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Registration number: 02740860

Sternway Properties Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Sternway Properties Limited
(Registration number: 02740860)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Sternway Properties Limited
(Registration number: 02740860)

Company Information

Directors

Mr C N Harvey

Mrs C Harvey

Registered office

53 High Street
Maidstone
Kent
ME14 1SY

Bankers

National Westminster Bank Plc

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Sternway Properties Limited
(Registration number: 02740860)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

338,247

66,933

Tangible assets

5

1,599

784

 

339,846

67,717

Current assets

 

Debtors

6

77,008

365,660

Cash at bank and in hand

 

676,680

474,737

 

753,688

840,397

Creditors: Amounts falling due within one year

7

(723,371)

(528,921)

Net current assets

 

30,317

311,476

Total assets less current liabilities

 

370,163

379,193

Creditors: Amounts falling due after more than one year

7

(68,630)

(137,032)

Net assets

 

301,533

242,161

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

301,531

242,159

Total equity

 

301,533

242,161

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.

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.

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 11 September 2024 and signed on its behalf by:
 

 

Sternway Properties Limited
(Registration number: 02740860)

Balance Sheet as at 31 December 2023

.........................................
Mrs C Harvey
Director

 

Sternway Properties Limited
(Registration number: 02740860)

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
53 High Street
Maidstone
Kent
ME14 1SY

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.

 

Sternway Properties Limited
(Registration number: 02740860)

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

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

Furniture and fittings

25% reducing balance

Office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

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.

 

Sternway Properties Limited
(Registration number: 02740860)

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Sternway Properties Limited
(Registration number: 02740860)

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 7).

 

Sternway Properties Limited
(Registration number: 02740860)

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

143,428

143,428

Additions acquired separately

300,000

300,000

At 31 December 2023

443,428

443,428

Amortisation

At 1 January 2023

76,495

76,495

Amortisation charge

28,686

28,686

At 31 December 2023

105,181

105,181

Carrying amount

At 31 December 2023

338,247

338,247

At 31 December 2022

66,933

66,933

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

10,423

10,423

Additions

1,348

1,348

At 31 December 2023

11,771

11,771

Depreciation

At 1 January 2023

9,639

9,639

Charge for the year

533

533

At 31 December 2023

10,172

10,172

Carrying amount

At 31 December 2023

1,599

1,599

At 31 December 2022

784

784

 

Sternway Properties Limited
(Registration number: 02740860)

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

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

56,199

47,801

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,318

301,318

Other debtors

 

16,573

11,936

Prepayments and accrued income

 

2,918

4,605

Total current trade and other debtors

 

77,008

365,660

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

68,403

62,186

Trade creditors

 

26,562

17,750

Amounts owed to group undertakings and undertakings in which the company has a participating interest

128,753

108,092

Taxation and social security

 

106,619

107,724

Other creditors

 

382,048

222,881

Accrued expenses

 

10,986

10,288

 

723,371

528,921

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

68,630

137,032

 

Sternway Properties Limited
(Registration number: 02740860)

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

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

68,403

62,186

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

68,630

137,032

9

Parent and ultimate parent undertaking

The ultimate controlling party is Mr C N Harvey and Mrs C Harvey who own the entire issued share capital of the parent company, Rockstow Green Properties Limited.