Registered number:
04936085
Sterne Properties Limited
Filleted Accounts
5 April 2024
Sterne Properties Limited
Balance Sheet
5 April 2024
Company Registration Number: 04936085
Note 2024 2023
£ £
Fixed assets
Property, plant and equipment 7 28,918 15,587
Investment property 8 11,519,869 11,190,975
11,548,787 11,206,562
Current assets
Inventories 305,708 291,287
Debtors 9 459,222 462,926
Cash and cash equivalents 400,714 791,018
1,165,644 1,545,231
Creditors: Amounts falling due within one year 10 1,342,992 648,618
Net current assets / (liabilities) (177,348) 896,613
Total assets less current liabilities 11,371,439 12,103,175
Creditors: Amounts falling due after more than one year 11 3,895,089 4,904,434
Deferred tax liabilites 655,541 613,530
Net assets 6,820,809 6,585,211
Equity
Called up share capital 1,000 1,000
Share premium account 1,745,003 1,745,003
Retained earnings 5,074,806 4,839,208
6,820,809 6,585,211
For the year ended 5 April 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 accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file a profit and loss account has been taken.
These accounts were approved and authorised for issue on 20 December 2024.
R G L Sterne
Director
Sterne Properties Limited
Notes to the Accounts
Year ended 5 April 2024
1. Statutory information
Sterne Properties Limited (registration number 04936085) is a private company, limited by shares and incorporated in England and Wales. The registered office is Yew Tree House, Aldfield, Ripon, North Yorkshire, HG4 3BE.
2. Compliance with accounting standards
The accounts are prepared in accordance with the provisions of Section 1A of the Financial Reporting Standard 102 (FRS 102) and the Companies Act 2006. There were no material departures from the standard or the Act.
The presentation currency is £ sterling.
3. Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have been consistemntly applied within the same accounts.
Turnover
Turnover represents rents receivable under operating leases and income from property maintenance work exclusive of Value Added Tax.
Property, plant and equipment
Property, plant and equipment is stated at cost, net of depreciation and any provision for impairment. The annual rates and methods of depreciation are as follows:-
Plant and machinery 20% straight line basis
Investment property
Investment property is measured at fair value through profit or loss. Any surplus or deficit in fair value arising during the year recognised in the income statement.
Work in progress
Work in progress is stated at the lower of cost and net realisable value.
Sterne Properties Limited
Notes to the Accounts
Year ended 5 April 2024
3. Accounting policies (continued)
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.
Financial instruments
Basic financial instruments are recognised at amortised cost.
4. Employees
The average number of persons employed by the company (including directors) during the year was as follows:
2024 2023
No. No.
Total 3 3
5. Taxation
Analysis of tax charge
2024 2023
£ £
Current tax on income for the period 36,759 58,829
Deferred tax 42,011 235,373
Total tax on profit on ordinary activities 78,770 294,202
6. Intangible fixed assets
Goodwill
£
Cost
At 6 April 2023 and 5 April 2024 1
Amortisation
At 6 April 2023 and 5 April 2024 1
Net book value
At 6 April 2023 and 5 April 2024 -
Sterne Properties Limited
Notes to the Accounts
Year ended 5 April 2024
7. Property, plant and equipment
Plant and machinery
£
Cost
At 6 April 2023 57,659
Additions 19,903
At 5 April 2024 77,562
Depreciation
At 6 April 2023 42,072
Charge for the year 6,572
At 5 April 2024 48,644
Net book value
At 5 April 2023 15,587
At 5 April 2024 28,918
8. Investment property
Freehold investment property
£
Cost
At 6 April 2023 11,190,975
Additions 172,175
Disposals -
Revaluation 156,719
At 5 April 2024 11,519,869
The company's freehold investment property was valued on 5 April 2024 by the directors with reference to indepenedent professional advice. The basis of this valuation was current open market value.
The historical cost of freehold investment property is £8,412,479 (2023 - £8,360,544).
Freehold investment property with a carrying amount of £9,478,019 (2023 - £9,475,519) has been provided as security for the bank loans.
Sterne Properties Limited
Notes to the Accounts
Year ended 5 April 2024
9. Debtors
2024 2023
£ £
Trade debtors 9,924 409
Other debtors 435,860 452,024
Prepayments 13,438 10,493
459,222 462,926
10. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdraft 10,183 9,952
Trade creditors 16,988 33,155
Social security and other taxes 36,568 27,761
Other creditors 129,524 126,543
Corporation tax 93,730 117,873
Directors' loans 1,012,604 282,320
Accruals 43,395 51,014
1,342,992 648,618
11. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 3,160,591 4,169,936
Other creditors 734,498 734,498
3,895,089 4,904,434
12. Loans
Bank loans are as follows
2024 2023
£ £
Repayable by installments 23,274 32,388
Repayable other than by installments 3,147,500 4,147,500
3,170,774 4,179,888
Sterne Properties Limited
Notes to the Accounts
Year ended 5 April 2024
12. Loans (continued)
2024 2023
£ £
Analysis of loan installments
Due within one year 10,183 9,952
Due between one and two years 10,440 10,204
Due between two and five years 3,150,151 4,159,732
3,170,774 4,179,888
Security has been given by the company in respect of the bank loans
13. Related party transactions
M L Sterne, a director, continued to make funds available to the company. At the balance sheet date the amount due to M L Sterne was £1,012,604 (2023 - £282,320).
14. Controlling party
The company is controlled by M L Sterne and S F Sterne by virtue of their ownership of 100% of the company's issued share capital.
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