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Company Registration No. 10387199 (England and Wales)
St Ives Developments Limited Unaudited accounts for the year ended 31 August 2024
St Ives Developments Limited Unaudited accounts Contents
Page
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St Ives Developments Limited Company Information for the year ended 31 August 2024
Directors
C A Sharp S J Wilson
Company Number
10387199 (England and Wales)
Registered Office
First Floor 129 High Street Guildford Surrey GU1 3AA United Kingdom
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St Ives Developments Limited Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Current assets
Inventories
851,672 
1,187,551 
Debtors
2,336 
332,779 
Cash at bank and in hand
4,095 
3,698 
858,103 
1,524,028 
Creditors: amounts falling due within one year
(279,865)
(876,181)
Net current assets
578,238 
647,847 
Total assets less current liabilities
578,238 
647,847 
Creditors: amounts falling due after more than one year
(624,584)
(635,417)
Net (liabilities)/assets
(46,346)
12,430 
Capital and reserves
Called up share capital
150 
150 
Capital redemption reserve
50 
50 
Profit and loss account
(46,546)
12,230 
Shareholders' funds
(46,346)
12,430 
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by
C A Sharp Director Company Registration No. 10387199
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St Ives Developments Limited Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
St Ives Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 10387199. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Presentation currency
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable 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 reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories
Inventories have been valued at the lower of cost and net realisable value. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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St Ives Developments Limited Notes to the Accounts for the year ended 31 August 2024
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in the income statement. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the income statement, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in the income statement immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. it also requires management to exercise judgement in applying the Company's accounting policies. In preparing these financial statements, the directors have made the following judgements: Determine whether there are indicators of impairment of the Company's inventories and investment property. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainty: Investment properties (note 5) Investment properties are valued annually by the director against the market, but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself.
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St Ives Developments Limited Notes to the Accounts for the year ended 31 August 2024
4
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
635 
- 
Trade debtors
717 
- 
Other debtors
984 
332,779 
2,336 
332,779 
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
- 
316 
Trade creditors
4,817 
59 
Taxes and social security
5,313 
4,967 
Other creditors
259,735 
860,839 
279,865 
876,181 
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
624,584 
635,417 
At the year end the Company held a Bounce Back Loan totalling £15,834 (2023: £26,667) with Lloyds Bank Plc. The loan bears interest at 2.5% pa and is not secured. The loan is repayable in monthly instalments with the final repayment due 6 years after the first drawdown.
7
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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