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REGISTERED NUMBER: 07848231 (England and Wales)







GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

STOFORD PROPERTIES LIMITED

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


STOFORD PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D P Gallagher
J Craig
G Ludlow
A Morgan
M J Burgin
J Russell





SECRETARY: J Craig





REGISTERED OFFICE: 26-28 Ludgate Hill
Birmingham
B3 1DX





REGISTERED NUMBER: 07848231 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their strategic report of the company and the group for the year ended 30 June 2024.

Principal activity

The principal activity of the group is property development and the management of property development projects for third parties.

REVIEW OF BUSINESS
The group has continued to trade well.
The management team is a stable, long serving team with a flexible and dynamic outlook.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs Unit 2024 2023
Turnover £ 100,215,482 182,567,275
Profit before tax £ 8,394,796 21,837,256
Cash at bank and in hand £ 41,562,887 20,985,848

PRINCIPAL RISKS AND UNCERTAINTIES
Management of project risk is Stoford's principal business activity. Risk is identified within each project and managed to an acceptable level and thoroughly monitored throughout the progress of the scheme. Risk is therefore progressively eroded by active risk and uncertainty beyond its control. The business responds to this risk by closely monitoring market performance and reacting accordingly.

The company does not presently have any bank borrowings, relying entirely on funds from within the group and the funds of purchasers of those investments created by the business.

ENERGY AND CARBON REPORT
This report meets the climate-related financial disclosure requirements per the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and is in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities.

EMISSIONS AND ENERGY CONSUMPTION
During the year ended 30 June 2024, Stoford Properties Limited recorded greenhouse gas emissions from:

- Combustion of gas for office heating of 2.04 tonnes of CO2e per year (2023: 1.82 tonnes)

- Combustion of vehicle fuel for transport of 2.78 tonnes of CO2e per year (2023: 3.14 tonnes)

- Purchase of electricity by the company for its own use of 4.98 tonnes of CO2e per year (2023: 4.92 tonnes)

CO2e emissions have been calculated as follows:

- Combustion of gas for office heating: by applying conversion factors (supplied by the UK Government) to actual kWh consumed,

- Combustion of vehicle fuel for transport: by applying conversion factors (supplied by the UK Government) to estimated kWh consumed (based upon an average vehicle efficiency of 4 miles per kWh),

- Purchase of electricity by the company for its own use: by applying conversion factors (supplied by the UK Government) to actual kWh consumed.

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


Intensity Ratio

CO2e emissions relative to group activity

This is Tonnes of CO2e emitted annually per £1m of group turnover. During the year ended 30 June 2024 this was 9.78% (2023: 5.41%).

ON BEHALF OF THE BOARD:





J Craig - Director


19 February 2025

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £357,000 (2022: £230,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

D P Gallagher
J Craig
G Ludlow
A Morgan
M J Burgin
J Russell

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
The auditors, Prime, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



J Craig - Director


19 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOFORD PROPERTIES LIMITED


Opinion
We have audited the financial statements of Stoford Properties Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 June 2024 and of the group's 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 group 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 group's and the parent 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 Group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOFORD PROPERTIES LIMITED


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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 group's and the parent 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 group or the parent 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOFORD PROPERTIES LIMITED


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Kevin Johns BSc FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

4 March 2025

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 100,215,482 182,567,275

Cost of sales 87,157,081 154,039,415
GROSS PROFIT 13,058,401 28,527,860

Administrative expenses 5,858,963 6,739,850
OPERATING PROFIT 6 7,199,438 21,788,010

Interest receivable and similar income 1,195,385 70,132
8,394,823 21,858,142

Interest payable and similar expenses 7 27 20,887
PROFIT BEFORE TAXATION 8,394,796 21,837,255

Tax on profit 8 2,197,930 4,565,850
PROFIT FOR THE FINANCIAL YEAR 6,196,866 17,271,405
Profit attributable to:
Owners of the parent 6,185,550 17,260,578
Non-controlling interests 11,316 10,827
6,196,866 17,271,405

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 6,196,866 17,271,405


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

6,196,866

17,271,405

Total comprehensive income attributable to:
Owners of the parent 6,185,550 17,260,578
Non-controlling interests 11,316 10,827
6,196,866 17,271,405

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 7,920 37,410
Investments 12
Interest in joint venture
Share of gross assets 10,100 10,100
10,100 10,100
Other investments 1,097 -
19,117 47,510

CURRENT ASSETS
Stocks 13 5,602,976 5,315,936
Debtors 14 13,032,902 36,566,491
Cash at bank and in hand 41,562,887 20,985,848
60,198,765 62,868,275
CREDITORS
Amounts falling due within one year 15 15,806,559 24,335,328
NET CURRENT ASSETS 44,392,206 38,532,947
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,411,323

38,580,457

CAPITAL AND RESERVES
Called up share capital 17 1,120 1,120
Retained earnings 18 44,407,401 38,578,851
44,408,521 38,579,971

NON-CONTROLLING INTERESTS 2,802 486
TOTAL EQUITY 44,411,323 38,580,457

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





J Craig - Director


STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

COMPANY BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 7,920 37,410
Investments 12 32,918 36,019
40,838 73,429

CURRENT ASSETS
Stocks 13 3,772,976 5,022,467
Debtors 14 7,807,274 17,851,007
Cash at bank 40,896,147 17,964,889
52,476,397 40,838,363
CREDITORS
Amounts falling due within one year 15 8,246,824 2,414,169
NET CURRENT ASSETS 44,229,573 38,424,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,270,411

38,497,623

CAPITAL AND RESERVES
Called up share capital 17 1,120 1,120
Retained earnings 18 44,269,291 38,496,503
44,270,411 38,497,623

Company's profit for the financial year 6,129,788 17,264,941

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





J Craig - Director


STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 July 2022 1,120 21,548,273 21,549,393 659 21,550,052

Changes in equity
Dividends - (230,000 ) (230,000 ) (11,000 ) (241,000 )
Total comprehensive income - 17,260,578 17,260,578 10,827 17,271,405
Balance at 30 June 2023 1,120 38,578,851 38,579,971 486 38,580,457

Changes in equity
Dividends - (357,000 ) (357,000 ) (9,000 ) (366,000 )
Total comprehensive income - 6,185,550 6,185,550 11,316 6,196,866
Balance at 30 June 2024 1,120 44,407,401 44,408,521 2,802 44,411,323

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 1,120 21,461,562 21,462,682

Changes in equity
Dividends - (230,000 ) (230,000 )
Total comprehensive income - 17,264,941 17,264,941
Balance at 30 June 2023 1,120 38,496,503 38,497,623

Changes in equity
Dividends - (357,000 ) (357,000 )
Total comprehensive income - 6,129,788 6,129,788
Balance at 30 June 2024 1,120 44,269,291 44,270,411

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 21,959,022 10,515,702
Interest paid (27 ) (20,887 )
Tax paid (2,153,189 ) (4,444,952 )
Net cash from operating activities 19,805,806 6,049,863

Cash flows from investing activities
Purchase of tangible fixed assets - (5,610 )
Interest received 1,128,233 70,132
Net cash from investing activities 1,128,233 64,522

Cash flows from financing activities
Amount withdrawn by directors - (4,443,662 )
Equity dividends paid (357,000 ) (241,000 )
Net cash from financing activities (357,000 ) (4,684,662 )

Increase in cash and cash equivalents 20,577,039 1,429,723
Cash and cash equivalents at
beginning of year

2

20,985,848

19,556,125

Cash and cash equivalents at end of
year

2

41,562,887

20,985,848

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 8,394,796 21,837,255
Depreciation charges 29,490 55,150
Finance costs 27 20,887
Finance income (1,195,385 ) (70,132 )
7,228,928 21,843,160
(Increase)/decrease in stocks (287,040 ) 257,699
Decrease/(increase) in trade and other debtors 23,541,251 (6,315,822 )
Decrease in trade and other creditors (8,524,117 ) (5,269,335 )
Cash generated from operations 21,959,022 10,515,702

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 41,562,887 20,985,848
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 20,985,848 19,556,125


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 20,985,848 20,577,039 41,562,887
20,985,848 20,577,039 41,562,887
Total 20,985,848 20,577,039 41,562,887

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Stoford Properties 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30th June 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisitions date. Any excess of the cost of the business combination over the acquirers interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries which are related parties are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholders share of changes in equity since the date of the combination.

Entities in which the group holds an interest on a long term basis and are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the gross equity method.

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date in the adjustment is probable and can be measured reliably.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Contract revenue recognition
Where the right to receive contract revenues has become unconditional prior to the period end, and the outcome of a contract can be measured reliably, the related revenue is recognised in proportion to the completion of the contract work. Completion is measured by reference to the time actually incurred on the works as a proportion of the total time forecast to be incurred, where this is considered to give a true and fair reflection. Otherwise, completion is measured by reference to the costs actually incurred on the works as a proportion of the total costs forecast to be incurred.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Based on their assessments of perceived market demand for properties similar in nature and location to the development projects being undertaken by the group, management are confident that the recoverable value of the group's work in progress exceeds its carrying value. The carrying amount is £5,602,976 (2023: £5,315,939).

The group recognises accrued income by reference to the total costs forecast to be incurred on contracts that were in progress at the end of the reporting period. Therefore the total costs expected to be taken to complete these projects is a key source of estimation uncertainty. The carrying amount is £8,245,352 (2023: £27,792,888).

4. TURNOVER

Turnover has all been generated from within the UK and is attributable to the principal activity of the group.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,423,977 4,218,449
Social security costs 441,309 575,831
Other pension costs 317,928 79,404
4,183,214 4,873,684

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration and support 16 16
Directors 6 6
22 22

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration 630,181 544,604
Directors' pension contributions to money purchase schemes 261,389 19,028

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 6 6

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 208,651 128,716
Pension contributions to money purchase schemes 39,776 6,732

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery - 7,781
Depreciation - owned assets 29,490 55,150
Profit on disposal of fixed assets (1,698 ) (301 )
Auditors' remuneration 84,400 73,500

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 7,587
Corporation tax interest 27 13,300
27 20,887

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 2,197,930 4,565,850
Tax on profit 2,197,930 4,565,850

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 8,394,796 21,837,255
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 20.500 %)

2,098,699

4,476,637

Effects of:
Expenses not deductible for tax purposes 99,231 89,213
Total tax charge 2,197,930 4,565,850

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS

2024 2023
£ £
Interim dividends 357,000 230,000

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 258,959 29,025 287,984
DEPRECIATION
At 1 July 2023 228,629 21,945 250,574
Charge for year 26,050 3,440 29,490
At 30 June 2024 254,679 25,385 280,064
NET BOOK VALUE
At 30 June 2024 4,280 3,640 7,920
At 30 June 2023 30,330 7,080 37,410

Company
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 258,959 29,025 287,984
DEPRECIATION
At 1 July 2023 228,629 21,945 250,574
Charge for year 26,050 3,440 29,490
At 30 June 2024 254,679 25,385 280,064
NET BOOK VALUE
At 30 June 2024 4,280 3,640 7,920
At 30 June 2023 30,330 7,080 37,410

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 July 2023 - 10,100 10,100
Additions 1,097 - 1,097
At 30 June 2024 1,097 10,100 11,197
NET BOOK VALUE
At 30 June 2024 1,097 10,100 11,197
At 30 June 2023 - 10,100 10,100
Company
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 July 2023 25,919 10,100 36,019
Disposals (3,101 ) - (3,101 )
At 30 June 2024 22,818 10,100 32,918
NET BOOK VALUE
At 30 June 2024 22,818 10,100 32,918
At 30 June 2023 25,919 10,100 36,019

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. FIXED ASSET INVESTMENTS - continued

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

Subsidiary

Stoford Group
Registered office:
Nature of business:
%
Class of shares: holding

Group
Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Proportion of voting rights and shares held
Name of undertakingHolding20242023
Stoford Gorcott LimitedOrdinary £1 shares100%100%
Stoford (Worcester) LimitedOrdinary £1 shares100%100%
Stoford (Winyates) LimitedOrdinary £1 shares100%100%
Cotmore Park Thame Management Company
Limited
Ordinary £1 shares100%100%
Redditch Gateway Infrastructure LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 8A LimitedOrdinary £1 shares100%100%
Worcester Six Management Company LimitedOrdinary £1 shares100%100%
Stoford Developments LimitedOrdinary £1 shares100%100%
Stoford (Thame Strategic Land) LimitedOrdinary £1 shares100%100%
Stoford Gadbrook LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 9 Limited (Dissolved 16
May 2023)
Ordinary £1 shares-100%
Stoford Enfield Limited (Dissolved 14 May 2024)Ordinary £1 shares100%100%
Stoford Planning LimitedA Ordinary £1 shares95%95%
Stoford Worcester Plot 10B LimitedOrdinary £1 shares100%100%
Stoford Oldbury LimitedOrdinary £1 shares100%100%
Stoford Exeter Gateway DC3 Limited (Dissolved
12 March 2024)
Ordinary £1 shares100%100%
Stoford Digbeth LimitedOrdinary £1 shares100%100%
Stoford Exeter Gateway DC4 Limited (Dissolved
2 January 2024)
Ordinary £1 shares100%100%
Stoford Worcester Plot 6A, LimitedOrdinary £1 shares100%100%
Stoford Stafford Unit A LimitedOrdinary £1 shares100%100%
Stafford North Business Park LimitedOrdinary £1 shares100%100%
Stoford Telford Limited (Dissolved 23 April 2024)Ordinary £1 shares100%100%
Stoford (Halesowen) LimitedOrdinary £1 shares100%100%
Stoford Andover LimitedOrdinary £1 shares100%100%
Stoford (Newmarket) LimitedOrdinary £1 shares100%100%
Stoford Hooton LimitedOrdinary £1 shares100%100%
Stoford Exeter Gateway DC 9 LimitedOrdinary £1 shares100%100%
Redditch Gateway Management Limited
(Dissolved 15 August 2023)
Ordinary £1 shares100%100%
Stoford Worcester Plot 7 LimitedOrdinary £1 shares100%100%
Stoford (Middlewich) LimitedOrdinary £1 shares100%100%

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. FIXED ASSET INVESTMENTS - continued
Stoford Wolverhampton 1 LimitedOrdinary £1 shares100%100%
Stoford Ellesmere Port LimitedOrdinary £1 shares100%100%
Stoford (I54) Land LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 10C LimitedOrdinary £1 shares100%100%
Stoford Worcester Plot 12 LimitedOrdinary £1 shares100%100%
Exeter Gateway Management Company LimitedOrdinary £1 shares100%100%
Stoford Rugby LimitedOrdinary £1 shares100%100%
Stoford Fradley LimitedOrdinary £1 shares100%100%

Joint ventures
Gallan Stoford Liverpool LimitedOrdinary £1 shares50%50%
Stoford Gallan Crick LimitedOrdinary £1 shares50%50%
Stoford Alderley (Chippenham) LimitedA Ordinary £1 shares50%50%

The registered office address of all subsidiary and joint venture undertakings is:
26-28 Ludgate Hill, Birmingham, B3 1DX


13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Work-in-progress 5,602,976 5,315,936 3,772,976 5,022,467

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,257,746 7,651,325 125,932 218,294
Amounts owed by group undertakings - - 4,486,879 2,077,979
Amounts owed by participating interests 170,019 32,497 170,121 32,496
Other debtors - 564,776 - 63,496
Tax 42,470 88,404 29,220 60,209
Accrued income 8,245,352 27,792,888 2,677,807 14,961,932
Prepayments 317,315 436,601 317,315 436,601
13,032,902 36,566,491 7,807,274 17,851,007

Amounts owed from group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 5,453,016 16,097,062 806,896 246,758
Amounts owed to group undertakings 30,338 - 7,072,469 25,930
Amounts owed to participating interests - 1,977,304 - 1,970,086
Tax 20,226 21,419 - -
Social security and other taxes 73,345 101,395 73,345 101,395
VAT 1,416,118 2,866,472 82,073 -
Other creditors 7,555 - 7,555 -
Accrued expenses 8,805,961 3,271,676 204,486 70,000
15,806,559 24,335,328 8,246,824 2,414,169

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 91,918 89,981
Between one and five years 132,155 203,411
224,073 293,392

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 91,918 89,981
Between one and five years 132,155 203,411
224,073 293,392

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


17. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Number: Class: Nominal 2024 2023
value: £ £
160 Ordinary A £1 160 160
160 Ordinary B £1 160 160
160 Ordinary C £1 160 160
160 Ordinary D £1 160 160
160 Ordinary E £1 160 160
160 Ordinary F £1 160 160
40 Ordinary G £1 40 40
80 Ordinary H £1 80 80
40 Ordinary I £1 40 40
1,120 1,120


18. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 38,578,851
Profit for the year 6,185,550
Dividends (357,000 )
At 30 June 2024 44,407,401

Company
Retained
earnings
£   

At 1 July 2023 38,496,503
Profit for the year 6,129,788
Dividends (357,000 )
At 30 June 2024 44,269,291


19. RELATED PARTY DISCLOSURES

Company

The company has taken advantage of the exemption, provided in paragraph 33.1A of FRS 102, from reporting particulars of transactions with other wholly-owned members of the group.

STOFORD PROPERTIES LIMITED (REGISTERED NUMBER: 07848231)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


19. RELATED PARTY DISCLOSURES - continued

Entities over which the group has control, joint control or significant influence
2024 2023
£    £   
Amount due from related parties - 32,496
Amount due to related parties - 1,977,304

Joint Ventures



Entities with joint
control or significant
influence


Joint Ventures


2024 2023 2024 2023
£ £ £ £
At start of period 11,375 59,950 20,000 15,000
Advanced - - 150,000 5,000
Repaid (11,254 ) - - -
Impairment - (48,575 ) - -
At end of period 121 11,375 170,000 20,000

20. ULTIMATE CONTROLLING PARTY

The company's immediate parent is Great Charles Street Properties Limited, incorporated in England.

The ultimate parent and controlling party is Ludgate Hill Properties Limited, incorporated in England. The most senior parent entity producing publicly available financial statements is Ludgate Hill Properties Limited. These financial statements are available upon request from Companies House.