Standard Engineering Property Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 11913994

Standard Engineering Property Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2024

Standard Engineering Property Limited

Financial Statements

Year ended 31 July 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Standard Engineering Property Limited

Officers and Professional Advisers

THE BOARD OF DIRECTORS	K A Malyon
	I R M Holliday

COMPANY SECRETARY	K Harrison

REGISTERED OFFICE	10 Garrard Way
	Telford Way Industrial Estate
	Kettering
	Northamptonshire
	NN16 8TD

ACCOUNTANTS	Streets
	Chartered Accountants
	Potton House
	Wyboston Lakes
	Great North Road
	Wyboston
	Bedford
	MK44 3BZ

BANKERS	HSBC
	13-14 Sloane Square
	London
	SW1W 8SB

Standard Engineering Property Limited

Statement of Financial Position

31 July 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	850,000	850,000

Current assets

Debtors	5	100	100
Cash at bank and in hand		817	817
		----	----
		917	917

Creditors: amounts falling due within one year	6	322,884	317,921
		----------	----------
Net current liabilities		321,967	317,004
		----------	----------
Total assets less current liabilities		528,033	532,996

Creditors: amounts falling due after more than one year	7	338,869	373,119

Provisions	8	24,260	22,768
		----------	----------
Net assets		164,904	137,109
		----------	----------

Capital and reserves

Called up share capital	100	100
Investment revaluation reserve	50,466	50,466
Profit and loss account	114,338	86,543
	----------	----------
Shareholders funds	164,904	137,109
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;

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

Standard Engineering Property Limited

Statement of Financial Position (continued)

31 July 2024

These financial statements were approved by the board of directors and authorised for issue on 5 April 2025 , and are signed on behalf of the board by:

K A Malyon	I R M Holliday
Director	Director

Company registration number: 11913994

Standard Engineering Property Limited

Notes to the Financial Statements

Year ended 31 July 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Garrard Way, Telford Way Industrial Estate, Kettering, Northamptonshire, NN16 8TD.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company is reliant on the continued support of related parties. The directors are confident that the support will continue to be sufficient to meet the requirements of the company and the financial statements have therefore been prepared on a going concern basis.

Revenue recognition

Turnover represents rents receivable by the company accounted for on an accruals basis, net of value added tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is recognised in the profit or loss for the year and then transferred into an investment revaluation reserve.

4. Tangible assets

	Investment properties
	£
Cost or valuation
At 1 August 2023 and 31 July 2024	850,000
	----------
Depreciation
At 1 August 2023 and 31 July 2024	–
	----------
Carrying amount
At 31 July 2024	850,000
	----------
At 31 July 2023	850,000
	----------

The investment property has been valued by the directors on an open market value basis at the reporting date. The historical cost of investment property is £782,712 (2023: £782,712).

5. Debtors

	2024	2023
	£	£
Other debtors	100	100
	----	----

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	33,040	30,423
Trade creditors	–	135
Other creditors	289,844	287,363
	----------	----------
	322,884	317,921
	----------	----------

Bank loans and overdrafts are secured by a fixed charge over the company's assets.

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	338,869	373,119
	----------	----------

Bank loans and overdrafts are secured by a fixed charge over the company's assets.

Included within creditors: amounts falling due after more than one year is an amount of £175,197 (2023: £223,084) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

8. Provisions

	Deferred tax (note 9)
	£
At 1 August 2023	22,768
Transfers	1,492
	--------
At 31 July 2024	24,260
	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 8)	24,260	22,768
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	7,438	5,946
Fair value adjustment of investment property	16,822	16,822
	--------	--------
	24,260	22,768
	--------	--------

10. Operating leases

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	71,400	56,500
Later than 1 year and not later than 5 years	89,250	127,125
	----------	----------
	160,650	183,625
	----------	----------