St Albans Property Group Limited
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 09972048 (England and Wales)
St Albans Property Group Limited
Company Information
Director
A Goode
Secretary
T A Goode
Company number
09972048
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
St Albans Property Group Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
St Albans Property Group Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
21,565
Investment properties
4
1,165,560
1,143,555
1,165,560
1,165,120
Current assets
Debtors
5
10,500
10,500
Cash at bank and in hand
50,751
34,324
61,251
44,824
Creditors: amounts falling due within one year
6
(538,500)
(438,190)
Net current liabilities
(477,249)
(393,366)
Total assets less current liabilities
688,311
771,754
Creditors: amounts falling due after more than one year
7
(603,560)
(703,560)
Net assets
84,751
68,194
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
84,750
68,193
Total equity
84,751
68,194

The director of the company has 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

St Albans Property Group Limited
Balance Sheet (Continued)
As at 31 January 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
A Goode
Director
Company Registration No. 09972048
St Albans Property Group Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 3
1
Accounting policies
Company information

St Albans Property Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

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 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

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises revenue recognised by the company in respect of rental income receivable in relation to investment properties.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. The directors are of an opinion that the fair value exceeds costs and therefore no depreciation charge is applicable.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

St Albans Property Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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 current liabilities.

1.7
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

St Albans Property Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 5
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
St Albans Property Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 February 2023
22,005
Transfers
(22,005)
At 31 January 2024
-
0
Depreciation and impairment
At 1 February 2023
440
Transfers
(440)
At 31 January 2024
-
0
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
21,565
4
Investment property
2024
£
Fair value
At 1 February 2023
1,143,555
Transfers
22,005
At 31 January 2024
1,165,560
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,500
10,500
St Albans Property Group Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 7
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
7,640
3,860
Other creditors
528,520
431,990
Accruals and deferred income
2,340
2,340
538,500
438,190
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
603,560
703,560

The entire above amount relates to long term loans that are due in more than 5 years time. The loans are secured on the investment properties as they relate to property mortgages, and are interest only,

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1
1
1
1
9
Related party transactions

Included in creditors at the year end was £275,113 (2023: £278,583) due to A Goode, director of the company.

 

Also included in creditors at the year end was £253,407 (2023: £153,407) due to a company under common control.

10
Parent company

The company was under control of A Goode during the period by virtue of him being a 100% shareholder.

2024-01-312023-02-01false24 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityA GoodeT A Goodefalsefalse099720482023-02-012024-01-3109972048bus:Director12023-02-012024-01-3109972048bus:CompanySecretary12023-02-012024-01-3109972048bus:RegisteredOffice2023-02-012024-01-31099720482024-01-31099720482023-01-3109972048core:LandBuildings2024-01-3109972048core:LandBuildings2023-01-3109972048core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3109972048core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3109972048core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3109972048core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3109972048core:CurrentFinancialInstruments2024-01-3109972048core:CurrentFinancialInstruments2023-01-3109972048core:ShareCapital2024-01-3109972048core:ShareCapital2023-01-3109972048core:RetainedEarningsAccumulatedLosses2024-01-3109972048core:RetainedEarningsAccumulatedLosses2023-01-31099720482022-02-012023-01-3109972048core:LandBuildings2023-01-3109972048core:LandBuildings2023-02-012024-01-31099720482023-01-3109972048core:Non-currentFinancialInstruments2024-01-3109972048core:Non-currentFinancialInstruments2023-01-3109972048bus:PrivateLimitedCompanyLtd2023-02-012024-01-3109972048bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3109972048bus:FRS1022023-02-012024-01-3109972048bus:AuditExemptWithAccountantsReport2023-02-012024-01-3109972048bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP