Company registration number 07687165 (England and Wales)
STANCOMBE PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
STANCOMBE PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STANCOMBE PROPERTY LTD
BALANCE SHEET
AS AT 29 JUNE 2024
29 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,832
10,721
Investment property
4
2,438,082
2,245,000
2,445,914
2,255,721
Current assets
Debtors
5
2,338
176
Cash at bank and in hand
260
22
2,598
198
Creditors: amounts falling due within one year
6
(1,700,343)
(1,439,691)
Net current liabilities
(1,697,745)
(1,439,493)
Total assets less current liabilities
748,169
816,228
Provisions for liabilities
(212,585)
(212,585)
Net assets
535,584
603,643
Capital and reserves
Called up share capital
200
200
Non-distributable profits reserve
7
906,282
906,282
Distributable profit and loss reserves
(370,898)
(302,839)
Total equity
535,584
603,643
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STANCOMBE PROPERTY LTD
BALANCE SHEET (CONTINUED)
AS AT 29 JUNE 2024
29 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Mr H West
Mrs S West
Director
Director
Company Registration No. 07687165
STANCOMBE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024
- 3 -
1
Accounting policies
Company information
Stancombe Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Stancombe Manor, Stancombe Farm, Sherford, Kingsbridge, TQ7 2BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent receivable on investment properties held by the company.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Fixtures and fittings
25% on reducing balance
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
STANCOMBE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 June 2023 and 29 June 2024
43,016
Depreciation and impairment
At 30 June 2023
32,295
Depreciation charged in the year
2,889
At 29 June 2024
35,184
Carrying amount
At 29 June 2024
7,832
At 29 June 2023
10,721
STANCOMBE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
3
Tangible fixed assets
(Continued)
- 5 -
Amounts have previously been capitalised as leasehold improvements in relation to the investment properties.
In order to ascertain a better understanding of the financial statements in the current period, these amounts have now been transferred out of leasehold improvements and into investment property additions.
In future years, any additions or improvements to existing investment properties will be classified as investment property additions and then investment properties are measured at fair value at each reporting date and any changes in fair value recognised in profit and loss.
4
Investment property
2024
£
Fair value
At 30 June 2023
2,245,000
Additions
193,082
At 29 June 2024
2,438,082
The investment properties were valued on an open market basis on 29th June 2024 by the directors following on from valuations given earlier in the period by Huntley and Partners LLP.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,338
176
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,213,435
1,099,313
Trade creditors
3,273
3,174
Other creditors
483,635
337,204
1,700,343
1,439,691
The company's loans are secured by fixed and floating charges over the company's investment and by guarantees given by the directors.
STANCOMBE PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2024
- 6 -
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
906,282
-
Non distributable profits in the year
-
906,282
At the end of the year
906,282
906,282