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Company No: 04860525 (England and Wales)

STEF PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

STEF PROPERTY MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

STEF PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
STEF PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR F P E Devonshire
SECRETARY J M Stream
REGISTERED OFFICE 122 Wigmore Street
3rd Floor
London
W1U 3RX
United Kingdom
COMPANY NUMBER 04860525 (England and Wales)
ACCOUNTANT Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
STEF PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
STEF PROPERTY MANAGEMENT LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,840 649
2,840 649
Current assets
Debtors 4 317,702 246,964
Cash at bank and in hand 5,240,223 1,963,539
5,557,925 2,210,503
Creditors: amounts falling due within one year 5 ( 4,190,371) ( 910,328)
Net current assets 1,367,554 1,300,175
Total assets less current liabilities 1,370,394 1,300,824
Net assets 1,370,394 1,300,824
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,370,392 1,300,822
Total shareholders' funds 1,370,394 1,300,824

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Stef Property Management Limited (registered number: 04860525) were approved and authorised for issue by the Director on 20 March 2025. They were signed on its behalf by:

F P E Devonshire
Director
STEF PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
STEF PROPERTY MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stef Property Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 122 Wigmore Street, 3rd Floor, London, W1U 3RX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents fees receivable from property management services rendered net of VAT.

Employee benefits

Short term 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 as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 6

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 9,990 9,990
Additions 3,290 3,290
Disposals ( 6,355) ( 6,355)
At 30 June 2024 6,925 6,925
Accumulated depreciation
At 01 July 2023 9,341 9,341
Charge for the financial year 1,099 1,099
Disposals ( 6,355) ( 6,355)
At 30 June 2024 4,085 4,085
Net book value
At 30 June 2024 2,840 2,840
At 30 June 2023 649 649

4. Debtors

2024 2023
£ £
Trade debtors 231,301 199,623
Amounts owed by connected companies 20,473 0
Other debtors 65,928 47,341
317,702 246,964

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 44,386 39,440
Amounts owed to connected companies 4,029,588 761,618
Taxation and social security 55,000 42,498
Other creditors 61,397 66,772
4,190,371 910,328

6. Related party transactions

During the year the company charged management fees of £582,200 (2023: £430,204) to the Devonshire Investment Holdings Limited group, a group of companies who have a common controlling party with the company.

The company also charged £55,876 (2023 : £38,130 ) in management fees to the service charge fund for a number of properties owned by the Devonshire Investment Holdings Limited group.

At the reporting date the amount owed to Devonshire Investment Holdings Limited was £4,029,588 (2023: £761,618) and the company was owed £20,473 (2023: £Nil) to other related parties.

All amount due to and from the related parties are interest free and repayable on demand.

7. Operating lease commitments

Lessee

2024 2023
£ £
Rental commitment 247,389 16,027

At the reporting end date the company had outstanding commitments for future minimum lease payments under non - cancellable operating leases.

8. Ultimate controlling party

The ultimate controlling party is F P E Devonshire by virtue of her shareholding.