ACCOUNTS - Final Accounts

Registered number: 11544149

Stockport Exchange Phase 3 Limited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

Stockport Exchange Phase 3 Limited

Registered number: 11544149

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	-		161,028
Cash at bank and in hand	5	282,499		250,121
		282,499		411,149
Creditors: amounts falling due within one year	6	(316,766)		(438,387)
Net current liabilities			(34,267)		(27,238)
Total assets less current liabilities			(34,267)		(27,238)

Net liabilities			(34,267)		(27,238)

Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(34,268)	(27,239)
		(34,267)	(27,238)

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 income and retained earnings 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:

P A Richards

Director

Date: 29 September 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

Stockport Exchange Phase 3 Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

The Company is a private Company limited by shares and is registered in England. The address of the registered office and principal place of business is Town Hall, Edward Street, Stockport, SK1 3XE. The Company's registered number is 11544149.

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.

2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed the financial position and performance of the Company. It is the intention of the directors that the Company will be wound up once the office development is completed and final retention payments have been made. The directors expect this to happen within the next 12 months, however no formal resolution has been passed. The directors therefore consider that it remains appropriate to prepare the financial statements on a going concern basis.
However, these circumstances represent a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

2.3

Functional and presentational currency

The Company's functional and presentational currency is GBP.

2.4

Taxation

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 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 in the countries where the Company operates and generates income.

2.5

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.

2.6

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 2

Stockport Exchange Phase 3 Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.7

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.

2.8

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.

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.

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.

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.

3.	Employees
	The average monthly number of employees, including directors, during the year was 2 (2023 -2).

Page 3

Stockport Exchange Phase 3 Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	-	156,544
Other debtors	-	4,484
	-	161,028

5.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	282,499	250,121

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	33,508	433,637
Amounts owed to group undertakings	278,508	-
Accruals and deferred income	4,750	4,750
	316,766	438,387

7.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 -1) Ordinary shares share of £1.00	1	1

The Company has one class of ordinary share which carries no right to fixed income.

8.	Controlling party

The Company is a wholly owned subsidiary of Stockport Metropolitan Borough Council which is the ultimate parent and controlling party. Stockport Metropolitan Borough Council's registered office and principal place of business is Town Hall, Edward Street, Stockport, SK1 3XE.

Page 4

Stockport Exchange Phase 3 Limited

Notes to the Financial Statements

For the Year Ended 31 December 2024

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Going Concern Status
We draw attention to note 2.2 in the financial statements, which indicates that the directors have entered into discussions regarding the potential appointment of liquidators to place the company into voluntary liquidation. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included discussions with management and understanding their intentions.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

The audit report was signed on 29 September 2025 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

Page 5