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Registration number: 00856311

Storland Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Storland Limited
(Registration number: 00856311)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Storland Limited
(Registration number: 00856311)

Company Information

Directors

Miss E A Phipps

Mrs C M Thompson

Company secretary

Miss E A Phipps

Registered office

71 Berry Head Road
Brixham
England
TQ5 9AA

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Storland Limited
(Registration number: 00856311)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,317

3,116

Investment property

6

8,959,094

8,504,662

Other financial assets

7

14

14

 

8,961,425

8,507,792

Current assets

 

Debtors

8

2,979,286

2,865,077

Cash at bank and in hand

 

5,968,099

5,964,697

 

8,947,385

8,829,774

Creditors: Amounts falling due within one year

9

(458,211)

(382,052)

Net current assets

 

8,489,174

8,447,722

Total assets less current liabilities

 

17,450,599

16,955,514

Provisions for liabilities

(33,642)

(23,477)

Net assets

 

17,416,957

16,932,037

Capital and reserves

 

Called up share capital

35,000

35,000

Other reserves

(161,950)

(161,950)

Profit and loss account

17,543,907

17,058,987

Total equity

 

17,416,957

16,932,037

For the financial year ending 31 March 2024 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.

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.

 

Storland Limited
(Registration number: 00856311)

Balance Sheet as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Miss E A Phipps
Company secretary and director

 

Storland Limited
(Registration number: 00856311)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
71 Berry Head Road
Brixham
England
TQ5 9AA

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.

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.

 

Storland Limited
(Registration number: 00856311)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 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

33% straight line basis

Plant and machinery

33% straight line basis

Computer equipment

33% straight line basis

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Storland Limited
(Registration number: 00856311)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Storland Limited
(Registration number: 00856311)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,136

1,363

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

7,446

934

8,380

Additions

1,337

-

1,337

At 31 March 2024

8,783

934

9,717

Depreciation

At 1 April 2023

4,330

934

5,264

Charge for the year

2,136

-

2,136

At 31 March 2024

6,466

934

7,400

Carrying amount

At 31 March 2024

2,317

-

2,317

At 31 March 2023

3,116

-

3,116

6

Investment properties

2024
£

At 1 April

8,504,662

Additions

454,432

At 31 March

8,959,094

The book cost of investment properties totals £9,430,245 (2023 - £8,915,813).

The 2023 valuation was undertaken by the directors, at fair value based on their knowledge of the local property market.

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

 

Storland Limited
(Registration number: 00856311)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

14

14

At 31 March 2024

14

14

Impairment

Carrying amount

At 31 March 2024

14

14

8

Debtors

2024
£

2023
£

Trade debtors

5,143

111,376

Other debtors

2,752,900

2,749,201

Prepayments and accrued income

221,243

4,500

Total current trade and other debtors

2,979,286

2,865,077

9

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

215,658

143,570

Other creditors

172,317

78,529

Accrued expenses and deferred income

70,236

159,953

458,211

382,052