Stoford ( Halesowen ) Limited 13177176 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is property development and project management Digita Accounts Production Advanced 6.30.9574.0 true false 13177176 2022-07-01 2023-06-30 13177176 2023-06-30 13177176 core:CurrentFinancialInstruments 2023-06-30 13177176 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 13177176 bus:SmallEntities 2022-07-01 2023-06-30 13177176 bus:Audited 2022-07-01 2023-06-30 13177176 bus:FullAccounts 2022-07-01 2023-06-30 13177176 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 13177176 bus:RegisteredOffice 2022-07-01 2023-06-30 13177176 bus:Director2 2022-07-01 2023-06-30 13177176 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13177176 1 2022-07-01 2023-06-30 13177176 countries:England 2022-07-01 2023-06-30 13177176 2021-02-03 2022-06-30 13177176 2022-06-30 13177176 core:CurrentFinancialInstruments 2022-06-30 13177176 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 13177176

Stoford ( Halesowen ) Limited

Filleted Financial Statements

for the Year Ended 30 June 2023

 

Stoford ( Halesowen ) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Stoford ( Halesowen ) Limited

(Registration number: 13177176)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

1,209,478

5,704,639

Cash at bank and in hand

 

64,307

270,021

 

1,273,785

5,974,660

Creditors: Amounts falling due within one year

5

(1,269,278)

(5,974,229)

Net assets

 

4,507

431

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

3,507

(569)

Shareholders' funds

 

4,507

431

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

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

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

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

 

Stoford ( Halesowen ) 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 8 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 8 March 2024 was Kevin Johns BSc FCA, who signed for and on behalf of Prime Chartered Accountants.

.........................................

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.

 

Stoford ( Halesowen ) Limited

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

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

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.

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 company will not be able to collect all amounts due according to the original terms of the receivables.

 

Stoford ( Halesowen ) 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 company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

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

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 0 (2022 - 0).

4

Debtors

2023
£

2022
£

Trade debtors

1,118,441

-

Accrued income

91,037

5,704,639

1,209,478

5,704,639

 

Stoford ( Halesowen ) Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

4,443,662

Trade creditors

 

1,342

484,129

Amounts due to related parties

8

1,116,664

62,727

Social security and other taxes

 

27,432

205,596

Accruals

 

122,936

778,115

Corporation tax liability

904

-

 

1,269,278

5,974,229

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

4,443,662

Amounts shown against 'Other borrowings' represent the balance of a development loan advanced to the company 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 the company, and has been fully settled since the end of the reporting period.

8

Related party transactions

The company has taken advantage of the exemption, provided in paragraph 1AC.35 of FRS 102, from reporting particulars of transactions with other wholly-owned members of the group.

 

Stoford ( Halesowen ) Limited

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

9

Parent and ultimate parent undertaking

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

 The ultimate 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.

 The ultimate controlling party is Ludgate Hill Properties Limited.

The parent of the smallest group in which these financial statements are consolidated is Stoford Properties Limited, incorporated in England.

The address of Stoford Properties Limited is:
26-28 Ludgate Hill
Birmingham
B3 1DX