IRIS Accounts Production v24.3.2.46 04835672 Board of Directors 1.7.23 30.6.24 30.6.24 true true false true true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh048356722023-06-30048356722024-06-30048356722023-07-012024-06-30048356722022-06-30048356722022-07-012023-06-30048356722023-06-3004835672ns15:EnglandWales2023-07-012024-06-3004835672ns14:PoundSterling2023-07-012024-06-3004835672ns10:Director12023-07-012024-06-3004835672ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3004835672ns10:FRS1022023-07-012024-06-3004835672ns10:Audited2023-07-012024-06-3004835672ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3004835672ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3004835672ns10:FullAccounts2023-07-012024-06-3004835672ns10:OrdinaryShareClass12023-07-012024-06-3004835672ns10:Director22023-07-012024-06-3004835672ns10:CompanySecretary12023-07-012024-06-3004835672ns10:RegisteredOffice2023-07-012024-06-3004835672ns5:CurrentFinancialInstruments2024-06-3004835672ns5:CurrentFinancialInstruments2023-06-3004835672ns5:ShareCapital2024-06-3004835672ns5:ShareCapital2023-06-3004835672ns5:SharePremium2024-06-3004835672ns5:SharePremium2023-06-3004835672ns5:RetainedEarningsAccumulatedLosses2024-06-3004835672ns5:RetainedEarningsAccumulatedLosses2023-06-3004835672ns5:ShareCapital2022-06-3004835672ns5:RetainedEarningsAccumulatedLosses2022-06-3004835672ns5:SharePremium2022-06-3004835672ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3004835672ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-300483567212023-07-012024-06-300483567212022-07-012023-06-300483567222023-07-012024-06-300483567222022-07-012023-06-300483567242023-07-012024-06-300483567242022-07-012023-06-3004835672ns5:ShortLeaseholdAssetsns5:LandBuildings2023-07-012024-06-3004835672ns5:PlantMachinery2023-07-012024-06-300483567212023-07-012024-06-3004835672ns5:ReportableOperatingSegment32023-07-012024-06-3004835672ns5:ReportableOperatingSegment32022-07-012023-06-3004835672ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-07-012024-06-3004835672ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-07-012023-06-3004835672ns5:OwnedAssets2023-07-012024-06-3004835672ns5:OwnedAssets2022-07-012023-06-3004835672ns10:OrdinaryShareClass12022-07-012023-06-3004835672ns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-3004835672ns5:PlantMachinery2023-06-3004835672ns5:ShortLeaseholdAssetsns5:LandBuildings2024-06-3004835672ns5:PlantMachinery2024-06-3004835672ns5:ShortLeaseholdAssetsns5:LandBuildings2023-06-3004835672ns5:PlantMachinery2023-06-3004835672ns5:CostValuation2023-06-3004835672ns5:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestments2024-06-3004835672ns5:CostValuation2024-06-3004835672ns5:Subsidiary12023-07-012024-06-3004835672ns5:Subsidiary112023-07-012024-06-3004835672ns5:Subsidiary12024-06-3004835672ns5:Subsidiary12023-06-3004835672ns5:Subsidiary12022-07-012023-06-3004835672ns5:Subsidiary22023-07-012024-06-30048356723ns5:Subsidiary22023-07-012024-06-3004835672ns5:Subsidiary22024-06-3004835672ns5:Subsidiary22023-06-3004835672ns5:Subsidiary22022-07-012023-06-3004835672ns5:Subsidiary32023-07-012024-06-3004835672ns5:Subsidiary352023-07-012024-06-3004835672ns5:Subsidiary32024-06-3004835672ns5:Subsidiary32023-06-3004835672ns5:Subsidiary32022-07-012023-06-3004835672ns5:Subsidiary42023-07-012024-06-30048356727ns5:Subsidiary42023-07-012024-06-3004835672ns5:Subsidiary42024-06-3004835672ns5:Subsidiary42023-06-3004835672ns5:Subsidiary42022-07-012023-06-3004835672ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3004835672ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3004835672ns5:CurrentFinancialInstruments2023-07-012024-06-3004835672ns5:WithinOneYear2024-06-3004835672ns5:WithinOneYear2023-06-3004835672ns5:DeferredTaxation2023-06-3004835672ns5:DeferredTaxation2023-07-012024-06-3004835672ns5:DeferredTaxation2024-06-3004835672ns10:OrdinaryShareClass12024-06-3004835672ns5:RetainedEarningsAccumulatedLosses2023-06-3004835672ns5:SharePremium2023-06-3004835672ns5:OtherRelatedParties2023-07-012024-06-3004835672ns5:OtherRelatedParties2022-07-012023-06-3004835672ns5:OtherRelatedParties2024-06-3004835672ns5:OtherRelatedParties2023-06-30
REGISTERED NUMBER: 04835672 (England and Wales)















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: M P Storey
M R Storey



SECRETARY: M P Storey



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



REGISTERED NUMBER: 04835672 (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 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:





M R Storey - Director


28 January 2025

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.

M P Storey
M R Storey

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:





M R Storey - Director


28 January 2025

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.




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 LIMITED (REGISTERED NUMBER: 04835672)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   

TURNOVER 5 1,600,000 2,100,000

Cost of sales 22,046 37,002
GROSS PROFIT 1,577,954 2,062,998

Administrative expenses 1,167,660 2,671,313
410,294 (608,315 )

Other operating income 6 41,336 58,158
OPERATING PROFIT/(LOSS) 9 451,630 (550,157 )

Income from shares in group
undertakings

2,000,000

-
Interest receivable and similar income 11 188,171 11,257
2,188,171 11,257
2,639,801 (538,900 )
Gain/loss on revaluation of investment
property

-

(235,000

)
PROFIT/(LOSS) BEFORE TAXATION 2,639,801 (773,900 )

Tax on profit/(loss) 12 90,828 198,625
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

2,548,973

(972,525

)

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 2,548,973 (972,525 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,548,973

(972,525

)

STOREY PROPERTY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04835672)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 14 5,206 16,246
Investments 15 104 106
Investment property 16 225,000 225,000
230,310 241,352

CURRENT ASSETS
Debtors 17 5,761,275 8,572,892
Prepayments and accrued income 10,977 117,849
Cash at bank and in hand 6,435,229 2,725,607
12,207,481 11,416,348
CREDITORS
Amounts falling due within one year 18 11,204,160 1,992,135
NET CURRENT ASSETS 1,003,321 9,424,213
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,233,631

9,665,565

PROVISIONS FOR LIABILITIES 21 104,619 106,648
NET ASSETS 1,129,012 9,558,917

CAPITAL AND RESERVES
Called up share capital 22 3 3
Share premium 23 - 4,728,878
Retained earnings 23 1,129,009 4,830,036
SHAREHOLDERS' FUNDS 1,129,012 9,558,917

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 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 3 5,802,561 4,728,878 10,531,442

Changes in equity
Total comprehensive income - (972,525 ) - (972,525 )
Balance at 30 June 2023 3 4,830,036 4,728,878 9,558,917

Changes in equity
Transfer between reserves - 4,728,878 (4,728,878 ) -
Dividends - (10,978,878 ) - (10,978,878 )
Total comprehensive income - 2,548,973 - 2,548,973
Balance at 30 June 2024 3 1,129,009 - 1,129,012

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 (323,048 ) (1,154,366 )
Decrease/(increase) owed by group 1,881,087 2,190,740
(Decrease)/increase owed to group 10,974,250 -
Tax paid (31,961 ) -
Taxation refund - 44,637
Net cash from operating activities 12,500,328 1,081,011

Cash flows from investing activities
Sale of tangible fixed assets 1 1
Interest received 188,171 11,257
Dividends received 2,000,000 -
Net cash from investing activities 2,188,172 11,258

Cash flows from financing activities
Amount introduced by directors - 1
Equity dividends paid (10,978,878 ) -
Net cash from financing activities (10,978,878 ) 1

Increase in cash and cash equivalents 3,709,622 1,092,270
Cash and cash equivalents at beginning
of year

2

2,725,607

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 2,639,801 (773,900 )
Depreciation charges 11,041 20,806
Loss on disposal of fixed assets - 1,621
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 (447,903 ) (82,983 )
Decrease in trade and other creditors (337,816 ) (543,653 )
Cash generated from operations (323,048 ) (1,154,366 )

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 3,709,622 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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.

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
£    £   
Management charges 1,600,000 2,100,000
1,600,000 2,100,000

6. OTHER OPERATING INCOME
30.6.24 30.6.23
£    £   
Rents received 23,050 57,337
Sundry income 18,286 821
41,336 58,158

7. EMPLOYEES AND DIRECTORS
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:
30.6.24 30.6.23

Sales and administration 10 14

8. DIRECTORS' EMOLUMENTS
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

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 36,542 57,715
Depreciation - owned assets 11,041 20,806
Loss on disposal of fixed assets - 1,621

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 181,210 8,055
Corporation tax interest 6,961 3,202
188,171 11,257

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 92,857 7,979
Under/(over) provision in
previous years - 193,260
Total current tax 92,857 201,239

Deferred tax (2,029 ) (2,614 )
Tax on profit/(loss) 90,828 198,625

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 2,639,801 (773,900 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 20.496%)

659,950

(158,619

)

Effects of:
Expenses not deductible for tax purposes (67,244 ) 169,825
Income not taxable for tax purposes (500,000 ) -
Depreciation in excess of capital allowances 2,180 3,684
Adjustments to tax charge in respect of previous periods - 193,260
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 10,978,878 -

14. TANGIBLE FIXED ASSETS
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

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 106
Reclassification/transfer (2 )
At 30 June 2024 104
NET BOOK VALUE
At 30 June 2024 104
At 30 June 2023 106

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

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
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 5,153 (4,013 )
Profit/(loss) for the year 9,166 (3,142 )

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
30.6.24 30.6.23
£    £   
Aggregate capital and reserves (457,749 ) (775,327 )
Profit/(loss) for the year 317,578 (261,135 )

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
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 166,490 2,089,548
Profit for the year 76,942 1,350,035

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

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
30.6.24 30.6.23
£    £   
Aggregate capital and reserves - (6,699 )
Loss for the year - (1,800 )

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 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).

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Amounts owed by group undertakings 5,014,651 8,312,168
Other debtors 5,500 76,075
Amounts due from related party 658,795 -
Tax 70,589 139,464
VAT 11,740 45,185
5,761,275 8,572,892

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 68,641 200,088
Amounts owed to group undertakings 10,974,250 1,416,430
Tax - 7,979
Social security and other taxes 16,984 71,301
Other creditors 10,347 67,870
Accruals and deferred income 133,938 228,467
11,204,160 1,992,135

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 - 21,666

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 106,648
Credit to Income Statement during year (2,029 )
Balance at 30 June 2024 104,619

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: £    £   
3 Ordinary £1 3 3

23. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 July 2023 4,830,036 4,728,878 9,558,914
Profit for the year 2,548,973 - 2,548,973
Dividends (10,978,878 ) - (10,978,878 )
Transfer between reserves 4,728,878 (4,728,878 ) -
At 30 June 2024 1,129,009 - 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

Other related parties
30.6.24 30.6.23
£    £   
Sales 40 40
Purchases 173,242 63,282
The company received interest from another company owned by the
directors

14,369

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

The amount due from other related party, is unsecured, interest free and repayable on demand.

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.