Company registration number 03586525 (England and Wales)
STRELLEY SYSTEMS LTD.
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
STRELLEY SYSTEMS LTD.
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
STRELLEY SYSTEMS LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be that of the creation and supply of high quality serviced offices and a cafe.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R D Henshell
K M Henshell
E L Dove
(Resigned 17 November 2023)
G C Rudham
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
R D Henshell
Director
17 October 2024
STRELLEY SYSTEMS LTD.
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,191
3,611
Tangible assets
4
563,445
457,605
566,636
461,216
Current assets
Stocks
12,025
15,992
Debtors
5
562,238
388,396
Cash at bank and in hand
121,251
394,510
695,514
798,898
Creditors: amounts falling due within one year
6
(1,333,220)
(1,358,001)
Net current liabilities
(637,706)
(559,103)
Net liabilities
(71,070)
(97,887)
Capital and reserves
Called up share capital
800
800
Profit and loss reserves
(71,870)
(98,687)
Total equity
(71,070)
(97,887)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
R D Henshell
Director
Company registration number 03586525 (England and Wales)
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Strelley Systems Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Strelley Hall, Main Street, Strelley, Nottingham, NG8 6PE. The company registration number is 03586525.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the company is in a net liability position at the year end. The holders of other loans of £615,037 (2022: £615,037) have confirmed that the loans will not be repaid for at least one year from the approval of the financial statements. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover is mainly earned from rent and related services. This is recognised so as to match the period of rental to which it relates. Turnover from food and catering and café sales in general are recognised in line with the date the goods are provided.

 

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Lease premiums
10% straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.

STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold property
in accordance with the property
Improvements to property
5% on cost
Fixtures and fittings
25% on reducing balance
Office equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

1.7
Cash at bank and in hand

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 current liabilities.

1.8
Financial instruments
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
55
54
3
Intangible fixed assets
Lease premiums
£
Cost
At 1 February 2023 and 31 January 2024
694,031
Amortisation and impairment
At 1 February 2023
690,420
Amortisation charged for the year
420
At 31 January 2024
690,840
Carrying amount
At 31 January 2024
3,191
At 31 January 2023
3,611
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Tangible fixed assets
Leasehold property
Improvements to property
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
664,585
382,885
73,821
18,895
26,595
1,166,781
Additions
-
0
142,326
8,350
-
0
-
0
150,676
Disposals
-
0
-
0
(10,271)
(18,895)
-
0
(29,166)
At 31 January 2024
664,585
525,211
71,900
-
0
26,595
1,288,291
Depreciation and impairment
At 1 February 2023
549,717
91,002
39,096
16,479
12,882
709,176
Depreciation charged in the year
6,056
20,951
11,982
785
3,428
43,202
Eliminated in respect of disposals
-
0
-
0
(10,268)
(17,264)
-
0
(27,532)
At 31 January 2024
555,773
111,953
40,810
-
0
16,310
724,846
Carrying amount
At 31 January 2024
108,812
413,258
31,090
-
0
10,285
563,445
At 31 January 2023
114,868
291,883
34,725
2,416
13,713
457,605
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,862
60,008
Other debtors
497,537
300,511
Prepayments and accrued income
41,839
27,877
562,238
388,396
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
615,037
615,037
Trade creditors
114,281
29,751
Corporation tax
-
0
34,352
Other taxation and social security
57,685
91,451
Other creditors
417,674
483,608
Accruals and deferred income
128,543
103,802
1,333,220
1,358,001
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Related party transactions

All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS 102 Section 1A.

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