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Registration number: 02342318

Stourton Properties Limited

Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 30 November 2024

 

Stourton Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Stourton Properties Limited

Company Information

Directors

S C Elton

D Elton

Registered office

The Walled Garden
Baumber
Horncastle
LN9 5NL

 

Stourton Properties Limited

(Registration number: 02342318)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,425,779

2,103,099

Investment property

5

4,307,500

4,079,000

Investments

6

10

11

Other financial assets

7

3

3

 

6,733,292

6,182,113

Current assets

 

Stocks

8

28,500

32,500

Debtors

9

128,482

2,693,795

Cash at bank and in hand

 

94,827

321,174

 

251,809

3,047,469

Creditors: Amounts falling due within one year

10

(337,851)

(336,720)

Net current (liabilities)/assets

 

(86,042)

2,710,749

Total assets less current liabilities

 

6,647,250

8,892,862

Creditors: Amounts falling due after more than one year

10

(153,421)

(243,020)

Provisions for liabilities

(716,290)

(417,742)

Net assets

 

5,777,539

8,232,100

Capital and reserves

 

Called up share capital

11

345,060

345,060

Share premium reserve

221,223

221,223

Capital redemption reserve

80,784

80,784

Fair value reserve

2,281,288

1,809,982

Revaluation reserve

338,605

378,803

Profit and loss account

2,510,579

5,396,248

Shareholders' funds

 

5,777,539

8,232,100

 

Stourton Properties Limited

(Registration number: 02342318)
Balance Sheet as at 30 November 2024

For the financial period 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 period 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 8 May 2025 and signed on its behalf by:
 

.........................................
S C Elton
Director

.........................................
D Elton
Director

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

1

General information

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

The address of its registered office is:
The Walled Garden
Baumber
Horncastle
LN9 5NL

These financial statements were authorised for issue by the Board on 8 May 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemptions not to prepare group accounts. .

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

Tax

The tax expense for the period comprises current and deferred tax.

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.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is profitable 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 balance sheet date thatt are expected by the balance sheet date to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Machinery and implements

15% reducing balance

Office equipment

15% reducing balance and 3 years straight line

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Market prices are used, 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.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the period, was 33 (2023 - 30).

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

2,030,908

3,599

8,394

163,549

2,206,450

Revaluations

153,411

-

-

-

153,411

Additions

161,454

-

32,469

5,510

199,433

Disposals

-

-

(8,394)

-

(8,394)

At 30 November 2024

2,345,773

3,599

32,469

169,059

2,550,900

Depreciation

At 1 June 2023

-

2,451

7,747

93,153

103,351

Charge for the period

-

258

12,177

17,082

29,517

Eliminated on disposal

-

-

(7,747)

-

(7,747)

At 30 November 2024

-

2,709

12,177

110,235

125,121

Carrying amount

At 30 November 2024

2,345,773

890

20,292

58,824

2,425,779

At 31 May 2023

2,030,908

1,148

647

70,396

2,103,099

Included within the net book value of land and buildings above is £2,345,773 (2023 - £2,030,908) in respect of freehold land and buildings.
 

The valuations of land and buildings were made as at 30th November, 2024 by a firm of Independent Chartererd Surveyors on an open market basis.

Had this class of asset been measured on historical cost basis the carry amount would have been £1,758,916 (2023: £1,609,218).

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

5

Investment properties

2024
£

At 1 June

4,079,000

Additions

1,873

Disposals

(311,686)

Fair value adjustments

538,313

At 30 November

4,307,500

The valuations of land and buildings were made as at 30th November, 2024 by a firm of Independent Chartererd Surveyors on an open market basis.

6

Investments

2024
£

2023
£

Investments in subsidiaries

10

11

Subsidiaries

£

Cost or valuation

At 1 June 2023

11

Disposals

(1)

At 30 November 2024

10

Provision

Carrying amount

At 30 November 2024

10

At 31 May 2023

11

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

7

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

3

3

At 30 November 2024

3

3

Impairment

Carrying amount

At 30 November 2024

3

3

8

Stocks

2024
£

2023
£

Finished goods and goods for resale

28,500

32,500

9

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,707

10,904

Amounts owed by related parties

124,632

2,679,610

Prepayments

 

2,143

3,126

Other debtors

 

-

155

   

128,482

2,693,795

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13

22,424

18,056

Trade creditors

 

12,959

44,986

Taxation and social security

 

45,783

21,118

Accruals and deferred income

 

50,672

46,187

Other creditors

 

206,013

206,373

 

337,851

336,720

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

13

153,421

243,020

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

68,920

68,920

68,920

68,920

Ordinary B of £1 each

102,511

102,511

102,511

102,511

Ordinary C of £1 each

76,730

76,730

103,511

103,511

Ordinary D of £1 each

68,918

68,918

68,918

68,918

Ordinary E of £1 each

100

100

100

100

Ordinary F of £1 each

100

100

100

100

Ordinary G of £1 each

1,000

1,000

1,000

1,000

Ordinary H of £1 each

26,781

26,781

-

-

345,060

345,060

345,060

345,060

 

Stourton Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 November 2024

12

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Other reserves
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(40,198)

(40,198)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Other reserves
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(69,619)

(69,619)

13

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

153,421

243,020

Bank borrowings of £153,421 (2023: £243,020) are secured on the assets of the company.

Current loans and borrowings

2024
£

2023
£

Bank borrowings

19,200

17,645

Other borrowings

3,224

411

22,424

18,056

Bank borrowings of £19,200 (2023: £17,645) are secured on the assets of the company.

14

Parent and ultimate parent undertaking

The Company's immediate parent is Stourton Properties Holdings Limited, incorporated in England and Wales.