Company registration number 01826559 (England and Wales)
STRAMONGATE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STRAMONGATE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STRAMONGATE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
6,491,000
7,886,854
Investments
4
32,000
32,000
6,523,000
7,918,854
Current assets
Debtors
5
23,955
62,882
Cash at bank and in hand
187,377
118,378
211,332
181,260
Creditors: amounts falling due within one year
6
(1,117,582)
(1,505,257)
Net current liabilities
(906,250)
(1,323,997)
Total assets less current liabilities
5,616,750
6,594,857
Creditors: amounts falling due after more than one year
7
(210,456)
(315,496)
Provisions for liabilities
(205,265)
(521,854)
Net assets
5,201,029
5,757,507
Capital and reserves
Called up share capital
8
10,000
10,000
Non-distributable profits reserve
9
1,521,760
2,419,808
Distributable profit and loss reserves
10
3,669,269
3,327,699
Total equity
5,201,029
5,757,507
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STRAMONGATE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
Mr P A Chesham
Mr A C Peill
Director
Director
Company registration number 01826559 (England and Wales)
STRAMONGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Stramongate Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Martindale House, Murley Moss Business Park, Oxenholme Road, Kendal, LA9 7RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and investments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts receivable on sale of development property during the year, and rental income receivable from investment properties, exclusive of Value Added Tax.
Property sales are recognised at exchange or legal completion depending upon the circumstance of each sale. Rental income is recognised on an accruals basis.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
STRAMONGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
STRAMONGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Financial liabilities and equity instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
3
Investment property
2024
£
Fair value
At 1 October 2023
7,886,854
Disposals
(285,854)
Revaluations
(1,110,000)
At 30 September 2024
6,491,000
The directors consider £6,491,000 to be a fair reflection of the fair value of the investment properties as at 30 September 2024 (2023: £7,886,854).
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
32,000
32,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
23,955
62,882
STRAMONGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
153,646
207,534
Trade creditors
8,715
285
Taxation and social security
85,929
102,998
Other creditors
869,292
1,194,440
1,117,582
1,505,257
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
210,456
315,496
Of the bank loans and overdrafts included in creditors due within one year and falling due after more than one year, amounts totalling £364,101 (2023: £517,747) are secured by first legal mortgages over 42/46 Whitechapel Liverpool, 154A - 162 College Road Crosby, 1A - 4D Carnegie Avenue Crosby and the Ring O'Bells Kendal.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
2,419,808
2,172,197
Adjustment to non distributable profits reserve
(898,048)
247,611
At the end of the year
1,521,760
2,419,808
The non-distributable profit reserve comprises fair value gains and losses on investment property held by the company, after an adjustment for deferred tax. Since these gains and losses have not been realised they are not available for distribution.
10
Profit and loss reserves
The non-distributable profit reserve relates to fair value adjustments on investment property held by the company. Since these gains and losses have not been realised they are not available for distribution.
STRAMONGATE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
21,108
8,495
12
Related party transactions
2024
2023
Amounts due to related parties
£
£
Key management personnel
725,914
1,007,354
Other information
Included within amounts due to related parties are non-convertible loan notes amounting to £650,000 (2023: £690,000) payable to the directors of Stramongate Properties Limited in exchange for their shares in Penelly Properties Limited.
The loan notes are unsecured and interest-free.