Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-28falsetrue2023-09-29No description of principal activity33falsefalse 00219343 2023-09-29 2024-09-28 00219343 2022-09-29 2023-09-28 00219343 2024-09-28 00219343 2023-09-28 00219343 c:CompanySecretary1 2023-09-29 2024-09-28 00219343 c:Director5 2023-09-29 2024-09-28 00219343 c:Director6 2023-09-29 2024-09-28 00219343 c:Director7 2023-09-29 2024-09-28 00219343 c:RegisteredOffice 2023-09-29 2024-09-28 00219343 c:Agent1 2023-09-29 2024-09-28 00219343 c:Agent2 2023-09-29 2024-09-28 00219343 d:Buildings 2023-09-29 2024-09-28 00219343 d:Buildings 2024-09-28 00219343 d:Buildings 2023-09-28 00219343 d:Buildings d:OwnedOrFreeholdAssets 2023-09-29 2024-09-28 00219343 d:FurnitureFittings 2023-09-29 2024-09-28 00219343 d:FurnitureFittings 2024-09-28 00219343 d:FurnitureFittings 2023-09-28 00219343 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-29 2024-09-28 00219343 d:OwnedOrFreeholdAssets 2023-09-29 2024-09-28 00219343 d:FreeholdInvestmentProperty 2023-09-29 2024-09-28 00219343 d:FreeholdInvestmentProperty 2024-09-28 00219343 d:FreeholdInvestmentProperty 2023-09-28 00219343 d:FreeholdInvestmentProperty 2 2023-09-29 2024-09-28 00219343 d:CurrentFinancialInstruments 2024-09-28 00219343 d:CurrentFinancialInstruments 2023-09-28 00219343 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-28 00219343 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-28 00219343 d:ShareCapital 2024-09-28 00219343 d:ShareCapital 2023-09-28 00219343 d:RevaluationReserve 2024-09-28 00219343 d:RevaluationReserve 2023-09-28 00219343 d:RetainedEarningsAccumulatedLosses 2023-09-29 2024-09-28 00219343 d:RetainedEarningsAccumulatedLosses 2024-09-28 00219343 d:RetainedEarningsAccumulatedLosses 2023-09-28 00219343 c:OrdinaryShareClass1 2023-09-29 2024-09-28 00219343 c:OrdinaryShareClass1 2024-09-28 00219343 c:OrdinaryShareClass1 2023-09-28 00219343 c:FRS102 2023-09-29 2024-09-28 00219343 c:Audited 2023-09-29 2024-09-28 00219343 c:FullAccounts 2023-09-29 2024-09-28 00219343 c:PrivateLimitedCompanyLtd 2023-09-29 2024-09-28 00219343 c:SmallCompaniesRegimeForAccounts 2023-09-29 2024-09-28 00219343 6 2023-09-29 2024-09-28 00219343 d:AcceleratedTaxDepreciationDeferredTax 2024-09-28 00219343 d:AcceleratedTaxDepreciationDeferredTax 2023-09-28 00219343 d:TaxLossesCarry-forwardsDeferredTax 2024-09-28 00219343 d:TaxLossesCarry-forwardsDeferredTax 2023-09-28 00219343 f:PoundSterling 2023-09-29 2024-09-28 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 00219343










STEVENS PROPERTIES LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2024



















img4876.png

 
STEVENS PROPERTIES LIMITED
 
 
Company Information


Directors
Mr A T Stevens 
Mrs T F Baird 
Mr C A Stevens 




Company secretary
Mr A T Stevens



Registered number
00219343



Registered office
45 Holland Park Mews

London

W11 3SP




Bankers
Coutts & Co
440 Strand

London

WC2R 0QS





Handelsbanken

2nd Floor

125 Kensington High Street

London

W8 5SF




Solicitors
William Sturges LLP
14-16 Caxton Street

London

SW1H 0QY





 
STEVENS PROPERTIES LIMITED
Registered number: 00219343

Balance sheet
As at 28 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,270,279
3,255,900

Investments
 6 
65
65

Investment property
 7 
137,221,000
133,625,000

  
140,491,344
136,880,965

Current assets
  

Debtors: amounts falling due within one year
 8 
1,785,128
1,587,968

Cash at bank and in hand
 9 
5,790,054
3,347,196

  
7,575,182
4,935,164

Creditors: amounts falling due within one year
 10 
(2,621,033)
(2,041,906)

Net current assets
  
 
 
4,954,149
 
 
2,893,258

Total assets less current liabilities
  
145,445,493
139,774,223

Provisions for liabilities
  

Deferred tax
 11 
(19,066,531)
(18,324,830)

  
 
 
(19,066,531)
 
 
(18,324,830)

Net assets
  
126,378,962
121,449,393


Capital and reserves
  

Called up share capital 
 12 
20,000
20,000

Revaluation reserve
 13 
2,532,768
2,532,768

Profit and loss account
 13 
123,826,194
118,896,625

  
126,378,962
121,449,393


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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

 
Page 1

 
STEVENS PROPERTIES LIMITED
Registered number: 00219343
    
Balance sheet (continued)
As at 28 September 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 January 2025.




Mr A T Stevens
Mrs T F Baird
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

1.


General information

Stevens Properties Limited is a private company limited by share capital, incorporated in the United Kingdom and registered in England and Wales, registration number 00219343. The address of the registered office is 45 Holland Park Mews, London, W11 3SP.
The principal activity of the company during the year was that of property investment.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises rents receivable from tenants under operating leases, recognised on an accruals basis. Rents are recognised on a straight line basis over the term of the lease, excluding VAT. Income arising from rent reviews is recognised when agreement of new terms is reasonably certain.
The cost of any incentives given to lessees to enter into leases is spread on a straight line basis over the life of the lease. Lease incentives are usually in the form of rent-free periods. 

 
2.3

Other operting income

Other operating income is recognised in the profit and loss account when it is probable that the company will receive income as a result of a past event and the amount of this income and related costs can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses with the exception of owner occupied freehold property which is stated at fair value recognised directly in the statement of comprehensive income. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
This policy represents a departure from the Companies Act 2006, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be seperately identified or quantified.

Page 3

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
33% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is initially recognised on acquisition at cost, including related acquisition costs, and is revalued annually by a professionally qualified director to reflect fair value. Fair value is derived from 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 the profit or loss account.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 5

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Creditors

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

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
•  The recognition of deferred tax assets is limited to the extent that it is probable that they will be   recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the Directors are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities. The estimates and associated assumptions are based on historic experience and other factors that are relevant.
The following judgments have had the most significant effect on the amounts recognised in the financial statements:
The investment properties are valued at fair value determined annually by the directors 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.
Dilapidations receivable are valued at the best estimate from information which is readily available.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

5.


Tangible fixed assets





Freehold property
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 29 September 2023
3,250,000
76,931
3,326,931


Additions
-
26,495
26,495



At 28 September 2024

3,250,000
103,426
3,353,426



Depreciation


At 29 September 2023
-
71,031
71,031


Charge for the year on owned assets
-
12,116
12,116



At 28 September 2024

-
83,147
83,147



Net book value



At 28 September 2024
3,250,000
20,279
3,270,279



At 28 September 2023
3,250,000
5,900
3,255,900

The Freehold property was valued by a qualified Director on an open market value basis at 28 September 2024.
The historic cost of the freehold property is £61,517 (2023: £61,517).


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 29 September 2023
65



At 28 September 2024
65




Page 8

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

7.


Investment property


Freehold investment property

£



Valuation


At 29 September 2023
133,625,000


Additions at cost
71,148


Surplus on revaluation
3,524,852



At 28 September 2024
137,221,000

Investment properties were valued by a qualified Director on an open market basis at 28 September 2024.
The historic cost of the investment properties is £44,490,904 (2023: £44,419,754).

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




8.


Debtors

2024
2023
£
£


Trade debtors
882,829
758,471

Other debtors
686,226
779,217

Prepayments and accrued income
216,073
50,280

1,785,128
1,587,968



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,790,054
3,347,196

5,790,054
3,347,196


Page 9

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
65
65

Corporation tax
505,940
104,611

Other taxation and social security
137,651
16,438

Other creditors
1,653,392
1,067,887

Accruals and deferred income
323,985
852,905

2,621,033
2,041,906



11.


Deferred taxation




2024


£






At beginning of year
(18,324,830)


Charge to profit or loss
(741,701)



At end of year
(19,066,531)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Gain on investment property
(18,410,816)
(17,669,115)

Gain on freehold property
(655,715)
(655,715)

(19,066,531)
(18,324,830)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary shares shares of £1.00 each
20,000
20,000


Page 10

 
STEVENS PROPERTIES LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 28 September 2024

13.


Reserves

Profit & loss account

Retained earnings include unrealised revaluation surpluses on investment property amounting to £74,319,282 (2023: £71,536,131).


14.


Auditor's information

The auditor's report on the financial statements for the year ended 28 September 2024 was unqualified.

The audit report was signed on 16 January 2025 by Andrew Burch (Senior statutory auditor) on behalf of Sayers Butterworth LLP.

Page 11