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Registered number: 00363119










J.W.Stratton Limited










Financial statements

Information for filing with the registrar

For the Year Ended 31 August 2024

 
J.W.Stratton Limited
Registered number: 00363119

Balance Sheet
As at 31 August 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
215,609
228,711

Investment property
 6 
180,000
180,000

  
395,609
408,711

Current assets
  

Stocks
 7 
10,089,396
8,606,798

Debtors: amounts falling due within one year
 8 
133,524
76,735

Cash at bank and in hand
  
306,942
967,778

  
10,529,862
9,651,311

Creditors: amounts falling due within one year
 9 
(2,389,975)
(1,074,218)

Net current assets
  
 
 
8,139,887
 
 
8,577,093

Total assets less current liabilities
  
8,535,496
8,985,804

Provisions for liabilities
  

Deferred tax
 11 
(16,711)
(19,583)

  
 
 
(16,711)
 
 
(19,583)

Net assets
  
8,518,785
8,966,221


Capital and reserves
  

Called up share capital 
 12 
99,999
99,999

Share premium account
 13 
104
104

Fair value reserve
 13 
11,904
11,904

Profit and loss account
 13 
8,406,778
8,854,214

  
8,518,785
8,966,221


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.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
J D Meachim
Director
Date: 12 December 2024

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

1.


General information

J.W.Stratton Limited is a private company limited by shares incorporated in England and Wales (registered number: 00363119). The address of the registered office is 1 Mill Lane, Shoreham-By-Sea, West Sussex, BN43 5AB. The principal activity of the Company during the year was the purchase and development of land and property for residential purposes in the South East of England, mainly in Sussex. 
The financial statements are prepared in pound sterling (£), which is the functional currency of the entity.

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

Going concern

The company's business activities, together with factors likely to affect its future development, performance and position are set out in the strategic report.
The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Turnover

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 and value added tax. 
Revenue is recognised in the financial statements on the date of completion, when the significant risks and rewards of ownership of the properties have passed to the buyer.

  
2.4

Investment property rental income

Rental income from the investment property is recognised over the term of the lease. 

  
2.5

Ground rental income

Ground rent received is accounted for in the period to which it relates.

Page 2

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. 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.

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:

Plant and machinery
-
20%
straight line
Motor vehicles
-
25%
straight line

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.

 
2.7

Investment property

Investment property is carried at fair value determined annually by either external valuers or 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. No depreciation is provided. Changes in fair value are recognised in the profit or loss.

 
2.8

Stocks

Stock relates to Land Stock and is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase plus costs associated with the purchase. 
At each reporting date, stocks are assessed for impairment. If stock is 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.

  
2.9

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal
level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit
is included in the valuation of work in progress.

 
2.10

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.

 
2.11

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.

Page 3

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Interest income

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

 
2.17

Borrowing costs

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

Page 4

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

2.Accounting policies (continued)

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the Company to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.  The directors base their estimates on historical experience and various other assumptions that they believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions or conditions.
Work in progress provision
Provision against work in progress requires a judgment to estimate the foreseeable losses. The directors set the provision at 1% (2023 - 1%) of the work in progress balance as at the year end, based on historical experience and the outcome of previous year’s provisions. At the year end the provision included in the accounts was £51,792 (2023 - £44,059)
Valuation of investment property
Investment property is valued periodically by professional valuers and in the interim years by the directors on an open market value for existing use basis. 


4.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 15).

Page 5

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 September 2023
168,000
114,479
39,133
321,612


Additions
-
-
12,700
12,700



At 31 August 2024

168,000
114,479
51,833
334,312



Depreciation


At 1 September 2023
-
81,242
11,659
92,901


Charge for the year on owned assets
-
14,096
11,706
25,802



At 31 August 2024

-
95,338
23,365
118,703



Net book value



At 31 August 2024
168,000
19,141
28,468
215,609



At 31 August 2023
168,000
33,237
27,474
228,711


6.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
180,000



At 31 August 2024
180,000

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
147,000
147,000

147,000
147,000

Page 6

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

7.


Stocks

2024
2023
£
£

Land
5,091,352
4,409,943

Work in progress
4,998,044
4,196,855

10,089,396
8,606,798



8.


Debtors

2024
2023
£
£


Other debtors
62,346
46,465

Prepayments and accrued income
25,390
30,270

Corporation tax
45,788
-

133,524
76,735



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,533,142
750,802

Trade creditors
139,500
233,392

Corporation tax
-
52,990

Other taxation and social security
19,300
19,493

Other creditors
681,240
1,142

Accruals and deferred income
16,793
16,399

2,389,975
1,074,218


Page 7

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Development loan
1,533,142
750,802




1,533,142
750,802


The development loan balance as at 31 August 2023 related to the Macauley Place development and was repayable at the earliest of 24 months from the first draw down of the loan, or the sale of the last property on the site. In addition to this, when any property on the site is sold, the proceeds, net of certain costs, should be used to pay off the development loan. This loan was repaid during the year.
The development loan balance as at 31 August 2024 relates to the Punnetts Town development and is repayable at the earliest of 18 months after the first part of the loan is drawn, or the sale of the last property on the site. In addition to this, when any property on the site is sold, the proceeds, net of certain costs, should be used to pay off the development loan. In the directors opinion the loan will be repaid before the end of the next financial year due to the sale of the properties. Interest is charged on the loan at 3.5% over base rate per annum.
Security has been given over the loans in the form of a legal charge over the development site to which the loan relates and via a debenture on all the assets of the Company.


11.


Deferred taxation




2024


£






At beginning of year
(19,583)


Charged to profit or loss
2,872



At end of year
(16,711)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(11,364)
(14,521)

Short term timing differences
-
285

Unrealised capital gains
(5,347)
(5,347)

(16,711)
(19,583)

Page 8

 
J.W.Stratton Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 August 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



99,999 (2023 - 99,999) Ordinary shares of £1.00 each
99,999
99,999



13.


Reserves

Share premium account

The share premium account reflects proceeds received in addition to the nominal value of the shares issued. This is a non-distributable reserve.

Fair value reserve

The fair value reserve reflects the fair value uplift in the investment property since purchase. This is a non-distributable reserve.


14.


Contingent liabilities

The company had a fixed and floating charge secured on all assets of the company dated 29 March 2008. This charge was released on 29 November 2024 and a new charge secured on all the assets was put in place.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £26,714 (2023 - £25,494). Contributions totalling £3,740 (2023 - £1,142) were payable to the fund at the reporting date and are included in creditors.


16.


Related party transactions

During the year J.W.Stratton Limited Employee Share Benefits Trust received a dividend of £6,686 (2023 - £9,395) from J.W.Stratton Limited.
J Meachim and D Woodward are Trustees of this trust.


17.


Controlling party

The directors consider the J W Stratton Settlement Trust to be the ultimate controlling party.


18.


Auditor's information

The auditor's report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 12 December 2024 by Simon Webber BA FCA DChA (Senior Statutory Auditor) on behalf of Kreston Reeves LLP.

Page 9