Company Registration No. 07245499 (England and Wales)
Sturtons Group Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Sturtons Group Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Sturtons Group Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
2,830,000
2,830,000
Investments
3
69,121
69,121
2,899,121
2,899,121
Current assets
Debtors
5
467,350
465,230
Cash at bank and in hand
777,436
761,773
1,244,786
1,227,003
Creditors: amounts falling due within one year
6
(16,146)
(11,582)
Net current assets
1,228,640
1,215,421
Total assets less current liabilities
4,127,761
4,114,542
Provisions for liabilities
(35,000)
(16,603)
Net assets
4,092,761
4,097,939
Capital and reserves
Called up share capital
7
12,000
12,000
Other reserves
105,000
123,397
Profit and loss reserves
3,975,761
3,962,542
Total equity
4,092,761
4,097,939

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 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.

Sturtons Group Limited
Statement of financial position (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
David Scott
Director
Company Registration No. 07245499
Sturtons Group Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Sturtons Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 426-436 Wimborne Road, Winton, Bournemouth, Dorset, BH9 2EZ.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover
Turnover represents the rent received from group companies and third party tenants. The turnover is recognised on an accruals basis.
1.3
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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
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.

Sturtons Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4
1.6
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 statement of financial position 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, 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.

1.7
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.

1.8
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 income statement 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.

Sturtons Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.9
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.

 

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.

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 2 (2023: 2).

3
Fixed asset investments
2024
2023
£
£
Investment
69,121
69,121

In the opinion of the directors, the aggregate value of the company's investment in its subsidiary is not less than the amount included in the balance sheet.

Sturtons Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
6
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
2,830,000

The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2014 by Cowling & West Chartered Surveyors, who are not connected with the company. Appraisals of the investment properties have been made by the directors on an open market basis as at 31 March 2024 and they are of the opinion that the value is not materially different.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
2,690,000
2,690,000
Accumulated depreciation
-
-
Carrying amount
2,690,000
2,690,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,562
7,585
Amounts owed by group undertakings
454,280
451,583
Other debtors
10,508
6,062
467,350
465,230
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,396
5,279
Taxation and social security
5,750
1,303
Other creditors
5,000
5,000
16,146
11,582
Sturtons Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
12,000 Ordinary shares of £1 each
12,000
12,000
8
Related party transactions

The company has taken advantage of the exemption in FRS 102 section 1A from the requirement to disclose transactions with group companies on the grounds that the company is the parent of a wholly owned subsidiary company within the group.

9
Controlling party

The company's ultimate controlling parties are the Trustees of The David and Pauline Scott Discretionary Trust 2021 by virtue of its shareholdings in the company.

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