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Registered number: 04824945










STAYSIDE PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
STAYSIDE PROPERTIES LIMITED
REGISTERED NUMBER: 04824945

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
706,741
883,977

  
706,741
883,977

Current assets
  

Debtors: amounts falling due within one year
 5 
7,222
9,101

Cash at bank and in hand
 6 
20,101
9,765

  
27,323
18,866

Creditors: amounts falling due within one year
 7 
(141,301)
(158,887)

Net current liabilities
  
 
 
(113,978)
 
 
(140,021)

Total assets less current liabilities
  
592,763
743,956

Creditors: amounts falling due after more than one year
 8 
(539,591)
(686,142)

  

Net assets
  
53,172
57,814


Capital and reserves
  

Called up share capital 
  
2
2

Other reserves
 10 
41,922
65,949

Profit and loss account
 10 
11,248
(8,137)

  
53,172
57,814


Page 1

 
STAYSIDE PROPERTIES LIMITED
REGISTERED NUMBER: 04824945

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2025.




R Mehta
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
STAYSIDE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Stayside Properties Limited is a private company limited by shares and incorporated in England. Its registered office is 4 Chester Court, Chester Hall Lane, Basildon, SS14 3WR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 3

 
STAYSIDE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 August 2023
883,977


Disposals
(177,236)



At 31 July 2024
706,741

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
650,842
804,051

650,842
804,051

Page 4

 
STAYSIDE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
2,562
2,562

Other debtors
3,582
3,582

Prepayments and accrued income
1,078
2,957

7,222
9,101



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,101
9,765

20,101
9,765



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,652
5,520

Other taxation and social security
285
448

Other creditors
135,364
152,919

141,301
158,887


Page 5

 
STAYSIDE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
539,591
686,142

539,591
686,142


The following liabilities were secured:

2024
2023
£
£



Bank Loans
539,591
685,735

539,591
685,735

Details of security provided:

The above creditors are secured against the leasehold investment properties

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
539,591
686,141

539,591
686,141

Monthly interest payments are made at a rate of 2.61%, the creditors are to be paid in full later than 5 years after the balance sheet date.


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
539,591
686,142

539,591
686,142

539,591
686,142


Page 6

 
STAYSIDE PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Reserves

Other reserves

The other reserves includes all current and prior retained undistributable profits and losses arising from revaluation of investment properties. 

Profit and loss account

The profit and loss reserve includes all current and prior retained distributable profits and losses.


Page 7