REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
STOREY PROPERTY DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
STOREY PROPERTY DEVELOPMENTS LIMITED |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
STOREY PROPERTY DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The Company has not prepared consolidated financial statements for the year ended 30 June 2024, as it is exempt from doing so because Storey Property Development Holdings Limited, as the ultimate parent company, prepares consolidated financial statements for the Storey Property Group ('Group'). Accordingly, this strategic report relates only to the business of the Company. |
The Company's business is the provision of staff, office facilities and other administrative and supporting costs, to other companies within the Group. Management fee income for the year was £1,600,000 (2023 £2,100,000). With the receipt of a dividend of £2,000,000 from a subsidiary company, profit before tax for the year was £2,639,801 (2023 loss £773,900). |
On 31 May 2024, the Company made a declaration of solvency and the shareholders passed a special resolution to reduce the share premium from £4,728,878 to £0. This reduction in share premium was paid to the shareholders of the Company, being surplus to the Company's capital requirement. |
The Company also paid additional dividends of £6,250,000 (2023 £nil) in the year. |
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: |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principle activity of the company continued to be that of property developers. |
DIVIDENDS |
Total dividends paid for the year ended 30 June 2024 were £10,978,878. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 company'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 company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STOREY PROPERTY DEVELOPMENTS LIMITED |
Opinion |
We have audited the financial statements of Storey Property Developments Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 June 2024 and of its 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 company 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 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 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. |
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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STOREY PROPERTY DEVELOPMENTS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the 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 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 company or to cease operations, or have no realistic alternative but to do so. |
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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STOREY PROPERTY DEVELOPMENTS LIMITED |
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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
Argent House |
5 Goldington Road |
Bedford |
Bedfordshire |
MK40 3JY |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 5 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
410,294 | (608,315 | ) |
Other operating income | 6 |
OPERATING PROFIT/(LOSS) | 9 | ( |
) |
Income from shares in group undertakings |
Interest receivable and similar income | 11 |
2,188,171 | 11,257 |
2,639,801 | (538,900 | ) |
Gain/loss on revaluation of investment property |
- |
(235,000 |
) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 12 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 14 |
Investments | 15 |
Investment property | 16 |
CURRENT ASSETS |
Debtors | 17 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 21 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Share premium | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 June 2023 |
Changes in equity |
Transfer between reserves | - | 4,728,878 | (4,728,878 | ) | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 30 June 2024 |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Decrease/(increase) owed by group |
(Decrease)/increase owed to group |
Tax paid | ( |
) |
Taxation refund |
Net cash from operating activities |
Cash flows from investing activities |
Sale of tangible fixed assets |
Interest received |
Dividends received |
Net cash from investing activities |
Cash flows from financing activities |
Amount introduced by directors | - | 1 |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,633,337 |
Cash and cash equivalents at end of year |
2 |
6,435,229 |
2,725,607 |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Loss on disposal of fixed assets |
Loss on revaluation of fixed assets | - | 235,000 |
Finance income | (2,188,171 | ) | (11,257 | ) |
462,671 | (527,730 | ) |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) | ( |
) |
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 | 6,435,229 | 2,725,607 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 2,725,607 | 1,633,337 |
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 | 2,725,607 | 3,709,622 | 6,435,229 |
2,725,607 | 6,435,229 |
Total | 2,725,607 | 3,709,622 | 6,435,229 |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Storey Property Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
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. |
Preparation of consolidated financial statements |
The financial statements contain information about Storey Property Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Storey Property Developments Holdings Limited, Argent House, 5 Goldington Road, Bedford, MK40 3JY. |
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. |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
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 |
Short leasehold | - |
Plant and machinery | - |
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. |
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. |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE 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 Company 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 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 balance sheet date. |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE 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. |
Defined contributions pension plan |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under the which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations |
The contributions are recognised as an expense in the profit or 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 company in independently administered funds. |
Operating leases |
Rentals paid under operating leases are charged to the profit or loss on a straight-line basis over the lease term. |
Benefits received and receivable are an incentive to sign an operating lease are recognised on a straight-line basis over the term of lease term, unless another systematic basis is representative of the time time pattern of the lessee's benefit from the use of the leased asset. |
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. |
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. |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
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. |
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. |
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, estimate 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 the current and future period. |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | TURNOVER |
The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.6.24 | 30.6.23 |
£ | £ |
6. | OTHER OPERATING INCOME |
30.6.24 | 30.6.23 |
£ | £ |
Rents received |
Sundry income | 18,286 | 821 |
41,336 | 58,158 |
7. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Sales and administration |
8. | DIRECTORS' EMOLUMENTS |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging: |
30.6.24 | 30.6.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
10. | AUDITORS' REMUNERATION |
30.6.24 | 30.6.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
7,250 |
7,250 |
11. | INTEREST RECEIVABLE AND SIMILAR INCOME |
30.6.24 | 30.6.23 |
£ | £ |
Deposit account interest |
Corporation tax interest |
12. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax |
Under/(over) provision in |
previous years | - | 193,260 |
Total current tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit/(loss) |
UK corporation tax has been charged at 25% (2023 - 20.50%). |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods |
Other timing differences leading to an increase (decrease) in the tax charge | (2,029 |
) |
(2,614 |
) |
Group loss relief | (2,029 | ) | (55,077 | ) |
Revaluation loss | - | 48,166 |
Total tax charge | 90,828 | 198,625 |
13. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Interim |
14. | TANGIBLE FIXED ASSETS |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | FIXED ASSET INVESTMENTS |
Shares in |
group |
£ |
COST |
At 1 July 2023 |
Reclassification/transfer | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year | ( |
) |
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | FIXED ASSET INVESTMENTS - continued |
Registered office: Argent House, 5 Goldington Road, Bedford, MK40 3JY |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) |
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. |
16. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
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). |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Amounts due from related party | 658,795 | - |
Tax |
VAT |
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. |
19. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
20. | FINANCIAL INSTRUMENTS |
30.6.24 | 30.6.23 |
£ | £ |
Financial assets |
Financial assets measured at fair value through the profit or loss | 225,000 | 225,000 |
Financial assets measured at amortised cost | 12,180,711 | 9,155,477 |
Financial assets that are debt instruments measured at amortised cost comprise cash, trade debtors, other debtors and amounts owed by group undertakings. |
Financial liabilities |
Financial assets measured at amortised cost | 11,187,175 | 283,822 |
Financial liabilities measured at amortised cost comprise bank loans, other loans, trade creditors, other creditors, accruals and amounts owed to group undertakings. |
21. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax | 104,619 | 106,648 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2024 |
STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 3 | 3 |
23. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 July 2023 | 9,558,914 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
Transfer between reserves | 4,728,878 | (4,728,878 | ) | - |
At 30 June 2024 | 1,129,009 |
On the 31 May 2024, the company made a declaration of solvency and passed a shareholders' special resolution to reduce the share premium of the company from £4,728,878 to £0. This amount was paid to the shareholders of the company as being in excess of the company's requirements. |
24. | 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. |
25. | RELATED PARTY DISCLOSURES |
30.6.24 | 30.6.23 |
£ | £ |
Sales |
Purchases |
The company received interest from another company owned by the directors |
14,369 |
2,141 |
Amounts due from related party |
26. | ULTIMATE CONTROLLING PARTY |
The immediate and ultimate parent company is Storey Property Developments Holdings Limited, which is controlled by Matthew Storey and Mark Storey. |
Storey Property Developments Holdings Limited prepares consolidated financial statements and its registered office is Argent House, 5 Goldington Road, Bedford, MK40 3JY. |