REGISTERED NUMBER: |
STRUTH PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
STRUTH PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
STRUTH PROPERTIES LIMITED (REGISTERED NUMBER: 13309099) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
STRUTH PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
STRUTH PROPERTIES LIMITED (REGISTERED NUMBER: 13309099) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 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 |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
( |
) |
NET ASSETS/(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. |
STRUTH PROPERTIES LIMITED (REGISTERED NUMBER: 13309099) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
STRUTH PROPERTIES LIMITED (REGISTERED NUMBER: 13309099) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Struth Properties Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number is 13309099. The registered office address is the Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company had net assets of £1,065 (2023: net liabilities of £3,356) at the year end. Included within current liabilities is a directors' loan account balance of £111,148. The directors have confirmed the repayment of this balance will not be sought until the company is in a position to repay it. The directors have assessed the business risks faced by the company and are satisfied that it is well placed to manage these risks. Accordingly, the directors are satisfied that the financial statements are correctly prepared on the going concern basis. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
Determining the fair value of investment property is considered to be a key judgement. |
Revenue |
Revenue comprises rental income from the letting of residential property. Rental income is recognised evenly over the respective lease terms. |
Investment property |
Investment properties are recognised at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
STRUTH PROPERTIES LIMITED (REGISTERED NUMBER: 13309099) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The investment properties were valued at fair value at 30 April 2024 based on a valuation by the directors. The directors consider the fair value of the properties to be equal to their historic cost. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
STRUTH PROPERTIES LIMITED (REGISTERED NUMBER: 13309099) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
Bank loans are secured against the properties of the company to which they relate. |