Company Registration No. 13236775 (England and Wales)
STORROW PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
STORROW PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STORROW PROPERTIES LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
454
682
Investment property
4
665,000
475,000
665,454
475,682
Current assets
Debtors
5
3,295
2,600
Cash at bank and in hand
153,521
54,224
156,816
56,824
Creditors: amounts falling due within one year
6
(427,144)
(373,900)
Net current liabilities
(270,328)
(317,076)
Total assets less current liabilities
395,126
158,606
Creditors: amounts falling due after more than one year
7
(445,612)
(121,770)
Provisions for liabilities
7,512
(8,836)
Net (liabilities)/assets
(42,974)
28,000
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
83,471
72,795
Distributable profit and loss reserves
(126,545)
(44,895)
Total equity
(42,974)
28,000
STORROW PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -

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:
Miss S Storrow
Director
Company registration number 13236775 (England and Wales)
STORROW PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Storrow Properties Ltd is a private company limited by shares incorporated in England and Wales.

The registered office is:

1st Floor 3 & 4 Cranmere Ct

Lustleigh Close

Matford Business Park

Exeter

Devon

EX2 8PW

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis as the company continues to have the support of its' directors.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.

 

The company recognises revenue when rent is received from a tenant.

1.4
Tangible fixed assets

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

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:

Plant and equipment
25% straight line
Office equipment
25% straight line

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.

1.5
Investment property

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. Changes in fair value are recognised in profit or loss.

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

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Ordinary shares are classified as equity.

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.

STORROW PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2024
2023
Number
Number
Total
2
2
STORROW PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Office equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
311
599
910
Depreciation and impairment
At 1 February 2023
78
150
228
Depreciation charged in the year
78
150
228
At 31 January 2024
156
300
456
Carrying amount
At 31 January 2024
155
299
454
At 31 January 2023
233
449
682
4
Investment property
2024
£
Fair value
At 1 February 2023
475,000
Additions
176,820
Revaluations
13,180
At 31 January 2024
665,000

The directors have revalued the properties and deem the amount at the balance sheet date to be the current market value.

 

There has been no valuation of investment property by an independent valuer.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
3,295
2,600
6
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
320,002
270,002
Other creditors
96,419
93,550
Accruals and deferred income
10,723
10,348
427,144
373,900
STORROW PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
445,612
121,770

The bank loans are secured by way of fixed charge over the companies investment property.

8
Directors' transactions

During the year the directors loaned money to the company. At the balance sheet date, the amount due to the directors by the company was £96,419 (2023: £93,550)

 

This is an interest free loan and there is no set date for repayment.

2024-01-312023-02-01false17 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr B P KerridgeMiss S Storrowfalsefalse132367752023-02-012024-01-31132367752024-01-31132367752023-01-3113236775core:PlantMachinery2024-01-3113236775core:ComputerEquipment2024-01-3113236775core:PlantMachinery2023-01-3113236775core:ComputerEquipment2023-01-3113236775core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3113236775core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3113236775core:Non-currentFinancialInstrumentscore:AfterOneYear2024-01-3113236775core:Non-currentFinancialInstrumentscore:AfterOneYear2023-01-3113236775core:CurrentFinancialInstruments2024-01-3113236775core:CurrentFinancialInstruments2023-01-3113236775core:ShareCapital2024-01-3113236775core:ShareCapital2023-01-3113236775core:FurtherSpecificReserve1ComponentTotalEquity2024-01-3113236775core:FurtherSpecificReserve1ComponentTotalEquity2023-01-3113236775core:RetainedEarningsAccumulatedLosses2024-01-3113236775core:RetainedEarningsAccumulatedLosses2023-01-3113236775bus:Director22023-02-012024-01-3113236775core:PlantMachinery2023-02-012024-01-3113236775core:ComputerEquipment2023-02-012024-01-31132367752022-02-012023-01-3113236775core:PlantMachinery2023-01-3113236775core:ComputerEquipment2023-01-31132367752023-01-3113236775core:Non-currentFinancialInstruments2024-01-3113236775core:Non-currentFinancialInstruments2023-01-3113236775bus:PrivateLimitedCompanyLtd2023-02-012024-01-3113236775bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3113236775bus:FRS1022023-02-012024-01-3113236775bus:AuditExemptWithAccountantsReport2023-02-012024-01-3113236775bus:Director12023-02-012024-01-3113236775bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP