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Registration number: 11633088

Station Approach Frome Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Station Approach Frome Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Station Approach Frome Ltd

(Registration number: 11633088)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

96,314

47,302

Investment property

5

1,608,664

1,053,519

 

1,704,978

1,100,821

Current assets

 

Debtors

6

37,320

27,914

Cash at bank and in hand

 

-

297

 

37,320

28,211

Creditors: Amounts falling due within one year

7

(1,093,679)

(1,114,174)

Net current liabilities

 

(1,056,359)

(1,085,963)

Total assets less current liabilities

 

648,619

14,858

Creditors: Amounts falling due after more than one year

7

(14,619)

(23,700)

Provisions for liabilities

(121,781)

(479)

Net assets/(liabilities)

 

512,219

(9,321)

Capital and reserves

 

Called up share capital

5

1

Other reserves

449,667

-

Retained earnings

62,547

(9,322)

Shareholders' funds/(deficit)

 

512,219

(9,321)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Station Approach Frome Ltd

(Registration number: 11633088)
Balance Sheet as at 31 October 2023

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 25 July 2024 and signed on its behalf by:
 

.........................................
R H Russell
Director

 

Station Approach Frome Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
7a King Street
Frome
Somerset
BA11 1BH

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 due to the ongoing support of the director.

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 and deferred 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.

 

Station Approach Frome Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

15% reducing balance

Office equipment

25% straight line method

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.

 

Station Approach Frome Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

 

Station Approach Frome Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Property improvements
 £

Total
£

Cost or valuation

At 1 November 2022

41,659

24,723

66,382

Additions

67,070

-

67,070

At 31 October 2023

108,729

24,723

133,452

Depreciation

At 1 November 2022

15,373

3,708

19,081

Charge for the year

14,905

3,152

18,057

At 31 October 2023

30,278

6,860

37,138

Net book value

At 31 October 2023

78,451

17,863

96,314

At 31 October 2022

26,287

21,015

47,302

5

Investment properties

2023
£

At 1 November

1,053,519

Fair value adjustments

555,145

At 31 October

1,608,664

6

Debtors

2023
£

2022
£

Trade debtors

33,938

26,689

Other debtors

3,382

1,225

37,320

27,914

 

Station Approach Frome Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,061

8,768

Trade creditors

 

3,847

309

Taxation and social security

 

17,239

14,794

Accruals and deferred income

 

24,550

26,356

Other creditors

 

1,038,982

1,063,947

 

1,093,679

1,114,174

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,619

23,700

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

14,619

23,700

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,995

8,768

Bank overdrafts

66

-

9,061

8,768