21 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 126,114 119,855 6,259 28,468 28,468 6,259 97,646 xbrli:pure xbrli:shares iso4217:GBP 00358869 2023-03-01 2024-02-29 00358869 2024-02-29 00358869 2023-02-28 00358869 2022-03-01 2023-02-28 00358869 2023-02-28 00358869 2022-02-28 00358869 core:LandBuildings 2023-03-01 2024-02-29 00358869 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 00358869 bus:Director2 2023-03-01 2024-02-29 00358869 bus:Director9 2023-03-01 2024-02-29 00358869 core:WithinOneYear 2024-02-29 00358869 core:WithinOneYear 2023-02-28 00358869 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 00358869 core:LandBuildings 2023-02-28 00358869 core:PlantMachinery 2023-02-28 00358869 core:FurnitureFittings 2023-02-28 00358869 core:LandBuildings 2024-02-29 00358869 core:PlantMachinery 2024-02-29 00358869 core:FurnitureFittings 2024-02-29 00358869 core:PlantMachinery 2023-03-01 2024-02-29 00358869 core:FurnitureFittings 2023-03-01 2024-02-29 00358869 core:AfterOneYear 2024-02-29 00358869 core:AfterOneYear 2023-02-28 00358869 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 00358869 core:ShareCapital 2024-02-29 00358869 core:ShareCapital 2023-02-28 00358869 core:RevaluationReserve 2024-02-29 00358869 core:RevaluationReserve 2023-02-28 00358869 core:RetainedEarningsAccumulatedLosses 2024-02-29 00358869 core:RetainedEarningsAccumulatedLosses 2023-02-28 00358869 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 00358869 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 00358869 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 00358869 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-29 00358869 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-02-29 00358869 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 00358869 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 00358869 core:Non-currentFinancialInstruments 2024-02-29 00358869 core:Non-currentFinancialInstruments 2023-02-28 00358869 core:LandBuildings 2023-02-28 00358869 core:PlantMachinery 2023-02-28 00358869 core:FurnitureFittings 2023-02-28 00358869 bus:SmallEntities 2023-03-01 2024-02-29 00358869 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 00358869 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 00358869 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 00358869 bus:FullAccounts 2023-03-01 2024-02-29 00358869 bus:OrdinaryShareClass1 2024-02-29 00358869 bus:OrdinaryShareClass1 2023-02-28 00358869 core:AfterOneYear 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 00358869
Stratton-Streles Estates Limited
Unaudited financial statements
29 February 2024
Stratton-Streles Estates Limited
Statement of financial position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
6,259
97,646
Tangible assets
6
11,944,014
10,971,287
Investments
7
1,474,479
1,405,722
------------
------------
13,424,752
12,474,655
Current assets
Stocks
1,088,298
1,101,281
Debtors
8
2,028,221
2,219,229
Cash at bank and in hand
435,037
136,608
-----------
-----------
3,551,556
3,457,118
Creditors: Amounts falling due within one year
9
( 1,360,655)
( 1,129,153)
-----------
-----------
Net current assets
2,190,901
2,327,965
------------
------------
Total assets less current liabilities
15,615,653
14,802,620
Creditors: Amounts falling due after more than one year
10
( 1,006,728)
( 784,853)
Provisions
Taxation including deferred tax
( 1,791,650)
( 1,752,243)
------------
------------
Net assets
12,817,275
12,265,524
------------
------------
Capital and reserves
Called up share capital
11
42,000
42,000
Revaluation reserve
3,787,525
3,890,248
Profit and loss account
8,987,750
8,333,276
------------
------------
Shareholders funds
12,817,275
12,265,524
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Stratton-Streles Estates Limited
Statement of financial position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Mr J W Van Poortvliet
Mr H W Jarvis
Director
Director
Company registration number: 00358869
Stratton-Streles Estates Limited
Notes to the financial statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales with registration number 00358869 . The address of the registered office is Lower Lobbersdown Farm, Tetsworth, Thame, Oxfordshire, OX9 7BB. The place of business address is Hall Farm, Colby, Norwich, Norfolk, NR11 7EE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the amounts of goods and services provided during the year exclusive of Value Added Tax. Turnover is recognised when the goods are physically delivered or the services are actually provided to the customer. In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage of completion.
Deferred tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Licences and entitlements are initially recorded at cost. At the year end they are recorded at the fair value by revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Licence and Entitlements
-
5% and 20% respectively
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are recorded at cost or valuation less depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
4% straight line
Plant and machinery
-
10% - 28.13% Reducing balance
Depreciation is not provided on freehold property because the estimated residual values at the time of acquisition were considered to be not materially lower than cost and any depreciation charge would be immaterial.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the profit or loss.
Investments
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in the profit or loss.
Stocks
Commodity stocks and cultivations are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. The valuation of crops in store and cultivations include an element of depreciation.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 21 (2023: 22 ).
5. Intangible assets
Licence and Entitlements
£
Cost
At 1 March 2023
126,114
Additions
Disposals
( 119,855)
---------
At 29 February 2024
6,259
---------
Amortisation
At 1 March 2023
28,468
Charge for the year
Disposals
( 28,468)
---------
At 29 February 2024
---------
Carrying amount
At 29 February 2024
6,259
---------
At 28 February 2023
97,646
---------
Entitlements are measured at fair value. The directors have assessed and determined the value at the reporting date but it can only be reliably tested in the market itself.
6. Tangible assets
Land and buildings
Plant and machinery
Investment property
Total
£
£
£
£
Cost or valuation
At 1 March 2023
4,346,078
4,738,814
5,467,219
14,552,111
Additions
943,700
827,037
1,770,737
Disposals
( 563,396)
( 563,396)
Revaluations
( 68,887)
( 68,887)
-----------
-----------
-----------
------------
At 29 February 2024
5,289,778
5,002,455
5,398,332
15,690,565
-----------
-----------
-----------
------------
Depreciation
At 1 March 2023
1,174,858
2,405,966
3,580,824
Charge for the year
49,038
448,083
497,121
Disposals
( 331,394)
( 331,394)
-----------
-----------
-----------
------------
At 29 February 2024
1,223,896
2,522,655
3,746,551
-----------
-----------
-----------
------------
Carrying amount
At 29 February 2024
4,065,882
2,479,800
5,398,332
11,944,014
-----------
-----------
-----------
------------
At 28 February 2023
3,171,220
2,332,848
5,467,219
10,971,287
-----------
-----------
-----------
------------
Investment properties are measured at fair value. The directors' assess and determine the fair value of the investment properties at each reporting date. The values inevitably have a degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
7. Investments
Unlisted investments
Listed investments
Total
£
£
£
Cost
At 1 March 2023
58,903
1,346,819
1,405,722
Additions
282,353
282,353
Disposals
( 270,093)
( 270,093)
Revaluations
56,497
56,497
-------
-----------
-----------
At 29 February 2024
58,903
1,415,576
1,474,479
-------
-----------
-----------
Impairment
At 1 March 2023 and 29 February 2024
-------
-----------
-----------
Carrying amount
At 29 February 2024
58,903
1,415,576
1,474,479
-------
-----------
-----------
At 28 February 2023
58,903
1,346,819
1,405,722
-------
-----------
-----------
Listed investments are measured at fair value. This is based on the market value at the reporting date; this value will vary depending on the stock market.
8. Debtors
2024
2023
£
£
Trade debtors
521,971
729,327
Amounts owed by group undertakings and undertakings in which the company has a participating interest
872,500
872,500
Prepayments and accrued income
507,554
520,952
Other debtors
126,196
96,450
-----------
-----------
2,028,221
2,219,229
-----------
-----------
9. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
161,512
157,094
Trade creditors
502,709
542,494
Accruals and deferred income
86,188
40,523
Corporation tax
166,855
Social security and other taxes
22,724
10,902
Obligations under finance leases and hire purchase contracts
234,037
219,477
Director loan accounts
63,261
37,687
Other creditors
123,369
120,976
-----------
-----------
1,360,655
1,129,153
-----------
-----------
Included in creditors due within one year are obligations under hire purchase agreements of £234,037 (2023: £219,477) which have been secured by the company.
10. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
668,370
429,946
Obligations under finance leases and hire purchase contracts
338,358
354,907
-----------
---------
1,006,728
784,853
-----------
---------
Included in creditors due after one year are obligations under hire purchase agreements of £338,358 (2023: £354,907) which have been secured by the company. Included within the bank loans and overdrafts creditor due after one year balance is an amount of £340,000 (2023: nil) repayable after 5 years.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.50 each
84,000
42,000
84,000
42,000
-------
-------
-------
-------