Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312023-10-312022-11-01falsefalsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04210084 2022-11-01 2023-10-31 04210084 2021-11-01 2022-10-31 04210084 2023-10-31 04210084 2022-10-31 04210084 2021-11-01 04210084 c:CompanySecretary1 2022-11-01 2023-10-31 04210084 c:Director1 2022-11-01 2023-10-31 04210084 c:Director2 2022-11-01 2023-10-31 04210084 c:RegisteredOffice 2022-11-01 2023-10-31 04210084 d:MotorVehicles 2022-11-01 2023-10-31 04210084 d:MotorVehicles 2023-10-31 04210084 d:MotorVehicles 2022-10-31 04210084 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04210084 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04210084 d:FurnitureFittings 2022-11-01 2023-10-31 04210084 d:FurnitureFittings 2023-10-31 04210084 d:FurnitureFittings 2022-10-31 04210084 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04210084 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04210084 d:OfficeEquipment 2022-11-01 2023-10-31 04210084 d:OfficeEquipment 2023-10-31 04210084 d:OfficeEquipment 2022-10-31 04210084 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04210084 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04210084 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 04210084 d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 04210084 d:CurrentFinancialInstruments 2023-10-31 04210084 d:CurrentFinancialInstruments 2022-10-31 04210084 d:Non-currentFinancialInstruments 2023-10-31 04210084 d:Non-currentFinancialInstruments 2022-10-31 04210084 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 04210084 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 04210084 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 04210084 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 04210084 d:ShareCapital 2023-10-31 04210084 d:ShareCapital 2022-10-31 04210084 d:ShareCapital 2021-11-01 04210084 d:RevaluationReserve 2022-11-01 2023-10-31 04210084 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 04210084 d:RetainedEarningsAccumulatedLosses 2023-10-31 04210084 d:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 04210084 d:RetainedEarningsAccumulatedLosses 2022-10-31 04210084 d:RetainedEarningsAccumulatedLosses 2021-11-01 04210084 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-10-31 04210084 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-10-31 04210084 c:OrdinaryShareClass1 2022-11-01 2023-10-31 04210084 c:OrdinaryShareClass1 2023-10-31 04210084 c:OrdinaryShareClass1 2022-10-31 04210084 c:OrdinaryShareClass2 2022-11-01 2023-10-31 04210084 c:OrdinaryShareClass2 2023-10-31 04210084 c:OrdinaryShareClass2 2022-10-31 04210084 c:OrdinaryShareClass3 2022-11-01 2023-10-31 04210084 c:OrdinaryShareClass3 2023-10-31 04210084 c:OrdinaryShareClass3 2022-10-31 04210084 c:FRS102 2022-11-01 2023-10-31 04210084 c:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04210084 c:FullAccounts 2022-11-01 2023-10-31 04210084 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04210084 d:Subsidiary1 2022-11-01 2023-10-31 04210084 d:Subsidiary1 1 2022-11-01 2023-10-31 04210084 d:Subsidiary2 2022-11-01 2023-10-31 04210084 d:Subsidiary2 1 2022-11-01 2023-10-31 04210084 d:Subsidiary3 2022-11-01 2023-10-31 04210084 d:Subsidiary3 1 2022-11-01 2023-10-31 04210084 d:Subsidiary4 2022-11-01 2023-10-31 04210084 d:Subsidiary4 1 2022-11-01 2023-10-31 04210084 d:Subsidiary5 2022-11-01 2023-10-31 04210084 d:Subsidiary5 1 2022-11-01 2023-10-31 04210084 d:Subsidiary6 2022-11-01 2023-10-31 04210084 d:Subsidiary6 1 2022-11-01 2023-10-31 04210084 d:Subsidiary7 2022-11-01 2023-10-31 04210084 d:Subsidiary7 1 2022-11-01 2023-10-31 04210084 d:Subsidiary8 2022-11-01 2023-10-31 04210084 d:Subsidiary8 1 2022-11-01 2023-10-31 04210084 d:Subsidiary9 2022-11-01 2023-10-31 04210084 d:Subsidiary9 1 2022-11-01 2023-10-31 04210084 d:Subsidiary10 2022-11-01 2023-10-31 04210084 d:Subsidiary10 1 2022-11-01 2023-10-31 04210084 d:Subsidiary11 2022-11-01 2023-10-31 04210084 d:Subsidiary11 1 2022-11-01 2023-10-31 04210084 d:WithinOneYear 2023-10-31 04210084 d:WithinOneYear 2022-10-31 04210084 d:HirePurchaseContracts d:WithinOneYear 2023-10-31 04210084 d:HirePurchaseContracts d:WithinOneYear 2022-10-31 04210084 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-10-31 04210084 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-10-31 04210084 c:Consolidated 2023-10-31 04210084 c:ConsolidatedGroupCompanyAccounts 2022-11-01 2023-10-31 04210084 2 2022-11-01 2023-10-31 04210084 6 2022-11-01 2023-10-31 04210084 e:PoundSterling 2022-11-01 2023-10-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04210084










STOCKBOURNE GROUP LIMITED

UNAUDITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 OCTOBER 2023
 






 



 






 
STOCKBOURNE GROUP LIMITED
 

COMPANY INFORMATION


Directors
M J Rickards FRICS 
D J Williams MRICS 




Company secretary
M J Rickards FRICS



Registered number
04210084



Registered office
Suite 1, Silwood Business Centre
Silwood Park, Buckhurst Road

Ascot

Berkshire

SL5 7PW




Accountants
Wellden Turnbull Limited
Chartered Accountants

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ





 
STOCKBOURNE GROUP LIMITED
 

CONTENTS



Page
Directors' Report
 
 
1
Accountants' Report
 
 
2
Consolidated Statement of Comprehensive Income
 
 
3
Consolidated Balance Sheet
 
 
4 - 5
Company Balance Sheet
 
 
6 - 7
Consolidated Statement of Changes in Equity
 
 
8 - 9
Company Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 22


 
STOCKBOURNE GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023

The Directors present their report and the financial statements for the year ended 31 October 2023.

Principal activities

The principal actitivities of the Group in the year under review continued to be of investment in commercial properties for letting and the development and dealing in commercial property.

Directors

The Directors who served during the year were:

M J Rickards FRICS 

Commercial property stock

The commercial property stock of the Group is recorded at a cost of £14,763,820. This is accordance with FRS 102 accounting regulations. As at the year end the market value of the property was £22,720,000. The 2023 valuations were made by D J Williams MRICS, a director of the Group, on an open market value for existing use basis.
The shareholders' funds based on FRS 102 at the year end amounted to £7,340,629 and would be £15,296,809 (2022 - £18,282,109) based upon the market value of commercial property stock.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





M J Rickards FRICS
Director

Date: 24 September 2024

Page 1

 
STOCKBOURNE GROUP LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STOCKBOURNE GROUP LIMITED
FOR THE YEAR ENDED 31 OCTOBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stockbourne Group Limited for the year ended 31 October 2023 which comprise  the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes from the Group's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Stockbourne Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Stockbourne Group Limited and state those matters that we have agreed to state to the Board of Directors of Stockbourne Group Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stockbourne Group Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Stockbourne Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Stockbourne Group Limited. You consider that Stockbourne Group Limited is exempt from the statutory audit requirement for the year.

  



Wellden Turnbull Limited
 
Chartered Accountants
  
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
24 September 2024
Page 2

 
STOCKBOURNE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023

2023
2022
£
£

  

Turnover
  
2,768,212
2,401,251

Cost of sales
  
(2,187,194)
(701,533)

Gross profit
  
581,018
1,699,718

Administrative expenses
  
(539,070)
(740,677)

Other operating income
  
128,913
1,207,760

Fair value movements
  
44,100
680,742

Operating profit
  
214,961
2,847,543

Interest receivable and similar income
  
5,120
5,691

Interest payable and similar expenses
  
(791,837)
(443,809)

(Loss)/profit before tax
  
(571,756)
2,409,425

Tax on (loss)/profit
  
77,230
(480,225)

(Loss)/profit for the financial year
  
(494,526)
1,929,200

Other comprehensive income for the year
  

Fair value gains/(losses) on swap arrangements
  
(125,330)
485,635

Deferred tax arising on fair value gains/(losses)
  
79,466
(169,003)

Other comprehensive income for the year
  
(45,864)
316,632

Total comprehensive income for the year
  
(540,390)
2,245,832

Profit for the year attributable to:
  

Owners of the parent company
  
494,526
(1,929,200)

Total comprehensive income attributable to:
  

The notes on pages 11 to 22 form part of these financial statements.

Page 3

 
STOCKBOURNE GROUP LIMITED
REGISTERED NUMBER: 04210084

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
                                                                      Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
40,983
80,032

Investment property
 6 
4,325,000
4,325,000

  
4,365,983
4,405,032

Current assets
  

Stocks
 7 
14,763,820
15,143,908

Debtors: amounts falling due after more than one year
 8 
351,307
284,102

Debtors: amounts falling due within one year
 8 
927,457
892,002

Cash at bank and in hand
 9 
2,022,579
3,228,615

  
18,065,163
19,548,627

Creditors: amounts falling due within one year
 10 
(1,059,768)
(1,010,794)

Net current assets
  
 
 
17,005,395
 
 
18,537,833

Total assets less current liabilities
  
21,371,378
22,942,865

Creditors: amounts falling due after more than one year
 11 
(13,477,207)
(13,243,091)

Provisions for liabilities
  

Deferred taxation
 14 
(553,542)
(618,755)

  
 
 
(553,542)
 
 
(618,755)

Net assets
  
7,340,629
9,081,019


Capital and reserves
  

Called up share capital 
 15 
156
156

Revaluation reserve
 16 
1,954,913
1,925,067

Other reserves
 16 
263,480
309,344

Profit and loss account
 16 
5,122,080
6,846,452

Shareholders' funds
  
7,340,629
9,081,019


Page 4

 
STOCKBOURNE GROUP LIMITED
REGISTERED NUMBER: 04210084

CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 were approved and authorised for issue by the board and were signed on its behalf on 24 September 2024.




M J Rickards FRICS
Director

The notes on pages 11 to 22 form part of these financial statements.



Page 5

 
STOCKBOURNE GROUP LIMITED
REGISTERED NUMBER: 04210084

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
                                                                       Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
40,983
80,032

Investments
 5 
3,330,307
3,330,307

  
3,371,290
3,410,339

Current assets
  

Debtors: amounts falling due within one year
 8 
14,464,959
12,620,721

Bank and cash balances
  
177,528
1,990,501

  
14,642,487
14,611,222

Creditors: amounts falling due within one year
 10 
(17,929,383)
(17,938,206)

Net current liabilities
  
 
 
(3,286,896)
 
 
(3,326,984)

Total assets less current liabilities
  
84,394
83,355

  

Creditors: amounts falling due after more than one year
 11 
(57,251)
(68,256)

  

Net assets
  
27,143
15,099


Capital and reserves
  

Called up share capital 
 15 
156
156

Profit and loss account brought forward
  
14,943
127,001

Profit for the year
  
1,212,044
952,571

Other changes in the profit and loss account

  

(1,200,000)
(1,064,629)

Profit and loss account carried forward
  
26,987
14,943

Shareholders' funds
  
27,143
15,099


Page 6

 
STOCKBOURNE GROUP LIMITED
REGISTERED NUMBER: 04210084

COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The Directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the 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 on 24 September 2024.


M J Rickards FRICS
Director

The notes on pages 11 to 22 form part of these financial statements.

Page 7

 
STOCKBOURNE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


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

£
£
£
£
£

At 1 November 2022
156
1,925,067
309,344
6,846,452
9,081,019


Comprehensive income for the year

Loss for the year

-
-
-
(494,526)
(494,526)

Net fair value movement on investment properties
-
-
-
(29,846)
(29,846)

Fair value losses on swaps
-
-
(125,330)
-
(125,330)

Deferred tax arising on fair value losses
-
-
79,466
-
79,466


Other comprehensive income for the year
-
-
(45,864)
(29,846)
(75,710)


Total comprehensive income for the year
-
-
(45,864)
(524,372)
(570,236)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,200,000)
(1,200,000)

Net fair value movement on investment properties
-
29,846
-
-
29,846


Total transactions with owners
-
29,846
-
(1,200,000)
(1,170,154)


At 31 October 2023
156
1,954,913
263,480
5,122,080
7,340,629


The notes on pages 11 to 22 form part of these financial statements.

Page 8

 
STOCKBOURNE GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


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

£
£
£
£
£

At 1 November 2021
156
1,495,360
(7,288)
6,411,588
7,899,816


Comprehensive income for the year

Profit for the year

-
-
-
1,929,200
1,929,200

Transfer net gain on investment properties to revaluation reserve
-
-
-
(429,707)
(429,707)

Fair value gains on swaps
-
-
485,635
-
485,635

Deferred tax arising on fair value gains
-
-
(169,003)
-
(169,003)


Other comprehensive income for the year
-
-
316,632
(429,707)
(113,075)


Total comprehensive income for the year
-
-
316,632
1,499,493
1,816,125


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(1,064,629)
(1,064,629)

Transfer net gain on investment properties to revaluation reserve
-
429,707
-
-
429,707


Total transactions with owners
-
429,707
-
(1,064,629)
(634,922)


At 31 October 2022
156
1,925,067
309,344
6,846,452
9,081,019


The notes on pages 11 to 22 form part of these financial statements.

Page 9

 
STOCKBOURNE GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2022
156
14,943
15,099


Comprehensive income for the year

Profit for the year
-
1,212,044
1,212,044

Dividends: Equity capital
-
(1,200,000)
(1,200,000)


At 31 October 2023
156
26,987
27,143


The notes on pages 11 to 22 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 November 2021
156
127,001
127,157



Profit for the year
-
952,571
952,571

Dividends: Equity capital
-
(1,064,629)
(1,064,629)


At 31 October 2022
156
14,943
15,099


The notes on pages 11 to 22 form part of these financial statements.

Page 10

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Stockbourne Group Limited is a private company, limited by shares, and incorporated in England and Wales, registered number 04210084. The registered office address is: Suite 1, Silwood Business Centre, Silwood Park, Buckhurst Road, Ascot, Berkshire, SL5 7PW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements are presented in sterling which is the functional currency of the entity and rounded to the nearest £.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
 .

 
2.4

Going concern

The financial statements have been prepared on a going concern basis as the directors believe that the Group will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. In doing so the directors have considered the Group's business model and availability of cash resources. The directors consider it appropriate to prepare the financial statements on a going concern basis.

Page 11

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

  
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rental income and ground rent is recognised over the period income is earned. 
Property sale revenue is recognised at completion date.
.

 
2.6

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

 
2.8

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

Page 12

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income 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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
33%
Fixtures and fittings
-
25%
Office equipment
-
25%

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 consolidated statement of comprehensive income.

 
2.15

Investment property

Investment property is carried at fair value determined annually by a director 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. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.17

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is the historic price of aquiring each of the trading units. Net realisable value is based on the estimated selling price, less further costs to be incurred to completion and disposal.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

 
2.18

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.

 
2.19

Cash and cash equivalents

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 14

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.20

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.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).


4.


Tangible fixed assets

Group






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
156,043
6,443
38,768
201,254


Disposals
(42,771)
-
-
(42,771)



At 31 October 2023

113,272
6,443
38,768
158,483



Depreciation


At 1 November 2022
79,826
6,443
34,953
121,222


Charge for the year on owned assets
992
-
1,670
2,662


Charge for the year on financed assets
36,387
-
-
36,387


Disposals
(42,771)
-
-
(42,771)



At 31 October 2023

74,434
6,443
36,623
117,500



Net book value



At 31 October 2023
38,838
-
2,145
40,983



At 31 October 2022
76,217
-
3,815
80,032

Page 15

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
37,491
73,878


Company






Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£

Cost or valuation


At 1 November 2022
156,043
6,443
38,768
201,254


Disposals
(42,771)
-
-
(42,771)



At 31 October 2023

113,272
6,443
38,768
158,483



Depreciation


At 1 November 2022
79,826
6,443
34,953
121,222


Charge for the year on owned assets
992
-
1,670
2,662


Charge for the year on financed assets
36,387
-
-
36,387


Disposals
(42,771)
-
-
(42,771)



At 31 October 2023

74,434
6,443
36,623
117,500



Net book value



At 31 October 2023
38,838
-
2,145
40,983



At 31 October 2022
76,217
-
3,815
80,032






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
37,491
73,878

Page 16

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2022
3,330,307



At 31 October 2023
3,330,307





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Stockbourne Management (Winkfield) Limited
Ordinary
100%
Kewbrook Limited
Ordinary
100%
Stockbourne Management Limited
Ordinary
100%
Dencora Properties Limited
Ordinary
100%
Dencora Homes Limited
Ordinary
100%
Harvey & Leech Limited
Ordinary
100%
Roger Bros Limited
Ordinary
100%
Spaulding & Holmes Limited
Ordinary
100%
Knowle Hill Properties Ltd
Ordinary
100%
Dencora Limited *
Ordinary
100%
Stockbourne (WEM) Ltd
Ordinary
100%

* Indirect shareholding 
The registered office for all the subsidiary undertakings is Suite 1, Silwood Business Centre, Silwood Park, Buckhurst, Ascot , Berkshire, SL5 7PW.

Page 17

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Investment property

Group


Investment property

£



Valuation


At 1 November 2022
4,325,000


Disposals
(44,100)


Surplus on revaluation
44,100



At 31 October 2023
4,325,000

The 2023 valuations were made by D J Williams, a director of the Company, on an open market value for existing use basis.






7.


Stocks

Group
Group
2023
2022
£
£

Commercial property for resale
14,763,820
15,143,908


As at the year end the market value of the property was £22,720,000. The 2023 valuations were made by D J Williams MRICS, a director of the Group, on an open market value for existing use basis. The directors’ open market value would increase the shareholders’ funds to £15,296,809.
 

Page 18

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
351,307
284,102
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
216,735
296,311
-
-

Amounts owed by group undertakings
-
-
14,150,619
12,329,959

Other debtors
492,675
478,018
308,369
284,918

Prepayments and accrued income
218,047
117,673
5,971
5,844

927,457
892,002
14,464,959
12,620,721



9.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
2,022,579
3,228,615
177,527
1,990,500



10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
131,927
71,196
109
314

Amounts owed to group undertakings
-
-
17,886,234
17,898,590

Corporation tax
7,937
207,324
7,937
1,305

Other taxation and social security
148,246
44,127
-
-

Obligations under finance lease and hire purchase contracts
11,005
11,005
11,005
11,005

Other creditors
446,070
398,246
100
100

Accruals and deferred income
314,583
278,896
23,998
26,892

1,059,768
1,010,794
17,929,383
17,938,206


Page 19

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
13,419,956
13,174,835
-
-

Net obligations under finance leases and hire purchase contracts
57,251
68,256
57,251
68,256

13,477,207
13,243,091
57,251
68,256


The bank loans are secured by a fixed and floating charge over the assets of the Group.


12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
11,005
11,005
11,005
11,005

Between 1-5 years
57,251
68,256
57,251
68,256

68,256
79,261
68,256
79,261

The hire purchase obligations are secured on the vehicle acquired by the finance.


13.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
2,373,889
3,969,251
177,528
1,990,501




The Group has entered into an interest rate swap agreement, swapping the floating rates payable on loans amounting to £11,350,000 fixed interest rates ranging between 1.03% and 2.11%


Financial assets measured at fair value through through the statement of comprehensive income are bank balances.
Financial instruments measured at fair value through the statement of comprehensive income comprise an interest rate swaps.

Page 20

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

14.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
618,754
308,846


Charged to profit or loss
14,254
140,906


Charged to other comprehensive income
(79,466)
169,003



At end of year
553,542
618,755




The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Timing differences arising from fair value adjustments
87,827
167,293

Tax on potential gains on investment properties
465,715
451,461

553,542
618,754

The Company has no deferred tax liability at the year end (2022 - £Nil)


15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) A Ordinary shares of £1.00 each
100
100
50 (2022 - 50) B Ordinary shares of £1.00 each
50
50
6 (2022 - 6) C Ordinary shares of £1.00 each
6
6

156

156



16.


Reserves

Revaluation reserve

The revaluation reserve is the amount from the revaluation of investment properties to fair value, which is offset by the estimated deferred tax charge on the gain on sale of the property.

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and all adjustments.

Page 21

 
STOCKBOURNE GROUP LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

17.


Commitments under operating leases

At 31 October 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
4,556
4,556
4,556
4,556


18.


Transactions with directors

At the year end a director's loan account balance was £124,819 (2022 - £104,359). Loans made to the director in the year amounted to £20,460. The loan is repayable on demand and interest of 2.5% is charged on the outstanding balance, the interest charge for the year was £2,662 (2022 - £2,296).
At the year end a director's loan account balance was £106,839 (2022 - £104,359). Loans made to the director in the year amounted to £2,480. The loan is repayable on demand and interest of 2.5% is charged on the outstanding balance, the interest charge for the year was £2,348 (2022 - £2,296).


19.


Related party transactions

The Group has taken advantage of the exemption under FRS102 1A for disclosures between the company and 100% owned undertakings of the Stockbourne Group not to be disclosed.


Page 22