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Registration number: 04335665

Storey Homes Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Storey Homes Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Storey Homes Ltd

Company Information

Directors

K Donouzjian

E Sales

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd 590 Green Lanes
Palmers Green
London
N13 5RY

 

Storey Homes Ltd

(Registration number: 04335665)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,340

7,465

Investment property

5

1,429,433

1,429,433

 

1,436,773

1,436,898

Current assets

 

Debtors

6

2,650

1,653

Cash at bank and in hand

 

9,313

28,164

 

11,963

29,817

Creditors: Amounts falling due within one year

7

(19,067)

(38,233)

Net current liabilities

 

(7,104)

(8,416)

Total assets less current liabilities

 

1,429,669

1,428,482

Creditors: Amounts falling due after more than one year

7

(566,640)

(566,640)

Net assets

 

863,029

861,842

Capital and reserves

 

Called up share capital

8

2

2

Capital redemption reserve

1

1

Retained earnings

863,026

861,839

Shareholders' funds

 

863,029

861,842

 

Storey Homes Ltd

(Registration number: 04335665)
Balance Sheet as at 30 November 2024

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 

.........................................
K Donouzjian
Director

 

Storey Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
87 Ulleswater Road
London
N14 7BN

These financial statements were authorised for issue by the Board on 17 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts derived from rents charged to tenants during the period and is recognised at the date the rental period occured. This is stated after trade discounts and other sales taxes.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Storey Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

Not depreciated

Fixtures, fittings and equipment

25% Reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the company directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors represent amounts due from tenants in respect of rents for the occupation of land and property.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Storey Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Storey Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2023

21,392

21,392

Additions

2,321

2,321

At 30 November 2024

23,713

23,713

Depreciation

At 1 December 2023

13,927

13,927

Charge for the year

2,446

2,446

At 30 November 2024

16,373

16,373

Carrying amount

At 30 November 2024

7,340

7,340

At 30 November 2023

7,465

7,465

5

Investment properties

2024
£

At 1 December

1,429,433

At 30 November

1,429,433

Investment property is valued based on an assessment of the property and the market by the company directors

6

Debtors

Current

2024
£

2023
£

Prepayments

2,650

1,653

 

2,650

1,653

 

Storey Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,659

32,259

Other payables

 

1,500

1,500

Accruals

 

2,444

1,510

Income tax liability

4,464

2,964

 

19,067

38,233

Due after one year

 

Loans and borrowings

566,640

566,640

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

566,640

566,640

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

2

2

2

2

       

9

Dividends

2024

2023

£

£

Interim dividend of £7,700.00 (2023 - £3,000.00) per ordinary share

15,400

6,000

 

 
 

Storey Homes Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

10

Related party transactions

Summary of transactions with other related parties


Included in creditors is an amount of £10,659 (2023: £32,259) owed to the directors of the company.