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Registered number: 00757177
Henry Streeter (Automotive) Limited
Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 00757177
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,455 3,069
Investment Properties 5 6,625,000 6,625,000
6,627,455 6,628,069
CURRENT ASSETS
Stocks 9,150,157 9,150,157
Debtors 6 1,324,496 1,321,650
Cash at bank and in hand 5,271,711 5,347,088
15,746,364 15,818,895
Creditors: Amounts Falling Due Within One Year 7 (11,770,795 ) (11,862,850 )
NET CURRENT ASSETS (LIABILITIES) 3,975,569 3,956,045
TOTAL ASSETS LESS CURRENT LIABILITIES 10,603,024 10,584,114
Creditors: Amounts Falling Due After More Than One Year 8 (210,000 ) (210,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (266,391 ) (266,544 )
NET ASSETS 10,126,633 10,107,570
CAPITAL AND RESERVES
Called up share capital 600 600
Fair value reserve 12 797,332 797,332
Profit and Loss Account 9,328,701 9,309,638
SHAREHOLDERS' FUNDS 10,126,633 10,107,570
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These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr C McCoy
Director
4th February 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Henry Streeter (Automotive) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00757177 . The registered office is 2 Station Road West, Oxted, Surrey, RH8 9EP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Turnover
Turnover represents rent receivable, service charges and insurance charged to the tenants net of value added tax.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.4. Investment Properties
Investment property is included at market fair value. Gains & Losses are recognised in the income statement.
2.5. Stocks and Work in Progress
Stocks represent land and buildings under development, valued at cost.
2.6. Financial Instruments
i)Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
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2.6. Financial Instruments - continued
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate
2.10. Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
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4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 June 2023 14,620
As at 31 May 2024 14,620
Depreciation
As at 1 June 2023 11,551
Provided during the period 614
As at 31 May 2024 12,165
Net Book Value
As at 31 May 2024 2,455
As at 1 June 2023 3,069
5. Investment Property
2024
£
Fair Value
As at 1 June 2023 and 31 May 2024 6,625,000
2024 2023
£ £
Cost 5,561,893 5,561,893
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,682 51,860
Amounts owed by group undertakings 1,321,822 1,268,798
Other debtors 992 992
1,324,496 1,321,650
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 22,207 35,891
Amounts owed to group undertakings 11,355,751 11,456,571
Other creditors 197,197 180,207
Taxation and social security 195,640 190,181
11,770,795 11,862,850
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 210,000 210,000
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 266,544 266,544
Deferred taxation (153 ) (153 )
Balance at 31 May 2024 266,391 266,391
10. Contingent Liabilities
The company has given an unlimited guarantee in respect of bank overdrafts for certain other group undertakings.
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 55,000 55,000
Later than one year and not later than five years 41,250 96,250
96,250 151,250
Lessor: At the reporting end date the company had contracted with tennants for the minimum lease payments 2024 : £3,996,869 (2023: £5,272,153)
12. Reserves
Fair Value Reserve
£
As at 1 June 2023 797,332
As at 31 May 2024 797,332
13. Related Party Transactions
Henry Streeter Ltd - a parent company. During the year the company made intergroup transfers to Henry Streeter Ltd of £47,309 (2023 - £Nil) and paid expenses on their behalf of £2,545 (2023 - £4,135). The balance owed from Henry Streeter Ltd at the balance sheet date is £479,022 (2023 - £429,168).
Henry Streeter (Sunbury) Ltd - a fellow subsidiary. During the year the company received intergroup transfers from Henry Streeter (Sunbury) Ltd of £225,228 (2023 - £267,613), made transfers to Henry Steeter (Sunbury) Ltd of £220,877 (2023 - £Nil) and made payments on behalf of Henry Streeter (Sunbury) Limited of £2,170 (2023 - £6,010). The balance owing to Henry Streeter (Sunbury) Ltd at the balance sheet date is £1,188,487 (2023 - £1,186,306).
Henry Streeter (Sand & Ballast) Ltd - a fellow subsidiary. Henry Streeter (Sand & Ballast) also made transfers to the company of £5,501 (2023 - £2,002,377) and paid expenses of £16,498 (2023 - £12,971). The balance owing to Henry Streeter (Sand & Ballast) Ltd at the balance sheet date is £10,292,264 (2022 - £10,270,265).
Henry Streeter (Transport) Ltd - a fellow subsidiary. During the year the company paid expenses on behalf of Henry Streeter (Transport) Limited of £2,445 (2023 - £4,635). The balance owed from Henry Streeter (Transport) Ltd at the balance sheet date is £338,370 (2023 - £335,925).
Fees were paid during the year to trustees of the ultimate controlling party in exchange for services provided of £106,351 (2023 - £105,481). £Nil was outstanding at the year end.
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13. Related Party Transactions - continued
McKenzies ATS Ltd, a company Mr C McCoy is a director and shareholder. During the year the company made purchases from McKenzies ATS Ltd of £24,135 (2023 - £27,675). The balance owing to McKenzies ATS Ltd at the balance sheet date is £Nil (2023 - £Nil).
McKenzies Accountancy Ltd, a company Mr C McCoy is a director and shareholder. During the year the company made purchases from McKenzies Accountancy Ltd of £63,245 (2023 - £43,805). The balance owing to McKenzies Accountancy Ltd at the balance sheet date is £12,720 (2023 - £Nil).
14. Ultimate Controlling Party
The ultimate controlling party is The Freddie Green & Family Charitable Foundation.
The director regards Henry Streeter Limited, registered in England and Wales, as the immediate parent company.
15. Audit Information
The auditor's report on the accounts of Henry Streeter (Automotive) Limited for the year ended 31 May 2024 was unqualified.
The auditor's report was signed by Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP , Statutory Auditor.
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
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