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COMPANY REGISTRATION NUMBER: 12013693
STANDAH PROPERTIES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
STANDAH PROPERTIES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
STANDAH PROPERTIES LIMITED
BALANCE SHEET
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
247,559
235,907
Current assets
Debtors
5
1,062
Cash at bank and in hand
2,140
620
------------
------------
3,202
620
Creditors: amounts falling due within one year
6
( 265,950)
( 98,732)
------------
------------
Net current liabilities
( 262,748)
( 98,112)
------------
------------
Total assets less current liabilities
( 15,189)
137,795
Creditors: amounts falling due after more than one year
7
( 142,384)
------------
------------
Net liabilities
( 15,189)
( 4,589)
------------
------------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
( 15,191)
( 4,591)
------------
------------
Shareholders deficit
( 15,189)
( 4,589)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
A S Brindle
Director
Company registration number: 12013693
STANDAH PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 61a The Crescent, Adel, Leeds, LS16 6AG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
No depreciation is provided on the freehold property held for investment. Investment properties FRS102 requires that properties held for investment be included in the balance sheet at fair value in accordance with section 16 of FRS 102. The directors consider that to comply with this requirement would involve unjustifiable expense and investment properties are continuing to be stated at cost, unless fair value is estimated to be less than cost in which case, investment properties have been impaired to fair value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Freehold investment property
Equipment
Total
£
£
£
Cost
At 1 June 2022
235,907
235,907
Additions
10,199
1,495
11,694
------------
------------
------------
At 31 May 2023
246,106
1,495
247,601
------------
------------
------------
Depreciation
At 1 June 2022
Charge for the year
42
42
------------
------------
------------
At 31 May 2023
42
42
------------
------------
------------
Carrying amount
At 31 May 2023
246,106
1,453
247,559
------------
------------
------------
At 31 May 2022
235,907
235,907
------------
------------
------------
5. Debtors
2023
2022
£
£
Prepayments and accrued income
1,062
------------
------------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
600
1,600
Mortgage (secured)
141,626
6,179
Directors' loan account
123,724
90,953
------------
------------
265,950
98,732
------------
------------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Mortgage (secured)
142,384
------------
------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
------------
------------
------------
------------
Shares issued and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
------------
------------
------------
------------
Shares issued and partly paid
2023
2022
No.
£
No.
£
9. Related party transactions
The company is controlled by the directors. The directors' loan account included in creditors is unsecured, repayable on demand and currently interest free.