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REGISTERED NUMBER: 08257183 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

STREET PROPERTY (HOLDINGS) LIMITED

STREET PROPERTY (HOLDINGS) LIMITED (REGISTERED NUMBER: 08257183)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


STREET PROPERTY (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: P J French
A M Munday
R H McCullough





SECRETARY: A M Munday





REGISTERED OFFICE: Suite 2
West Hill House
West Hill
Epsom
Surrey
KT19 8JD





REGISTERED NUMBER: 08257183 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

STREET PROPERTY (HOLDINGS) LIMITED (REGISTERED NUMBER: 08257183)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 2,880
Investment property 6 55,721,901 54,908,601
55,721,901 54,911,481

CURRENT ASSETS
Debtors 7 63,580 58,536
Cash at bank 2,778 5,351
66,358 63,887
CREDITORS
Amounts falling due within one year 8 31,317,341 30,712,296
NET CURRENT LIABILITIES (31,250,983 ) (30,648,409 )
TOTAL ASSETS LESS CURRENT LIABILITIES 24,470,918 24,263,072

CREDITORS
Amounts falling due after more than one year 9 (10,000,000 ) (10,000,000 )

PROVISIONS FOR LIABILITIES 11 (1,896,354 ) (1,965,579 )
NET ASSETS 12,574,564 12,297,493

CAPITAL AND RESERVES
Called up share capital 12 2 2
Fair value reserve 13 5,925,472 5,896,666
Retained earnings 13 6,649,090 6,400,825
SHAREHOLDERS' FUNDS 12,574,564 12,297,493

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:





A M Munday - Director


STREET PROPERTY (HOLDINGS) LIMITED (REGISTERED NUMBER: 08257183)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Street Property (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the 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" including the provisions of Section 1A "Small Entities" 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 as modified by the revaluation of certain assets.

Significant judgements and estimates
Accounting policies which have a significant bearing on the reported financial position and results of the company may require subjective or complex judgements.

The principal on-going area of judgement is the investment property valuation where the director's opinion of fair value based on experience, yield analysis and comparison with similar properties has been obtained at each reporting date.

Deferred tax is directly and indirectly impacted by the estimation uncertainty arising within the investment
property valuation through the timing difference that exists between the valuation and the tax base cost of the properties and if relevant, the March 1982 property valuation is also utilised in arriving at the tax base cost for certain of the investment properties.

Turnover
Turnover represents rents receivable and other income net of VAT.

Revenue is recognised with reference to time as the period of rental progresses so that the amount of revenue reflects the actual right to consideration by reference to the period of rental covered. Rent not billed is included in debtors and payments on account, rent received in excess of the relevant amount of revenue is deferred to future periods to which it relates and included in deferred income within creditors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Investment property
Investment properties are measured at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Cash at bank is measured at transaction price.

Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

Bank loans are initially measured at transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method.


STREET PROPERTY (HOLDINGS) LIMITED (REGISTERED NUMBER: 08257183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

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.

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.

Share capital
Ordinary shares are classified as equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023
and 31 May 2024 106,048
DEPRECIATION
At 1 June 2023 103,168
Charge for year 2,880
At 31 May 2024 106,048
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 2,880

STREET PROPERTY (HOLDINGS) LIMITED (REGISTERED NUMBER: 08257183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 54,908,601
Additions 853,719
Revaluations (40,419 )
At 31 May 2024 55,721,901
NET BOOK VALUE
At 31 May 2024 55,721,901
At 31 May 2023 54,908,601

Included in investment properties is an investment property under construction which is included at cost for £920,000.

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2015 39,892,399
Valuation in 2016 4,166,001
Valuation in 2017 (78,000 )
Valuation in 2018 11,427,000
Valuation in 2019 (2,693,800 )
Valuation in 2020 516,000
Valuation in 2021 192,580
Valuation in 2022 3,223,870
Valuation in 2023 (1,737,449 )
Valuation in 2024 813,300
55,721,901

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 47,900,077 47,046,358

Investment properties were valued at fair value on 31 May 2024 by the directors. Investment property with a carrying value of £26,546,900 (2023 - £26,219,700) has been pledged as security for the company's bank loans.

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Other debtors 38,580 23,536

Amounts falling due after more than one year:
Other debtors 25,000 35,000

Aggregate amounts 63,580 58,536

STREET PROPERTY (HOLDINGS) LIMITED (REGISTERED NUMBER: 08257183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 31,005,979 30,326,622
Taxation and social security 79,322 69,247
Other creditors 232,040 316,427
31,317,341 30,712,296

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 10,000,000 10,000,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans 780,000 10,000,000

Bank loans are secured by fixed charges over certain investment properties. An unlimited guarantee is also provided by Renatus Property Management Limited, a company under common control.

10. SECURED DEBTS

Bank loans are secured by fixed charges over certain investment properties.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,896,354 1,965,579

Deferred
tax
£   
Balance at 1 June 2023 1,965,579
Provided during year (69,225 )
Balance at 31 May 2024 1,896,354

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

STREET PROPERTY (HOLDINGS) LIMITED (REGISTERED NUMBER: 08257183)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


13. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 6,400,825 5,896,666 12,297,491
Profit for the year 277,071 277,071
Fair value transfer (28,806 ) 28,806 -
At 31 May 2024 6,649,090 5,925,472 12,574,562

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Askew (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

15. RELATED PARTY DISCLOSURES

During the period the company paid management charges of £303,096 (2023 - £314,306) to Renatus Property Management Limited, a company under common control, for services rendered.

The amount due to Renatus Property Management Limited, shown under creditors, amounts to £30,105,641 (2023 - £29,426,284). No interest is payable on the balance.

Included in creditors is an amount of £900,337 (2023 - £900,337) due to Angeleon (Holdings) Limited, a company under common control. No interests is payable on the balance.

16. POST BALANCE SHEET EVENTS

After the year end, the company is in the process of constructing an investment property at an estimated cost exceeding £1 million.

17. ULTIMATE CONTROLLING PARTY

At the balance sheet date, the company was a wholly controlled subsidiary of The Street Family Group of Companies (Holdings) Limited, a company registered in England and Wales. The ultimate parent company is The Street Family Group of Companies Limited, a company incorporated in Jersey which is controlled by a discretionary trust.