Registration number:
Great Charles Street Properties Limited
for the Year Ended 30 June 2023
Great Charles Street Properties Limited
Contents
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
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 |
|
Notes to the Financial Statements |
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 |
• |
Combustion of vehicle fuel for transport of |
• |
Purchase of electricity by the group for its own use of |
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
|
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
......................................... |
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:
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
......................................... |
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.
......................................
For and on behalf of
Chartered Accountants
Statutory Auditor
Corner Oak
1 Homer Road
B91 3QG
Great Charles Street Properties Limited
Consolidated Profit and Loss Account for the Year Ended 30 June 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Amounts written off investments |
( |
- |
|
Interest payable and similar expenses |
( |
( |
|
205,995 |
(35,118) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
|
Minority interests |
|
|
|
|
|
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 |
|
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Minority interests |
|
|
|
|
Great Charles Street Properties Limited
(Registration number: 09940056)
Consolidated Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
8,927,981 |
- |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
Great Charles Street Properties Limited
(Registration number: 09940056)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
Other financial assets |
8,927,981 |
- |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
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 |
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
Total comprehensive income |
- |
- |
|
|
|
|
Dividends |
- |
- |
- |
- |
( |
( |
At 30 June 2023 |
|
|
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
At 1 July 2021 |
|
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
|
Total comprehensive income |
- |
- |
|
|
|
|
Dividends |
- |
- |
( |
( |
( |
( |
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 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
At 30 June 2023 |
|
|
|
|
Share capital |
Share premium |
Retained earnings |
Total |
|
At 1 July 2021 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
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 |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Acquisition of financial investments other than trading investments |
( |
- |
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from other borrowing draw downs |
- |
|
|
Repayment of other borrowing |
( |
- |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 July |
|
|
|
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 |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Finance income |
( |
( |
|
Finance costs |
|
- |
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
- |
|
|
Cash generated from operations |
( |
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
- |
( |
|
Dividend income |
|
|
|
Acquisition of financial investments other than trading investments |
( |
- |
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
|||
Dividends paid |
- |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 July |
|
|
|
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
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Rendering of services |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
- |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
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 |
2022 |
|
Administration and support |
|
|
Directors |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
584,175 |
864,155 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
2023 |
2022 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of these financial statements |
73,500 |
70,000 |
Other fees to auditors |
||
All other non-audit services |
|
|
Great Charles Street Properties Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
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
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Total tax charge |
|
|
Great Charles Street Properties Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Intangible assets |
Group
Goodwill |
Total |
|
Cost or valuation |
||
At 1 July 2022 |
|
|
At 30 June 2023 |
|
|
Amortisation |
||
At 1 July 2022 |
|
|
Amortisation charge |
|
|
At 30 June 2023 |
|
|
Carrying amount |
||
At 30 June 2023 |
|
|
At 30 June 2022 |
|
|
Great Charles Street Properties Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Group
Land and buildings |
Furniture, fittings and equipment |
Vehicles |
Total |
|
Cost or valuation |
||||
At 1 July 2022 |
|
|
|
|
Additions |
- |
- |
|
|
At 30 June 2023 |
|
|
|
|
Depreciation |
||||
At 1 July 2022 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 30 June 2023 |
- |
|
|
|
Carrying amount |
||||
At 30 June 2023 |
|
|
|
|
At 30 June 2022 |
|
|
|
|
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 |
|
|
At 30 June 2023 |
|
|
Depreciation |
||
Carrying amount |
||
At 30 June 2023 |
|
|
At 30 June 2022 |
|
|
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
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 |
||||
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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 |
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Joint ventures |
||||
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Ordinary £1 shares |
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Ordinary £1 shares |
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A Ordinary £1 shares |
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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 |
The principal activity of Stoford Gorcott Limited is |
The principal activity of Stoford (Worcester) Limited is |
The principal activity of Stoford (Winyates) Limited is |
The principal activity of Cotmore Park Thame Management Company Ltd is |
The principal activity of Redditch Gateway Infrastructure Limited is |
The principal activity of Stoford Widnes Limited (Dissolved 25 October 2022) is |
The principal activity of Stoford Emersons ( Unit 02 ) Limited (Dissolved 4 October 2022) is |
The principal activity of Stoford Worcester Plot 8A Limited is |
|
The principal activity of Stoford Developments Limited is |
The principal activity of Stoford (Wobaston) Limited (Dissolved 25 October 2022) is |
The principal activity of Stoford (Thame Strategic Land) Limited is |
The principal activity of Stoford Lyde Green Limited is |
The principal activity of Stoford Worcester Plot 9 Limited (Dissolved 16 May 2023) is |
The principal activity of Stoford Enfield Limited is |
The principal activity of Stoford Planning Limited is |
The principal activity of Stoford Worcester Plot 10B Limited is |
The principal activity of Stoford Oldbury Limited is |
The principal activity of Stoford Exeter Gateway DC3 Limited is |
The principal activity of Stoford Digbeth Limited is |
The principal activity of Stoford Exeter Gateway DC4 Limited is |
The principal activity of Stoford Worcester Plot 6A Limited is |
The principal activity of Stoford Stafford Unit A Limited is |
The principal activity of Stafford North Business Park Limited is |
The principal activity of Stoford Telford Limited is |
The principal activity of Stoford (Halesowen) Limited is |
The principal activity of Stoford Andover Limited is |
The principal activity of Stoford (Newmarket) Limited is |
The principal activity of Stoford Hooton Limited is |
The principal activity of Stoford Exeter Gateway DC 9 Limited is |
The principal activity of Redditch Gateway Management Company Limited is |
The principal activity of Stoford Worcester Plot 7 Limited is |
The principal activity of Stoford (Middlewich) Limited is |
The principal activity of Stoford Wolverhampton 1 Limited is |
The principal activity of Stoford Ellesmere Port Limited is |
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 |
The principal activity of Stoford Worcester Plot 10C Limited is |
The principal activity of Stoford Sherford Limited is |
The principal activity of Exeter Gateway Management Company Limited is |
The principal activity of Stoford Rugby Limited is |
The principal activity of Stoford Stone 2 Limited is |
Joint venture undertakings
The principal activity of Gallan Stoford Liverpool Limited is |
The principal activity of Stoford Gallan Crick Limited is |
The principal activity of Stoford Alderley (Chippenham) Limited is |
Company
2023 |
2022 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2022 |
|
Provision |
|
Carrying amount |
|
At 30 June 2023 |
|
At 30 June 2022 |
|
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 |
||||
|
|
|
|
Subsidiary undertakings |
Stoford Properties Limited The principal activity of Stoford Properties Limited is |
Great Charles Street Properties Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
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 |
Great Charles Street Properties Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Stocks |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Work in progress |
|
|
- |
- |
Debtors |
Group |
Company |
||||
Current |
Note |
2023 |
2022 |
2023 |
2022 |
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
|
|
|
|
|
Other debtors |
|
|
- |
- |
|
Prepayments |
|
|
- |
- |
|
Accrued income |
|
|
|
|
|
Recoverable corporation tax |
|
|
- |
- |
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash at bank |
|
|
|
|
Short-term deposits |
|
- |
|
- |
|
|
|
|
Great Charles Street Properties Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Creditors |
Group |
Company |
||||
Note |
2023 |
2022 |
2023 |
2022 |
|
Due within one year |
|||||
Loans and borrowings |
- |
|
- |
- |
|
Trade creditors |
|
|
- |
- |
|
Amounts due to related parties |
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
Accruals |
|
|
- |
- |
|
Corporation tax liability |
57,100 |
31,961 |
35,681 |
7,709 |
|
|
|
|
|
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 £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
160 |
|
160 |
|
|
160 |
|
160 |
|
|
160 |
|
160 |
|
|
40 |
|
40 |
|
|
40 |
|
40 |
|
|
160 |
|
160 |
|
|
|
|
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
Loans and borrowings |
Group |
Company |
|||
2023 |
2022 |
2023 |
2022 |
|
Current loans and borrowings |
||||
Other borrowings |
- |
|
- |
- |
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.
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 |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividends of £Nil (2022: £ |
- |
|
||
Interim dividends of £Nil (2022: £ |
- |
|
||
- |
|
Great Charles Street Properties Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
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 |
|
( |
- |
2022 |
At 1 July 2021 |
Repayments by director |
At 30 June 2022 |
DP Gallagher |
|||
Unsecured, interest-free loan, repayable on demand |
|
- |
|
Loans to other related parties
on demand:
Entities with joint control or significant influence |
Joint ventures |
|||
2023 |
2022 |
2023 |
2022 |
|
At start of period |
|
|
|
|
Advanced |
- |
- |
|
- |
Repaid |
- |
( |
- |
- |
Impairment |
( |
- |
- |
- |
At end of period |
|
|
|
|
|
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
Entities with joint control or significant influence |
||
2023 |
2022 |
|
At start of period |
|
- |
Advanced |
- |
|
Repaid |
( |
- |
At end of period |
|
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is