Silverfin false false 31/03/2024 01/04/2023 31/03/2024 P N Stevens 06/07/2017 W S Stevens 06/07/2017 23 August 2024 The principal activity of the Company during the financial year was that of property investment. 10853520 2024-03-31 10853520 bus:Director1 2024-03-31 10853520 bus:Director2 2024-03-31 10853520 2023-03-31 10853520 core:CurrentFinancialInstruments 2024-03-31 10853520 core:CurrentFinancialInstruments 2023-03-31 10853520 core:ShareCapital 2024-03-31 10853520 core:ShareCapital 2023-03-31 10853520 core:RevaluationReserve 2024-03-31 10853520 core:RevaluationReserve 2023-03-31 10853520 core:RetainedEarningsAccumulatedLosses 2024-03-31 10853520 core:RetainedEarningsAccumulatedLosses 2023-03-31 10853520 core:ComputerEquipment 2023-03-31 10853520 core:ComputerEquipment 2024-03-31 10853520 2023-04-01 2024-03-31 10853520 bus:FilletedAccounts 2023-04-01 2024-03-31 10853520 bus:SmallEntities 2023-04-01 2024-03-31 10853520 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10853520 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10853520 bus:Director1 2023-04-01 2024-03-31 10853520 bus:Director2 2023-04-01 2024-03-31 10853520 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 10853520 2022-04-01 2023-03-31 10853520 core:ComputerEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 10853520 (England and Wales)

STAXTON PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

STAXTON PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

STAXTON PROPERTIES LIMITED

BALANCE SHEET

As at 31 March 2024
STAXTON PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 269 359
Investment property 4 635,000 635,000
635,269 635,359
Current assets
Debtors 5 1,915 763
Cash at bank and in hand 339,743 63,165
341,658 63,928
Creditors: amounts falling due within one year 6 ( 813,966) ( 552,839)
Net current liabilities (472,308) (488,911)
Total assets less current liabilities 162,961 146,448
Net assets 162,961 146,448
Capital and reserves
Called-up share capital 100 100
Revaluation reserve 60,907 60,907
Profit and loss account 101,954 85,441
Total shareholders' funds 162,961 146,448

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 financial statements of Staxton Properties Limited (registered number: 10853520) were approved and authorised for issue by the Board of Directors on 23 August 2024. They were signed on its behalf by:

P N Stevens
Director
W S Stevens
Director
STAXTON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
STAXTON PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Staxton Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the letting of investment properties in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 449 449
At 31 March 2024 449 449
Accumulated depreciation
At 01 April 2023 90 90
Charge for the financial year 90 90
At 31 March 2024 180 180
Net book value
At 31 March 2024 269 269
At 31 March 2023 359 359

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 635,000
As at 31 March 2024 635,000

Valuation

A market valuation of investment property was completed by the director.

The basis of this valuation was open market value. The historical cost of the investment properties is £555,419 (2023 - £555,419).

5. Debtors

2024 2023
£ £
Other debtors 1,915 763

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 3,548 0
Other creditors 810,418 552,839
813,966 552,839