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Registered number: 05225007










St George's Park Limited










Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
St George's Park Limited
Registered number: 05225007

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,311
2,220

Investment property
 5 
1,323,000
1,323,000

  
1,324,311
1,325,220

Current assets
  

Debtors: amounts falling due within one year
 6 
60,430
31,791

Cash at bank and in hand
 7 
279,478
283,236

  
339,908
315,027

Creditors: amounts falling due within one year
 8 
(1,035,827)
(1,124,333)

Net current liabilities
  
 
 
(695,919)
 
 
(809,306)

Total assets less current liabilities
  
628,392
515,914

  

Net assets
  
628,392
515,914


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
  
481,000
481,000

Profit and loss account
  
147,390
34,912

  
628,392
515,914


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Sister Agnes Dunne (Sister Mary Thomas)
Director

Date: 17 June 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
St George's Park Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2
481,000
28,765
509,767


Comprehensive income for the year

Profit for the year
-
-
206,147
206,147
Total comprehensive income for the year
-
-
206,147
206,147


Contributions by and distributions to owners

Dividends: Gift aid payment
-
-
(200,000)
(200,000)


Total transactions
-
-
(200,000)
(200,000)



At 1 January 2023
2
481,000
34,912
515,914


Comprehensive income for the year

Profit for the year
-
-
367,478
367,478
Total comprehensive income for the year
-
-
367,478
367,478


Contributions by and distributions to owners

Dividends: Gift aid payment
-
-
(255,000)
(255,000)


Total transactions
-
-
(255,000)
(255,000)


At 31 December 2023
2
481,000
147,390
628,392


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
St George's Park Limited
 

 
Notes to the 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 and Wales.
The address of its registered office is:
The Lodge Administration Centre St. George's Park 
Ditchling Road
Burgess Hill
West Sussex
RH15 0US

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial  statements  have been prepared on a going concern basis as the directors believe that no  material  uncertainties  exist.  The  directors  have  considered  the  level  of  funds  held  and  the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the company to be able to continue as a going concern.

 
2.3

Revenue

Turnover is the total amount receivable by the company for the services provided on the sale of residential apartments and ancillary income, excluding VAT and discounts.

 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 
St George's Park Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, over both reducing balance and straight line.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and reviewed annually by management. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Bank and cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
St George's Park Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtor and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.12

Gift aid payments

Gift aid payments are recognised once approved by the charity's trustees and senior management team and paid out to the parent charity.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions  are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that may cause a material adjustment to the carrying amounts going forward relate to determining the fair value of the investment properties, which are sensitive to fluctuations in the property market.

Page 5

 
St George's Park Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
43,836
41,585
85,421



At 31 December 2023

43,836
41,585
85,421



Depreciation


At 1 January 2023
42,443
40,758
83,201


Charge for the year on owned assets
358
551
909



At 31 December 2023

42,801
41,309
84,110



Net book value



At 31 December 2023
1,035
276
1,311



At 31 December 2022
1,393
827
2,220


5.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2023
1,323,000



At 31 December 2023
1,323,000

During  the  year  to  31   December  2018  Cuthbert  Lake,  chartered  surveyors,  undertook  an open  market valuation  on an existing  use basis.   As at 31  December  2023, the directors  consider  this valuation to be appropriate  at the year end.




Page 6

 
St George's Park Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Debtors

2023
2022
£
£


Trade debtors
36,202
9,470

Amounts owed by group undertakings
237
-

Other debtors
30
3,193

Prepayments and accrued income
23,961
19,128

60,430
31,791



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
279,478
283,236

279,478
283,236



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
10,437
769

Amounts owed to group undertakings
806,599
914,035

Corporation tax
4,218
1,446

Other taxation and social security
25,008
13,892

Other creditors
179,656
184,463

Accruals and deferred income
9,909
9,728

1,035,827
1,124,333



9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £13,612 (2022 - £11,916). Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

There were no related parties transactions in the year that require disclosure.

Page 7

 
St George's Park Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

11.


Controlling party

The company's immediate parent is St George's - Augustinian Care (Limited by Guarantee) (Registered company number 04718235, Registered charity number 1105832), incorporated in England and Wales.
The ultimate parent is The Order of St Augustine of the Mercy of Jesus (Registered charity number 1194230), which controls St George's - Augustinian Care (Limited by Guarantee), incorporated in England and Wales.
These financial statements are available upon request from the registered office and on this basis the company has taken exemption from disclosing transactions with group entities.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 17 June 2024 by Simon Webber (BA Hons, DChA, FCA) (Senior statutory auditor) on behalf of Kreston Reeves LLP.

Page 8