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REGISTERED NUMBER: 09681097 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31st January 2024

for

Strawbridge Properties Ltd

Strawbridge Properties Ltd (Registered number: 09681097)

Contents of the Financial Statements
for the Year Ended 31st January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Strawbridge Properties Ltd

Company Information
for the Year Ended 31st January 2024







DIRECTOR: M P Andrews





REGISTERED OFFICE: 8 Seathorpe Avenue
Minster on Sea
SHEERNESS
Kent
ME12 2HU





REGISTERED NUMBER: 09681097 (England and Wales)





ACCOUNTANTS: Blain Pritchard
Chartered Certified Accountants
29 High Street
Blue Town
SHEERNESS
Kent
ME12 1RN

Strawbridge Properties Ltd (Registered number: 09681097)

Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,476,434 1,632,084

CURRENT ASSETS
Debtors 5 - 6,038
Cash at bank - 4,287
- 10,325
CREDITORS
Amounts falling due within one year 6 386,464 593,409
NET CURRENT LIABILITIES (386,464 ) (583,084 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,089,970

1,049,000

CREDITORS
Amounts falling due after more than one
year

7

(773,226

)

(724,023

)

PROVISIONS FOR LIABILITIES (51,707 ) (55,298 )
NET ASSETS 265,037 269,679

CAPITAL AND RESERVES
Called up share capital 200 200
Fair value reserve 9 220,434 235,743
Retained earnings 44,403 33,736
SHAREHOLDERS' FUNDS 265,037 269,679

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Strawbridge Properties Ltd (Registered number: 09681097)

Balance Sheet - continued
31st January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1st October 2024 and were signed by:





M P Andrews - Director


Strawbridge Properties Ltd (Registered number: 09681097)

Notes to the Financial Statements
for the Year Ended 31st January 2024


1. STATUTORY INFORMATION

Strawbridge Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Strawbridge Properties Ltd (Registered number: 09681097)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st February 2023 1,632,084
Disposals (136,750 )
Revaluations (18,900 )
At 31st January 2024 1,476,434
NET BOOK VALUE
At 31st January 2024 1,476,434
At 31st January 2023 1,632,084

Fair value at 31st January 2024 is represented by:
£   
Valuation in 2020 173,725
Valuation in 2023 117,316
Valuation in 2024 (18,900 )
Cost 1,204,293
1,476,434

If investment property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,341,043 1,341,043

The properties were valued on an open market basis on 31st January 2024 by the company director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 1,227
Other debtors - 4,811
- 6,038

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,301 90,028
Trade creditors 448 1,305
Taxation and social security 9,758 9,682
Other creditors 352,957 492,394
386,464 593,409

Strawbridge Properties Ltd (Registered number: 09681097)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 773,226 724,023

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 744,772 685,534

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 779,219 814,051

Charge dated 9 April 2019 over 76 Rose Street, Sheerness, Kent in favour of Onesavings Bank PLC.

Charge dated 10 February 2020 over 73-75 James Street, Sheerness, Kent in favour of Paragon Bank PLC.

Charge dated 2 August 2021 over 37 Harps Avenue, Minster on Sea, Sheerness Kent in favour of Shawbrook Bank Ltd

Charge dated 24 June 2022 over 32 Brecon Chase, Minster on Sea, Sheerness Kent in favour of chl Mortgages for Intermediaries Ltd

Charge dated 29 November 2023 over 76 Rose Street, Sheerness Kent in favour of Lendinvest Security Trustees Ltd.

9. RESERVES
Fair
value
reserve
£   
At 1st February 2023 235,743
Investment property (18,900 )
Deferred tax 3,591

At 31st January 2024 220,434

10. RELATED PARTY DISCLOSURES

M. Andrews also owns another company, Strawbridge Shop Fitters Ltd. During the period this company has provided finances to Strawbridge Properties Ltd to purchase properties. Interest has been charged on the borrowings at 3% above the Bank of England's base rate. the amount owing to Strawbridge Shop Fitters Ltd Ltd at the year end is £235,037 and is shown in other creditors, interest charged during the period amounted to £20,365.