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Company No: 12248104 (England and Wales)

STUART WRING ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

STUART WRING ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

STUART WRING ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
STUART WRING ESTATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 9,119,216 7,171,580
9,119,216 7,171,580
Current assets
Debtors 4 100,372 37,046
Cash at bank and in hand 226,591 233,665
326,963 270,711
Creditors: amounts falling due within one year 5 ( 829,882) ( 1,088,300)
Net current liabilities (502,919) (817,589)
Total assets less current liabilities 8,616,297 6,353,991
Creditors: amounts falling due after more than one year 6 ( 4,597,158) ( 4,700,878)
Provision for liabilities ( 730,840) ( 239,269)
Net assets 3,288,299 1,413,844
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 3,288,199 1,413,744
Total shareholder's funds 3,288,299 1,413,844

For the financial year ending 31 December 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 financial statements of Stuart Wring Estates Limited (registered number: 12248104) were approved and authorised for issue by the Director on 09 April 2024. They were signed on its behalf by:

S B Wring
Director
STUART WRING ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
STUART WRING ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stuart Wring Estates Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5 Severn View Industrial Estate Central Avenue, Hallen, Bristol, BS10 7SD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 20 % reducing balance
Fixtures and fittings 8 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Land and buildings were valued at 30 November 2023. The valuation was undertaken by David Harrison MRICS.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Leasehold improve-
ments
Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 7,000,000 92,066 85,551 7,177,617
Additions 0 17,280 41,193 58,473
Revaluations 1,920,000 0 0 1,920,000
At 31 December 2023 8,920,000 109,346 126,744 9,156,090
Accumulated depreciation
At 01 January 2023 0 3,898 2,139 6,037
Charge for the financial year 0 20,137 10,700 30,837
At 31 December 2023 0 24,035 12,839 36,874
Net book value
At 31 December 2023 8,920,000 85,311 113,905 9,119,216
At 31 December 2022 7,000,000 88,168 83,412 7,171,580

Revaluation of tangible assets

Freehold and leasehold land and buildings were professionally valued by David Harrison MRICS, an independent valuer, to fair value at 30 November 2023.

2023 2022
£ £
Historical cost 6,169,671 6,169,671
Carrying value 6,169,671 6,169,671

4. Debtors

2023 2022
£ £
Trade debtors 96,089 34,282
Amounts owed by director 100 100
Prepayments 4,183 2,664
100,372 37,046

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 175,007 125,106
Trade creditors 7,030 65,741
Amounts owed to related parties 450,000 740,000
Accruals 11,135 17,835
Taxation and social security 186,710 133,048
Other creditors 0 6,570
829,882 1,088,300

The lender has a first and second charge by way of legal mortgage over the property of the company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 4,597,158 4,700,878

The lender has a first and second charge by way of legal mortgage over the property of the company.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by director 100 100

Other related party transactions

2023 2022
£ £
Amounts owed by companies under common control 450,000 740,000