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REGISTERED NUMBER: 04465324 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

STANGATE PROPERTIES LIMITED

STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 237,732 241,495
Investments 6 278,530 280,530
Investment property 7 282,836 282,836
799,098 804,861

CURRENT ASSETS
Debtors 8 102,187 101,088
Cash at bank and in hand 587,378 573,978
689,565 675,066
CREDITORS
Amounts falling due within one year 9 751,993 741,545
NET CURRENT LIABILITIES (62,428 ) (66,479 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

736,670

738,382

CREDITORS
Amounts falling due after more than one
year

10

635,379

687,945
NET ASSETS 101,291 50,437

CAPITAL AND RESERVES
Called up share capital 12 103 103
Retained earnings 13 101,188 50,334
SHAREHOLDERS' FUNDS 101,291 50,437

STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

BALANCE SHEET - continued
30 JUNE 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:




Mr J M Gay - Director



Mrs C M Shambrook - Director


STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Stangate Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04465324

Registered office: The Wright Property
19 Cross Street
BARNSTAPLE
EX31 1BD

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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Equipment - 33% on cost and 15% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 94,030
AMORTISATION
At 1 July 2023
and 30 June 2024 94,030
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 July 2023
and 30 June 2024 162,258 68,213 25,968 43,364 299,803
DEPRECIATION
At 1 July 2023 - - 16,286 42,022 58,308
Charge for year - - 2,421 1,342 3,763
At 30 June 2024 - - 18,707 43,364 62,071
NET BOOK VALUE
At 30 June 2024 162,258 68,213 7,261 - 237,732
At 30 June 2023 162,258 68,213 9,682 1,342 241,495

6. FIXED ASSET INVESTMENTS
Investment
in Other
subsidiaries investments Totals
£    £    £   
COST
At 1 July 2023 278,530 2,000 280,530
Disposals - (2,000 ) (2,000 )
At 30 June 2024 278,530 - 278,530
NET BOOK VALUE
At 30 June 2024 278,530 - 278,530
At 30 June 2023 278,530 2,000 280,530

STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 282,836
NET BOOK VALUE
At 30 June 2024 282,836
At 30 June 2023 282,836

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 97,799 96,752
Other debtors 4,388 4,336
102,187 101,088

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 57,126 57,126
Hire purchase contracts 1,408 2,403
Trade creditors 714 654
Taxation and social security 68,967 51,602
Other creditors 623,778 629,760
751,993 741,545

Other creditors includes £557,658 (2023: £563,642) which represents tenant deposits held in a separate bank account.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 627,264 678,421
Hire purchase contracts 8,115 9,524
635,379 687,945

STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 228,266 266,037
Other creditors 186,266 186,266
414,532 452,303

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 498,124 549,280

A charge dated 16 February 2017 and debenture charge dated 17 May 2010 exists between Lloyds Bank Plc and the company over its assets.

The director, Mr J Gay, has provided a personal guarantee over one of the loans. The value outstanding on this loan at the year end is £220,047.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
3 Non Equity Classes A, B and C £1 3 3
103 103

13. RESERVES
Retained
earnings
£   

At 1 July 2023 50,334
Profit for the year 140,420
Dividends (89,566 )
At 30 June 2024 101,188

STANGATE PROPERTIES LIMITED (REGISTERED NUMBER: 04465324)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


14. RELATED PARTY DISCLOSURES

The company charged Mr J Gay £9,488 (2023: £13,459) in respect of property management fees during the year. The fees were on a normal commercial basis.

The ultimate controlling party is Mr J Gay and Mrs C Shambrook.