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Registration number: 11399057

Streetz Ahead Property Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Streetz Ahead Property Management Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Streetz Ahead Property Management Limited

Company Information

Director

Miss K O'Connor Farrant

Registered office

58 Northgate Street
Gloucester
GL1 1SQ

 

Streetz Ahead Property Management Limited

(Registration number: 11399057)
Balance Sheet as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investment property

4

2,413,377

1,807,655

Current assets

 

Debtors

5

-

21,500

Cash at bank and in hand

 

13,794

765

 

13,794

22,265

Creditors: Amounts falling due within one year

6

(898,526)

(435,740)

Net current liabilities

 

(884,732)

(413,475)

Net assets

 

1,528,645

1,394,180

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,527,645

1,393,180

Shareholders' funds

 

1,528,645

1,394,180

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

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

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

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

Approved and authorised by the director on 14 March 2024
 

.........................................
Miss K O'Connor Farrant
Director

   
     
 

Streetz Ahead Property Management Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
58 Northgate Street
Gloucester
GL1 1SQ
England

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.

Going concern

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

Reclassification of comparative amounts

Upon preparation of the accounts it was noted that there were some errors in the prior period, this period had been prepared by another accountant.

 

Streetz Ahead Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Prior period errors

The director made a loan to the business as part of a property purchase and this was still owed back but inadvertently written off in the 30th September 2022 accounts, an amount should also have been left in the intercompany accounts re the mortgage payments and this was also written off to the profit and loss last year in error.

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Exceptional items

-

(311,303)

-

Directors current account

-

320,000

-

Intercompany account

-

(8,697)

-

   

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.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

 

Streetz Ahead Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Investment property

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

Cash and cash equivalents

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

Trade debtors

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.

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.

 

Streetz Ahead Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Investment properties

2023
£

At 1 July

1,807,655

Additions

605,722

At 30 June

2,413,377

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

2022
£

Other debtors

-

21,500

 

-

21,500

 

Streetz Ahead Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

7

788,972

443,492

Taxation and social security

 

34,606

-

Accruals and deferred income

 

792

945

Other creditors

 

74,156

(8,697)

 

898,526

435,740

7

Loans and borrowings

Current loans and borrowings

2023
£

(As restated)

2022
£

Bank borrowings

643,923

122,727

Directors current account

145,049

320,765

788,972

443,492

8

Related party transactions

Loans from related parties

2023

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

(8,697)

320,765

312,068

Advanced

(210,740)

(180,000)

(390,740)

Repaid

293,593

4,284

297,877

At end of period

74,156

145,049

219,205

 

Streetz Ahead Property Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Related party transactions (continued)

2022

Entities with joint control or significant influence
£

Key management
£

Total
£

Advanced

(8,697)

(2,800)

(11,497)

Repaid

-

323,565

323,565

At end of period

(8,697)

320,765

312,068

Terms of loans from related parties

Streetz Ahead Creative Housing Limited has been provided a loan with no terms of repayment or interest charged. The Compamies are under common control.