REGISTERED NUMBER: |
March & Stacey (Property) Limited |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
REGISTERED NUMBER: |
March & Stacey (Property) Limited |
Unaudited Financial Statements for the Year Ended 31 October 2024 |
March & Stacey (Property) Limited (Registered number: 00491942) |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
March & Stacey (Property) Limited |
Company Information |
for the Year Ended 31 October 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The White House |
2 Meadrow |
Godalming |
Surrey |
GU7 3HN |
March & Stacey (Property) Limited (Registered number: 00491942) |
Balance Sheet |
31 October 2024 |
31.10.24 | 31.10.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Capital reserve |
Non-distributable reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
March & Stacey (Property) Limited (Registered number: 00491942) |
Balance Sheet - continued |
31 October 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
March & Stacey (Property) Limited (Registered number: 00491942) |
Notes to the Financial Statements |
for the Year Ended 31 October 2024 |
1. | STATUTORY INFORMATION |
March & Stacey (Property) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company on the basis that it is a wholly owned subsidiary. |
Turnover |
Turnover represents rents receivable from tenants for the year. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Computer equipment | 33% on cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
Fixed asset investments |
Profits or losses arising from the disposal of fixed asset investments are treated as part of the result from ordinary activities. |
March & Stacey (Property) Limited (Registered number: 00491942) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
All direct and related expenditure in respect of the development of properties is capitalized, excluding interest and arrangement fees on loans relating to self constructed investment property. |
The investment properties are accounted for at the directors assessment of open market value. The valuation is reviewed annually and changes in the market value are recognised in the profit and loss account. The cumulative amount of any revaluation less any related deferred tax is transferred to a separate non-distributable reserve. |
Depreciation of investment property |
In accordance with Financial Reporting Standard 102, no depreciation is provided in respect of the company's freehold investment property. This treatment is a departure from the requirements of the Companies Act 2006 concerning the depreciation of fixed assets. The property is not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting treatment constitutes an override of the Companies Act requirement to depreciate fixed assets and is necessary in order to give a true and fair view. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 November 2023 |
and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2023 |
Disposals | ( |
) |
Revaluations | 175,000 |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
March & Stacey (Property) Limited (Registered number: 00491942) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 October 2024 is represented by: |
£ |
Valuation in 2008 | 267,594 |
Valuation in 2016 | 471,340 |
Valuation in 2018 | 83,211 |
Valuation in 2019 | 488,756 |
Valuation in 2021 | (68,169 | ) |
Valuation in 2024 | 175,000 |
Cost | 1,157,268 |
2,575,000 |
In the opinion of the directors, in view of the potential rental income from the properties, the fair value of the properties at the balance sheet date is £2,575,000. |
The annual rental income for the year ended 31 October 2025 is anticipated to be £133,000. All current leases will expire before that date but, based on past experience, the directors expect that all will be renewed. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.24 | 31.10.23 |
£ | £ |
Bank loans |
The loans are secured on the company's let properties. |