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REGISTERED NUMBER: 14184286 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: M P Storey
M R Storey



SECRETARY: M P Storey



REGISTERED OFFICE: Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY



REGISTERED NUMBER: 14184286 (England and Wales)



SENIOR STATUTORY AUDITOR: David Rawlinson FCA FCCA



AUDITORS: Rawlinson Pryde Limited
Chartered Accountants and
Statutory Auditors
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
Turnover for the period was £11,285,673 (2023: £21,812,956), representing the sale of 25 (2023: 40) residential units for £10,961,097 (2023: £18,630,823) and income from a housing association under a building contract of £324,576 (2023: £3,182,133). Net profit before taxation for the period was £844,061 (2023: £1,430,777).

At 30 June 2024, the Group had one active development site at Bidwell Mews, Houghton Regis and this site has now been completed, with the final 2 units sold post 30 June 2024. The Group also had a site with permission to build 24 residential units but this site was sold undeveloped after the year end.

In view of the labour skills shortage and material supplies problems, affecting the building industry, the Group have ceased construction and now focus on land development.

PRINCIPAL RISKS AND UNCERTAINTIES
The availability and cost of finance to land developers is a risk to the industry. The Group has sought to mitigate this risk by reducing third party funding and only acquiring land that can be funded from internally generated cash or borrowings from related companies with common shareholders. At 30 June 2024, the Group had no third party (unrelated) borrowings.

In acquiring land for development there is a risk of changes in market conditions, affecting demand and valuations. The Group mitigates this risk by acquiring land in different regions; monitoring market trends and forecasts to adapt acquisition strategies; and maintaining flexibility to pause or pivot projects in volatile markets.

Land development is subject to regulatory risks, being changes in planning laws, environmental regulations, taxation, and Government policy. The Group mitigates these risks by engaging with regulatory bodies, local communities and participating in industry consultations; employing specialist land planning staff and external professional advisors to ensure compliance with changing laws; and conducting detailed feasibility assessments before acquiring land with a strong possibility of providing sustainable and environmentally compliant developments, in the medium to longer term.

ON BEHALF OF THE BOARD:





M R Storey - Director


28 January 2025

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of property developers.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

M P Storey
M R Storey

POLITICAL DONATIONS AND EXPENDITURE
Expenditure totalling £51,292 was reimbursed to M & M Supplies (UK) Plc, (who was acting as an agent) for political donations made in relation to the Conservative and Unionist Party.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M R Storey - Director


28 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED

Opinion
We have audited the financial statements of Storey Property Developments Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and political litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Performing audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit there is risk that we will not detect all irregularities including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David Rawlinson FCA FCCA (Senior Statutory Auditor)
for and on behalf of Rawlinson Pryde Limited
Chartered Accountants and
Statutory Auditors
Argent House
5 Goldington Road
Bedford
Bedfordshire
MK40 3JY

28 January 2025

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 JUNE 2024

Period
20.6.22
Year Ended to
30.6.24 30.6.23
Notes £    £   

TURNOVER 5 11,285,673 21,812,956

Cost of sales 9,142,226 18,301,531
GROSS PROFIT 2,143,447 3,511,425

Administrative expenses 1,523,790 1,915,063
619,657 1,596,362

Other operating income 6 41,336 58,158
OPERATING PROFIT 9 660,993 1,654,520

Interest receivable and similar income 11 192,579 11,257
853,572 1,665,777
Gain/loss on revaluation of investment
property

-

(235,000

)
853,572 1,430,777

Interest payable and similar expenses 12 9,511 -
PROFIT BEFORE TAXATION 844,061 1,430,777

Tax on profit 13 223,126 546,659
PROFIT FOR THE FINANCIAL YEAR 620,935 884,118

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

620,935

884,118

Profit attributable to:
Owners of the parent 620,935 884,118

Total comprehensive income attributable to:
Owners of the parent 620,935 884,118

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 15 5,206 16,246
Investments 16 - -
Investment property 17 225,000 225,000
230,206 241,246

CURRENT ASSETS
Stocks 18 5,736,665 9,101,880
Debtors 19 960,041 280,078
Prepayments and accrued income 22,026 151,324
Cash at bank and in hand 6,826,747 4,188,924
13,545,479 13,722,206
CREDITORS
Amounts falling due within one year 20 1,415,125 2,221,798
NET CURRENT ASSETS 12,130,354 11,500,408
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,360,560

11,741,654

PROVISIONS FOR LIABILITIES 23 104,619 106,648
NET ASSETS 12,255,941 11,635,006

CAPITAL AND RESERVES
Called up share capital 24 11,100,002 11,100,002
Merger reserve 25 (6,371,119 ) (6,371,119 )
Retained earnings 25 7,527,058 6,906,123
SHAREHOLDERS' FUNDS 12,255,941 11,635,006

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





M R Storey - Director


STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

COMPANY BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 15 - -
Investments 16 1,290,000 11,100,000
Investment property 17 - -
1,290,000 11,100,000

CURRENT ASSETS
Debtors 19 10,974,232 -
Cash in hand 2 2
10,974,234 2
CREDITORS
Amounts falling due within one year 20 3,752 2,644
NET CURRENT ASSETS/(LIABILITIES) 10,970,482 (2,642 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,260,482

11,097,358

CAPITAL AND RESERVES
Called up share capital 24 11,100,002 11,100,002
Retained earnings 25 1,160,480 (2,644 )
SHAREHOLDERS' FUNDS 12,260,482 11,097,358

Company's profit/(loss) for the financial
year

1,163,124

(2,644

)

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





M R Storey - Director


STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Merger Total
capital earnings reserve equity
£    £    £    £   

Changes in equity
Increase in share capital 11,100,002 - - 11,100,002
Transfer between reserves - - (6,371,119 ) (6,371,119 )
Acquisition in subsidiary - 6,022,005 - 6,022,005
Total comprehensive income - 884,118 - 884,118
Balance at 30 June 2023 11,100,002 6,906,123 (6,371,119 ) 11,635,006

Changes in equity
Total comprehensive income - 620,935 - 620,935
Balance at 30 June 2024 11,100,002 7,527,058 (6,371,119 ) 12,255,941

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Increase in share capital 11,100,002 - 11,100,002
Total comprehensive income - (2,644 ) (2,644 )
Balance at 30 June 2023 11,100,002 (2,644 ) 11,097,358

Changes in equity
Total comprehensive income - 1,163,124 1,163,124
Balance at 30 June 2024 11,100,002 1,160,480 12,260,482

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

Period
20.6.22
Year Ended to
30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,732,609 7,964,181
Interest paid (9,511 ) -
Tax paid (477,179 ) -
Taxation refunded 58,693 44,637
Taxation refundable (200,573 ) -
Net cash from operating activities 3,104,039 8,008,818

Cash flows from investing activities
Sale of tangible fixed assets - 1
Interest received 192,579 11,257
Net cash from investing activities 192,579 11,258

Cash flows from financing activities
New loans in year (658,795 ) -
Loan repayments in year - (7,892,138 )
Amount introduced by directors - 1
Share issue - 2
Net cash from financing activities (658,795 ) (7,892,135 )

Increase in cash and cash equivalents 2,637,823 127,941
Cash and cash equivalents at beginning
of year

2

4,188,924

4,060,983

Cash and cash equivalents at end of
year

2

6,826,747

4,188,924

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit before taxation 844,061 1,430,777
Depreciation charges 11,041 20,806
Loss on disposal of fixed assets - 1,621
Loss on revaluation of fixed assets - 235,000
Finance costs 9,511 -
Finance income (192,579 ) (11,257 )
672,034 1,676,947
Decrease in stocks 3,365,215 9,039,740
Decrease in trade and other debtors 252,672 94,197
Decrease in trade and other creditors (557,312 ) (2,846,703 )
Cash generated from operations 3,732,609 7,964,181

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 6,826,747 4,188,924
Period ended 30 June 2023
30.6.23 20.6.22
£    £   
Cash and cash equivalents 4,188,924 4,060,983


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 4,188,924 2,637,823 6,826,747
4,188,924 2,637,823 6,826,747
Total 4,188,924 2,637,823 6,826,747

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Storey Property Developments Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Summary of significant accounting policies
A summary of the significant accounting policies adopted by the group and the company is given in the following paragraphs. The policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires company management to exercise judgement in applying the company's accounting policies.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented it's own Statement of Income and Retained Earnings in these financial statements.

Going Concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the full results of business combinations using the merger method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. Consolidation ceases from the date on which control ceases.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met fully before revenue is recognised:

Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue is measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can me measured reliably;
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - The period of the lease
Plant and machinery - 20% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Investment property
Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.

Investments in subsidiaries
Investments in subsidiaries are measured at the fair value.

Merger reserve
The merger reserve reflects the difference between the fair value of the assets acquired and the nominal value of the shares issued.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provision for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Interest costs
Interest costs are recognised in work in progress using the effective interest method, and charged to the profit and loss account when units are sold.

Finance costs
Finance costs are charged to work in progress over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are also recognised in work in progress. Both are charged to the profit and loss account when units are sold.

Borrowing costs
All borrowing costs are recognised in the profit or loss in the year in which they are incurred.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Total site costs are spread over all private and social units, based on the expected margin of development in aggregate. Social housing is part of the planning requirement for the development and would not have the required revenue to support its own allocation of land costs.

Land stock is recognised at the time a liability is recognised; generally after exchange of unconditional contracts.

At each reporting date an assessment is made for impairment. Any excess of the carrying amount of the stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss. Reversals of impairment losses are also recognised in the profit and loss.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method less impairment.

Cash and cash equivalents
Cash is represented by cash and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cashflow, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

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.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment or to provide termination benefits.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows, discounted at market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:

- at fair value with changes recognised in the Statement of Income and Retained Earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;

- at cost less impairment for all other investments.

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 Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.


STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Operating leases: the group as lessee
Rentals paid under operation leases are charged to the profit and loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term unless another systematic basics is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in the profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Private dwellings 10,961,097 18,630,823
Building contracts 324,576 3,182,133
11,285,673 21,812,956

6. OTHER OPERATING INCOME
Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Rents received 23,050 57,337
Sundry receipts 18,286 821
41,336 58,158

7. EMPLOYEES AND DIRECTORS
Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Wages and salaries 931,638 1,232,760
Other pension costs 59,140 77,774
990,778 1,310,534

The average number of employees during the year was as follows:
Period
20.6.22
Year Ended to
30.6.24 30.6.23

Sales and administration 10 14

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

8. DIRECTORS' EMOLUMENTS
Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Directors' remuneration - -
Directors' pension contributions to money purchase schemes 20,000 20,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

9. OPERATING PROFIT

The operating profit is stated after charging:

Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Other operating leases 36,542 57,715
Depreciation - owned assets 11,041 20,806
Loss on disposal of fixed assets - 1,621
Formation costs 240 -

10. AUDITORS' REMUNERATION
Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

20,000

19,250
Total audit fees 20,000 19,250

11. INTEREST RECEIVABLE AND SIMILAR INCOME
Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Deposit account interest 181,210 8,055
Corporation tax interest 11,369 3,202
192,579 11,257

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Other interest 9,146 -
Corporation tax interest 365 -
9,511 -

13. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 225,155 356,013
Under/(over) provision in
previous years - 193,260
Total current tax 225,155 549,273

Deferred tax (2,029 ) (2,614 )
Tax on profit 223,126 546,659

UK corporation tax has been charged at 25 % (2023 - 20.50 %).

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

13. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
20.6.22
Year Ended to
30.6.24 30.6.23
£    £   
Profit before tax 844,061 1,430,777
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 20.496 %)

211,015

293,252

Effects of:
Expenses not deductible for tax purposes 12,210 10,914
Depreciation in excess of capital allowances 2,180 3,684
Adjustments to tax charge in respect of previous periods - 193,260
Deferred tax movement (2,029 ) (2,614 )
Revaluation loss - 48,166
Adjustment for profits subject to tax at the marginal or small profits rate
(250

)

-
Tax rate rounding - (3 )
Total tax charge 223,126 546,659

14. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

15. TANGIBLE FIXED ASSETS

Group
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 July 2023 58,623 26,912 85,535
Disposals - (9,190 ) (9,190 )
At 30 June 2024 58,623 17,722 76,345
DEPRECIATION
At 1 July 2023 52,342 16,947 69,289
Charge for year 6,281 4,760 11,041
Eliminated on disposal - (9,191 ) (9,191 )
At 30 June 2024 58,623 12,516 71,139
NET BOOK VALUE
At 30 June 2024 - 5,206 5,206
At 30 June 2023 6,281 9,965 16,246

16. FIXED ASSET INVESTMENTS

Company
Shares in
group
£   
COST
At 1 July 2023 11,100,000
Additions 2
Impairments (9,810,004 )
Reclassification/transfer 2
At 30 June 2024 1,290,000
NET BOOK VALUE
At 30 June 2024 1,290,000
At 30 June 2023 11,100,000

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

16. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Storey Property Developments Limited
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY
Nature of business: Property Developer
%
Class of shares: holding
Ordinary 100.00

On 31 May 2024, a declaration of solvency made under s.642 and s.643 of the Companies Act 2006, was made to transfer the share premium account to the retained reserves.

Storey Property Developments (One) Limited
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY
Nature of business: Property Developer
%
Class of shares: holding
Ordinary 100.00

The company is a subsidiary of Storey Property Developments Limited.

Storey Property Developments (Two) Limited
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY
Nature of business: Property Developer
%
Class of shares: holding
Ordinary 100.00

The company is a subsidiary of Storey Property Developments Limited.

Storey Property Developments (Three) Limited
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY
Nature of business: Property Developer
%
Class of shares: holding
Ordinary 100.00

The company is a subsidiary of Storey Property Developments Limited.

Storey Strategic Land Limited
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY
Nature of business: Land Promoter
%
Class of shares: holding
Ordinary 100.00

On 9 May 2024, the company was transferred within the group by way of a no gain no loss transfer from being a 100% subsidiary of Storey Property Developments Limited to a subsidiary company owned 100% by Storey Property Developments Holdings Limited.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

16. FIXED ASSET INVESTMENTS - continued

Storey Property Development Assets Limited
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY
Nature of business: Land Promoter
%
Class of shares: holding
Ordinary 100.00

The company was incorporated on 14 November 2023 and is a subsidiary of Storey Property Developments Holdings Limited.


17. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 225,000
NET BOOK VALUE
At 30 June 2024 225,000
At 30 June 2023 225,000

As at the balance sheet date listed investments are stated at fair value. The investment property was valued at an open market basis on 30 June 2024 by the Directors of the company.

The property was professionally valued by Kirkby Diamond for £435,000 at the balance sheet date. Previous marketing resulted in substantially lower offers, hence the directors are of the opinion the fair value is £225,000.

If the Investment property has been accounted for under the historic cost accounting rules, the value of the property would be £Nil (2023: £Nil).

18. STOCKS

Group
30.6.24 30.6.23
£    £   
Stocks 5,736,665 9,101,880

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

19. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Amounts owed by group undertakings - - 10,974,232 -
Other debtors 5,500 76,075 - -
Amounts due from related party 658,795 - - -
Tax 284,006 139,464 - -
VAT 11,740 64,539 - -
960,041 280,078 10,974,232 -

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade creditors 108,609 388,931 - -
Amounts owed to group undertakings - - 2 144
Tax 106,651 356,013 - -
Social security and other taxes 16,984 71,301 - -
Other creditors 295,709 542,366 - -
Accruals and deferred income 887,172 863,187 3,750 2,500
1,415,125 2,221,798 3,752 2,644

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

21. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.6.24 30.6.23
£    £   
Within one year - 21,666

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

22. FINANCIAL INSTRUMENTS

Group Company
30.06.24 30.06.23 30.06.24 30.06.23
£ £
Financial assets
Financial assets measured at fair value
through the profit and loss

225,000


225,000


-


-


Financial assets measured at amortised
cost

12,768,778


11,326,877


10,974,232


2

Financial assets that are debt instruments measured at amortised cost comprise cash, trade debtors, other debtors and amounts owed by group undertakings.

Group Company
30.06.24 30.06.23 30.06.24 30.06.23
£ £
Financial liabilities
Financial liabilities measured at amortised 1,288,884 1,096,754 3,752 2,644
cost


Financial liabilities measured at amortised cost comprise bank loans, other loans, trade creditors, other creditors, accruals and amounts owed to group undertakings.

23. PROVISIONS FOR LIABILITIES

Group
30.6.24 30.6.23
£    £   
Deferred tax 104,619 106,648

Group
Deferred
tax
£   
Balance at 1 July 2023 106,648
Credit to Statement of Comprehensive Income during year (2,029 )
Balance at 30 June 2024 104,619

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
11,100,002 Ordinary £1 11,100,002 11,100,002

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

STOREY PROPERTY DEVELOPMENTS
HOLDINGS LIMITED (REGISTERED NUMBER: 14184286)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

25. RESERVES

Group
Retained Merger
earnings reserve Totals
£    £    £   

At 1 July 2023 6,906,123 (6,371,119 ) 535,004
Profit for the year 620,935 - 620,935
At 30 June 2024 7,527,058 (6,371,119 ) 1,155,939

Company
Retained
earnings
£   

At 1 July 2023 (2,644 )
Profit for the year 1,163,124
At 30 June 2024 1,160,480

The merger reserve reflects the difference between the fair value of the assets acquired and the nominal value of the shares issued when the group was created subsequent to the restructuring and de-merger of M & M (MK) Ltd.

Retained earnings comprise all current and prior period retained profits and losses.

26. PENSION COMMITMENTS

The charge to the profit and loss in respect of defined contribution schemes was £59,140 (2023: £77,774). As at the balance sheet date the company had a pension creditor of £1,844 (2023: £5,802).

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

27. RELATED PARTY DISCLOSURES

During the year the group undertook the following transactions:

Other related parties
30.6.24 30.6.23
£    £   
Sales 40 40
Purchases made by the subsidiary from other companies controlled
by the directors

173,242

63,282
The group received interest from another company owned by the
directors

14,369

2,141
Amounts due from related party 658,795 -

28. POST BALANCE SHEET EVENTS

On the 5 July 2024 the Storey Property Developments (Two) Limited sold its remaining land for £2,595,000, which is held in stocks at a net realisable value of £2,539,264 at the balance sheet date.