REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
STANNARY PROPERTY LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 29 February 2024 |
for |
STANNARY PROPERTY LIMITED |
STANNARY PROPERTY LIMITED (REGISTERED NUMBER: 06372488) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
STANNARY PROPERTY LIMITED |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
STANNARY PROPERTY LIMITED (REGISTERED NUMBER: 06372488) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
STANNARY PROPERTY LIMITED (REGISTERED NUMBER: 06372488) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Stannary Property Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2020 | 600,996 |
Valuation in 2023 | (574,150 | ) |
Cost | 1,023,154 |
1,050,000 |
STANNARY PROPERTY LIMITED (REGISTERED NUMBER: 06372488) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | INVESTMENT PROPERTY - continued |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,023,154 | 1,023,154 |
Aggregate depreciation | (225,856 | ) | (212,570 | ) |
The property was revalued on 31 January 2023 based on a valuation by Sanderson Weatherall, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Amounts owed to associates | 180,000 | 180,000 |
Taxation and social security |
Other creditors |
6. | OTHER FINANCIAL COMMITMENTS |
The company is committed to ground rent payments under the terms of the leases it has entered into in respect of its investment property amounting to £278,800. |
7. | RELATED PARTY DISCLOSURES |
Included within creditors is £230,000 (2023: £280,000) owed to SPUC Pro-Life Limited, which is a shareholder of the company. This balance is interest free and there are no fixed terms for repayment. |
Included within creditors is £180,000 (2023: £210,000) owed to SPUC Education and Research Trust, which is a shareholder of the company. There are no fixed terms for repayment and £40,000 of this balance is interest free while the remainder is interest bearing. |