612

Creditors: Amounts falling due within one year

18

(110,604)

(82,632)

Net current assets

 

2,041,229

10,593,980

Net assets

 

17,970,465

17,595,235

Capital and reserves

 

Called up share capital

20

720

720

Share premium reserve

2,999,280

2,999,280

Retained earnings

14,970,465

14,595,235

Shareholders' funds

 

17,970,465

17,595,235

The company made a profit after tax for the financial year of £375,229 (2022: profit of £20,278,806).

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
J Craig
Director

 

Great Charles Street Properties Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 July 2022

720

2,999,280

31,673,723

34,673,723

659

34,674,382

Profit for the year

-

-

17,181,059

17,181,059

10,827

17,191,886

Total comprehensive income

-

-

17,181,059

17,181,059

10,827

17,191,886

Dividends

-

-

-

-

(11,000)

(11,000)

At 30 June 2023

720

2,999,280

48,854,782

51,854,782

486

51,855,268


 

Share capital
£

Share premium
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 July 2021

720

2,999,280

27,988,829

30,988,829

1,397

30,990,226

Profit for the year

-

-

16,679,914

16,679,914

26,462

16,706,376

Total comprehensive income

-

-

16,679,914

16,679,914

26,462

16,706,376

Dividends

-

-

(12,995,020)

(12,995,020)

(27,200)

(13,022,220)

At 30 June 2022

720

2,999,280

31,673,723

34,673,723

659

34,674,382

 

Great Charles Street Properties Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2022

720

2,999,280

14,595,236

17,595,236

Profit for the year

-

-

375,229

375,229

Total comprehensive income

-

-

375,229

375,229

At 30 June 2023

720

2,999,280

14,970,465

17,970,465


 

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 July 2021

720

2,999,280

7,311,449

10,311,449

Profit for the year

-

-

20,278,806

20,278,806

Total comprehensive income

-

-

20,278,806

20,278,806

Dividends

-

-

(12,995,020)

(12,995,020)

At 30 June 2022

720

2,999,280

14,595,235

17,595,235

 

Great Charles Street Properties Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

17,191,886

16,706,376

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

279,900

280,521

Finance income

5

(238,223)

(8,779)

Finance costs

6

32,228

43,897

Income tax expense

10

4,601,530

4,042,314

 

21,867,321

21,064,329

Working capital adjustments

 

Decrease/(increase) in stocks

15

257,698

(3,444,541)

Increase in trade debtors

16

(6,460,399)

(7,559,342)

(Decrease)/increase in trade creditors

18

(5,269,334)

15,202,551

Cash generated from operations

 

10,395,286

25,262,997

Income taxes paid

10

(4,452,661)

(6,102,883)

Net cash flow from operating activities

 

5,942,625

19,160,114

Cash flows from investing activities

 

Interest received

238,223

8,779

Acquisitions of tangible assets

(5,610)

(3,361)

Acquisition of financial investments other than trading investments

 

(8,939,322)

-

Net cash flows from investing activities

 

(8,706,709)

5,418

Cash flows from financing activities

 

Interest paid

6

(20,887)

(43,897)

Proceeds from other borrowing draw downs

 

-

4,443,662

Repayment of other borrowing

 

(4,443,662)

-

Dividends paid

(11,000)

(13,022,220)

Net cash flows from financing activities

 

(4,475,549)

(8,622,455)

Net (decrease)/increase in cash and cash equivalents

 

(7,239,633)

10,543,077

Cash and cash equivalents at 1 July

 

28,557,539

18,014,462

Cash and cash equivalents at 30 June

 

21,317,906

28,557,539

 

Great Charles Street Properties Limited

Statement of Cash Flows for the Year Ended 30 June 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

375,229

20,278,806

Adjustments to cash flows from non-cash items

 

Finance income

(398,091)

(20,245,186)

Finance costs

11,341

-

Income tax expense

10

35,681

7,873

 

24,160

41,493

Working capital adjustments

 

Increase in trade debtors

16

(144,577)

(18,698)

Increase in trade creditors

18

-

4,432

Cash generated from operations

 

(120,417)

27,227

Income taxes paid

10

(7,709)

(164)

Net cash flow from operating activities

 

(128,126)

27,063

Cash flows from investing activities

 

Interest received

168,091

2,911

Acquisitions of tangible assets

-

(1,725,000)

Dividend income

230,000

20,242,275

Acquisition of financial investments other than trading investments

 

(8,939,322)

-

Net cash flows from investing activities

 

(8,541,231)

18,520,186

Cash flows from financing activities

 

Dividends paid

-

(12,995,020)

Net (decrease)/increase in cash and cash equivalents

 

(8,669,357)

5,552,229

Cash and cash equivalents at 1 July

 

9,001,415

3,449,186

Cash and cash equivalents at 30 June

 

332,058

9,001,415

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
26-28 Ludgate Hill
Birmingham
B3 1DX
England

These financial statements were authorised for issue by the Board on 12 March 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2023.

No income statement is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £375,229 (2022 - profit of £20,278,806).

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts 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 change takes place 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.

Key sources of estimation uncertainty

Based on their assessments of perceived market demand for properties similar in nature and location to the development projects being undertaken by the group, the management are confident that the recoverable value of the group's work in progress exceeds its carrying value. The carrying amount is £5,315,938 (2022 -£5,573,636).

As described below, the group recognises accrued income by reference to the total costs forecast to be incurred on contracts that were in progress at the end of the reporting period. Therefore the total costs expected to be taken to complete such projects is a key source of estimation uncertainty. The carrying amount is £27,941,895 (2022 -£26,219,478).

As also described below, the carrying value of all the group's fixed assets is calculated by reference to the expected useful economic lives of those assets. The future economic lives of the fixed assets is, therefore, a key source of estimation uncertainty. By its very nature, the future economic life of goodwill is particularly subject to estimation uncertainty; carrying amounts of goodwill are shown below. The carrying amount is £580,600 (2022 -£805,350).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

Contract revenue recognition

Where the right to receive contract revenues has become unconditional prior to the period end, and the outcome of a contract can be measured reliably, the related revenue is recognised in proportion to the completion of the contract work. Completion is measured by reference to the time actually incurred on the works as a proportion of the total time forecast to be incurred, where this is considered to give a true and fair reflection. Otherwise, completion is measured by reference to the costs actually incurred on the works as a proportion of the total costs forecast to be incurred.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. Government grants relate to the receipt of Coronavirus Job Retention Scheme income which is included within other operating income.

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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

Office equipment

25% per annum on cost

Vehicles

25% per annum on cost

Buildings

2% per annum on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% per annum on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

182,567,275

130,776,057

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

55,150

55,771

Amortisation expense

224,750

224,750

Operating lease expense - plant and machinery

7,781

7,748

5

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

238,213

8,779

Other finance income

10

-

238,223

8,779

6

Interest payable and similar expenses

2023
£

2022
£

Interest expense on other finance liabilities

20,887

43,897

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

4,195,735

2,882,556

Social security costs

578,002

381,580

Other short-term employee benefits

45,093

46,668

Pension costs, defined contribution scheme

99,947

294,869

Other employee expense

50,730

70,102

4,969,507

3,675,775

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

16

14

Directors

6

7

22

21

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

544,604

650,845

Contributions paid to money purchase schemes

39,571

213,310

584,175

864,155

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

6

7

In respect of the highest paid director:

2023
£

2022
£

Remuneration

128,716

153,662

Company contributions to money purchase pension schemes

6,732

6,442

9

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

73,500

70,000

Other fees to auditors

All other non-audit services

17,728

21,500


 

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

4,601,530

4,042,314

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 20.5% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

21,793,416

20,748,690

Corporation tax at standard rate

4,467,650

3,942,251

Effect of expense not deductible in determining taxable profit (tax loss)

133,880

100,063

Total tax charge

4,601,530

4,042,314

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

2,247,505

2,247,505

At 30 June 2023

2,247,505

2,247,505

Amortisation

At 1 July 2022

1,442,155

1,442,155

Amortisation charge

224,750

224,750

At 30 June 2023

1,666,905

1,666,905

Carrying amount

At 30 June 2023

580,600

580,600

At 30 June 2022

805,350

805,350

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

1,725,000

258,959

23,415

2,007,374

Additions

-

-

5,610

5,610

At 30 June 2023

1,725,000

258,959

29,025

2,012,984

Depreciation

At 1 July 2022

-

177,089

18,335

195,424

Charge for the year

-

51,540

3,610

55,150

At 30 June 2023

-

228,629

21,945

250,574

Carrying amount

At 30 June 2023

1,725,000

30,330

7,080

1,762,410

At 30 June 2022

1,725,000

81,870

5,080

1,811,950

Included within the net book value of land and buildings above is £1,725,000 (2022: £1,725,000) in respect of freehold land and buildings.
 

Company

Land and buildings
£

Total
£

Cost or valuation

At 1 July 2022

1,725,000

1,725,000

At 30 June 2023

1,725,000

1,725,000

Depreciation

Carrying amount

At 30 June 2023

1,725,000

1,725,000

At 30 June 2022

1,725,000

1,725,000

Included within the net book value of land and buildings above is £1,725,000 (2022 - £1,725,000) in respect of freehold land and buildings.
 

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

13

Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Stoford Properties Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Gorcott Limited

Ordinary £1 shares

100%

100%

 

     

Stoford (Worcester) Limited

Ordinary £1 shares

100%

100%

 

     

Stoford (Winyates) Limited

Ordinary £1 shares

100%

100%

 

     

Cotmore Park Thame Management Company Ltd

Ordinary £1 shares

100%

100%

 

     

Redditch Gateway Infrastructure Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Widnes Limited (Dissolved 25 October 2022)

Ordinary £1 shares

100%

100%

 

     

Stoford Emersons ( Unit 02 ) Limited (Dissolved 4 October 2022)

Ordinary £1 shares

100%

100%

 

     

Stoford Worcester Plot 8A Limited

Ordinary £1 shares

100%

100%

 

     

Worcester Six Management Company Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Developments Limited

Ordinary £1 shares

100%

100%

 

     

Stoford (Wobaston) Limited (Dissolved 25 October 2022)

Ordinary £1 shares

100%

100%

 

     

Stoford (Thame Strategic Land) Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Lyde Green Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Worcester Plot 9 Limited (Dissolved 16 May 2023)

Ordinary £1 shares

100%

100%

 

     

Stoford Enfield Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Planning Limited

A Ordinary £1 shares

95%

95%

 

     

Stoford Worcester Plot 10B Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Oldbury Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Exeter Gateway DC3 Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Digbeth Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Exeter Gateway DC4 Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Worcester Plot 6A Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Stafford Unit A Limited

Ordinary £1 shares

100%

100%

 

     

Stafford North Business Park Limited

Ordinary £1 shares

100%

100%

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Undertaking

Holding

Proportion of voting rights and shares held

 

     

Stoford Telford Limited

Ordinary £1 shares

100%

100%

 

     

Stoford (Halesowen) Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Andover Limited

Ordinary £1 shares

100%

100%

 

     

Stoford (Newmarket) Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Hooton Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Exeter Gateway DC 9 Limited

Ordinary £1 shares

100%

100%

 

     

Redditch Gateway Management Company Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Worcester Plot 7 Limited

Ordinary £1 shares

100%

100%

 

     

Stoford (Middlewich) Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Wolverhampton 1 Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Ellesmere Port Limited

Ordinary £1 shares

100%

100%

 

     

Stoford (I54) Land Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Worcester Plot 10C Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Sherford Limited

Ordinary £1 shares

100%

100%

 

     

Exeter Gateway Management Company Limited

Ordinary £1 shares

100%

100%

 

     

Stoford Rugby Limited

Ordinary £1 shares

100%

0%

 

     

Stoford Stone 2 Limited

Ordinary £1 shares

100%

0%

 

     

Joint ventures

Gallan Stoford Liverpool Limited

Ordinary £1 shares

50%

50%

 

     

Stoford Gallan Crick Limited

Ordinary £1 shares

50%

50%

 

     

Stoford Alderley (Chippenham) Limited

A Ordinary £1 shares

50%

50%

 

     

The registered office address of all subsidiary and joint venture undertakings is:
26-28, Ludgate Hill, Birmingham B3 1DX

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Subsidiary undertakings

The principal activity of Stoford Properties Limited is Management of property development projects

The principal activity of Stoford Gorcott Limited is Management of property development projects

The principal activity of Stoford (Worcester) Limited is Management of property development projects

The principal activity of Stoford (Winyates) Limited is Management of property development projects

The principal activity of Cotmore Park Thame Management Company Ltd is Dormant

The principal activity of Redditch Gateway Infrastructure Limited is Management of property development projects

The principal activity of Stoford Widnes Limited (Dissolved 25 October 2022) is Dormant

The principal activity of Stoford Emersons ( Unit 02 ) Limited (Dissolved 4 October 2022) is Management of property development projects

The principal activity of Stoford Worcester Plot 8A Limited is Dormant

The principal activity of Stoford Developments Limited is Management of property development projects

The principal activity of Stoford (Wobaston) Limited (Dissolved 25 October 2022) is Management of property development projects

The principal activity of Stoford (Thame Strategic Land) Limited is Dormant

The principal activity of Stoford Lyde Green Limited is Dormant

The principal activity of Stoford Worcester Plot 9 Limited (Dissolved 16 May 2023) is Management of property development projects

The principal activity of Stoford Enfield Limited is Management of property development projects

The principal activity of Stoford Planning Limited is Management of property development projects

The principal activity of Stoford Worcester Plot 10B Limited is Management of property development projects

The principal activity of Stoford Oldbury Limited is Management of property development projects

The principal activity of Stoford Exeter Gateway DC3 Limited is Management of property development projects

The principal activity of Stoford Digbeth Limited is Dormant

The principal activity of Stoford Exeter Gateway DC4 Limited is Management of property development projects

The principal activity of Stoford Worcester Plot 6A Limited is Management of property development projects

The principal activity of Stoford Stafford Unit A Limited is Management of property development projects

The principal activity of Stafford North Business Park Limited is Management of property development projects

The principal activity of Stoford Telford Limited is Management of property development projects

The principal activity of Stoford (Halesowen) Limited is Management of property development projects

The principal activity of Stoford Andover Limited is Management of property development projects

The principal activity of Stoford (Newmarket) Limited is Dormant

The principal activity of Stoford Hooton Limited is Dormant

The principal activity of Stoford Exeter Gateway DC 9 Limited is Dormant

The principal activity of Redditch Gateway Management Company Limited is Dormant

The principal activity of Stoford Worcester Plot 7 Limited is Management of property development projects

The principal activity of Stoford (Middlewich) Limited is Dormant

The principal activity of Stoford Wolverhampton 1 Limited is Dormant

The principal activity of Stoford Ellesmere Port Limited is Management of property development projects

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

The principal activity of Stoford (I54) Land Limited is Dormant

The principal activity of Stoford Worcester Plot 10C Limited is Dormant

The principal activity of Stoford Sherford Limited is Dormant

The principal activity of Exeter Gateway Management Company Limited is Dormant

The principal activity of Stoford Rugby Limited is Dormant

The principal activity of Stoford Stone 2 Limited is Dormant

Joint venture undertakings

The principal activity of Gallan Stoford Liverpool Limited is Dormant;

 

The principal activity of Stoford Gallan Crick Limited is Dormant;

 

The principal activity of Stoford Alderley (Chippenham) Limited is Management of property development projects;

 

Company

2023
£

2022
£

Investments in subsidiaries

5,276,255

5,276,255

Subsidiaries

£

Cost or valuation

At 1 July 2022

5,276,255

Provision

Carrying amount

At 30 June 2023

5,276,255

At 30 June 2022

5,276,255

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Stoford Properties Limited

Ordinary £1 shares

0%

0%

Subsidiary undertakings

Stoford Properties Limited

The principal activity of Stoford Properties Limited is Management of property development projects.

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

14

Other financial assets

Group and company

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

8,939,322

8,939,322

At 30 June 2023

8,939,322

8,939,322

Impairment

Losses made in the period

11,341

11,341

At 30 June 2023

11,341

11,341

Carrying amount

At 30 June 2023

8,927,981

8,927,981

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

15

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Work in progress

5,315,938

5,573,636

-

-

16

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

7,651,325

2,877,452

-

-

Amounts owed by related parties

24

1,667,497

1,722,071

1,655,632

1,655,632

Other debtors

 

564,775

615,337

-

-

Prepayments

 

451,737

382,491

-

-

Accrued income

 

27,941,894

26,219,478

164,143

19,566

Recoverable corporation tax

10

88,404

212,134

-

-

   

38,365,632

32,028,963

1,819,775

1,675,198

17

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

21,317,228

28,557,539

331,380

9,001,415

Short-term deposits

678

-

678

-

21,317,906

28,557,539

332,058

9,001,415

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

18

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

21

-

4,443,662

-

-

Trade creditors

 

16,097,062

3,718,993

-

-

Amounts due to related parties

24

2,027,164

19,824,297

70,493

70,493

Social security and other taxes

 

2,972,297

3,885,676

4,430

4,430

Accruals

 

3,271,676

2,208,567

-

-

Corporation tax liability

10

57,100

31,961

35,681

7,709

 

24,425,299

34,113,156

110,604

82,632

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £99,947 (2022: £294,869).

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

160

160

160

160

B Ordinary shares of £1 each

160

160

160

160

C Ordinary shares of £1 each

160

160

160

160

D Ordinary shares of £1 each

40

40

40

40

E Ordinary shares of £1 each

40

40

40

40

F Ordinary shares of £1 each

160

160

160

160

 

720

720

720

720

Rights, preferences and restrictions

All classes of shares rank pari passu in all respects save that dividends may be declared on any class or classes of shares separately from any other class or classes of shares.

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

21

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

4,443,662

-

-

Group

Amounts shown against 'Other borrowings' represent the balance of a development loan advanced to Stoford (Halesowen) Limited by West Midlands Combined Authority. The loan was subject to interest at 8% per annum, was secured by fixed and floating charges over all the property or undertaking of Stoford (Halesowen) Limited, and was fully settled before the end of the reporting period.

22

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

89,981

91,918

Later than one year and not later than five years

203,411

293,392

293,392

385,310

The amount of non-cancellable operating lease payments recognised as an expense during the year was £91,918 (2022: £56,848).

23

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividends of £Nil (2022: £79,693.875) per each A Ordinary share

 

-

 

12,751,020

Interim dividends of £Nil (2022: £1,525.00) per each B Ordinary share

 

-

 

244,000

   

-

 

12,995,020

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

24

Related party transactions

Group

The group has taken advantage of the exemption, provided in paragraph 33.1A of FRS 102, from reporting particulars of transactions with its wholly-owned subsidiaries.

Transactions with directors

2023

At 1 July 2022
£

Repayments by director
£

At 30 June 2023
£

DP Gallagher

Unsecured, interest-free loan, repayable on demand

12,000

(12,000)

-

       
     

 

2022

At 1 July 2021
£

Repayments by director
£

At 30 June 2022
£

DP Gallagher

Unsecured, interest-free loan, repayable on demand

12,000

-

12,000

       
     

 

Loans to other related parties

Unsecured, interest-free loans to Stoford Real Estate Limited and Stoford Investments LLP, repayable
on demand:

 

 

Entities with joint control or significant influence

Joint ventures

2023
£

2022
£

2023
£

2022
£

At start of period

59,950

1,059,950

15,000

15,000

Advanced

-

-

5,000

-

Repaid

-

(1,000,000)

-

-

Impairment

(48,575)

-

-

-

At end of period

11,375

59,950

20,000

15,000

 

Great Charles Street Properties Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Loans from related parties

Terms of loans from related parties

Unsecured, interest-free loan from Stoford Real Estate Limited, repayable on demand:
 

 

Entities with joint control or significant influence

2023
£

2022
£

At start of period

16,676,986

-

Advanced

-

16,676,986

Repaid

(14,708,000)

-

At end of period

1,968,986

16,676,986

25

Parent and ultimate parent undertaking

The company's immediate parent is Ludgate Hill Properties Limited, incorporated in England.

 The most senior parent entity producing publicly available financial statements is Ludgate Hill Properties Limited. These financial statements are available upon request from Companies House