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Sterne Properties Limited |
Balance Sheet |
5 April 2024 |
Company Registration Number: 04936085 |
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Note |
2024 |
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2023 |
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£ |
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£ |
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Fixed assets |
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Property, plant and equipment |
7 |
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28,918 |
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15,587 |
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Investment property |
8 |
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11,519,869 |
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11,190,975 |
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11,548,787 |
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11,206,562 |
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Current assets |
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Inventories |
305,708 |
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291,287 |
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Debtors |
9 |
459,222 |
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462,926 |
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Cash and cash equivalents |
400,714 |
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791,018 |
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1,165,644 |
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1,545,231 |
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Creditors: Amounts falling due within one year |
10 |
1,342,992 |
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648,618 |
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Net current assets / (liabilities) |
(177,348) |
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896,613 |
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Total assets less current liabilities |
11,371,439 |
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12,103,175 |
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Creditors: Amounts falling due after more than one year |
11 |
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3,895,089 |
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4,904,434 |
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Deferred tax liabilites |
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655,541 |
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613,530 |
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Net assets |
6,820,809 |
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6,585,211 |
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Equity |
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Called up share capital |
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1,000 |
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1,000 |
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Share premium account |
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1,745,003 |
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1,745,003 |
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Retained earnings |
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5,074,806 |
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4,839,208 |
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6,820,809 |
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6,585,211 |
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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. |
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Directors' responsibilities: |
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- 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 |
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- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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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. |
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These accounts were approved and authorised for issue on 20 December 2024. |
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R G L Sterne |
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Director |
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Sterne Properties Limited |
Notes to the Accounts |
Year ended 5 April 2024 |
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1. |
Statutory information |
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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. |
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2. |
Compliance with accounting standards |
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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. |
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The presentation currency is £ sterling. |
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3. |
Accounting policies |
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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. |
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Turnover |
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Turnover represents rents receivable under operating leases and income from property maintenance work exclusive of Value Added Tax. |
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Property, plant and equipment |
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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:- |
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Plant and machinery |
20% straight line basis |
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Investment property |
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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. |
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Work in progress |
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Work in progress is stated at the lower of cost and net realisable value. |
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Sterne Properties Limited |
Notes to the Accounts |
Year ended 5 April 2024 |
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3. |
Accounting policies (continued) |
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Deferred tax |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. |
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Financial instruments |
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Basic financial instruments are recognised at amortised cost. |
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4. |
Employees |
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The average number of persons employed by the company (including directors) during the year was as follows: |
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2024 |
2023 |
No. |
No. |
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Total |
3 |
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3 |
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5. |
Taxation |
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Analysis of tax charge |
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2024 |
2023 |
£ |
£ |
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Current tax on income for the period |
36,759 |
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58,829 |
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Deferred tax |
42,011 |
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235,373 |
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Total tax on profit on ordinary activities |
78,770 |
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294,202 |
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6. |
Intangible fixed assets |
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Goodwill |
£ |
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Cost |
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At 6 April 2023 and 5 April 2024 |
1 |
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Amortisation |
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At 6 April 2023 and 5 April 2024 |
1 |
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Net book value |
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At 6 April 2023 and 5 April 2024 |
- |
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Sterne Properties Limited |
Notes to the Accounts |
Year ended 5 April 2024 |
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7. |
Property, plant and equipment |
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Plant and machinery |
£ |
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Cost |
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At 6 April 2023 |
57,659 |
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Additions |
19,903 |
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At 5 April 2024 |
77,562 |
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Depreciation |
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At 6 April 2023 |
42,072 |
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Charge for the year |
6,572 |
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At 5 April 2024 |
48,644 |
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Net book value |
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At 5 April 2023 |
15,587 |
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At 5 April 2024 |
28,918 |
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8. |
Investment property |
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Freehold investment property |
£ |
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Cost |
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At 6 April 2023 |
11,190,975 |
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Additions |
172,175 |
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Disposals |
- |
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Revaluation |
156,719 |
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At 5 April 2024 |
11,519,869 |
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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. |
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The historical cost of freehold investment property is £8,412,479 (2023 - £8,360,544). |
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Freehold investment property with a carrying amount of £9,478,019 (2023 - £9,475,519) has been provided as security for the bank loans. |
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Sterne Properties Limited |
Notes to the Accounts |
Year ended 5 April 2024 |
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12. |
Loans (continued) |
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2024 |
2023 |
£ |
£ |
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Analysis of loan installments |
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Due within one year |
10,183 |
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9,952 |
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Due between one and two years |
10,440 |
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10,204 |
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Due between two and five years |
3,150,151 |
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4,159,732 |
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3,170,774 |
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4,179,888 |
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Security has been given by the company in respect of the bank loans |
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13. |
Related party transactions |
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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). |
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14. |
Controlling party |
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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. |