Registration number:
St Michaels UK PropCo 2 Limited
for the Period from 1 April 2024 to 30 March 2025
St Michaels UK PropCo 2 Limited
Contents
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
St Michaels UK PropCo 2 Limited
(Registration number: 13994655)
Balance Sheet as at 30 March 2025
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2024 |
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Fixed assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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For the financial period ending 30 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
St Michaels UK PropCo 2 Limited
(Registration number: 13994655)
Balance Sheet as at 30 March 2025
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St Michaels UK PropCo 2 Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
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 £.
Going concern
The financial statements have been prepared on a going concern basis. At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
St Michaels UK PropCo 2 Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 March 2025
Judgements
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unusued tax losses or tax credits in the company.
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investment property
The directors do not consider the assets of the company to have suffered any impairment in value. In the accounts, the value of the asset in the course of construction is stated at cost. The open market value of the asset when complete is not expected to be lower than the total costs to date, plus the expected costs necessary to complete.
St Michaels UK PropCo 2 Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 March 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
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Investment properties |
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2025 |
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At 1 April |
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Additions |
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At 30 March |
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The fair value of the investment property has been considered by the directors, with no adjustment to cost deemed to be required.
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Debtors |
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Current |
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2024 |
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Prepayments |
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Other debtors |
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St Michaels UK PropCo 2 Limited
Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 30 March 2025
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Creditors |
Creditors: amounts falling due within one year
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2025 |
2024 |
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Due within one year |
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Trade creditors |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2025 |
2024 |
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Due after one year |
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Loans and borrowings |
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Other financial liabilities |
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Included within loans and borrowings are the following secured debts:
A loan due in over 1 year of £10,451,799 (2024: £nil) which is secured by a charge created on 14 February 2025 by CBRE Loan Services Limited. The charge contains fixed and floating charges over the property and undertaking of the company as well as a negative pledge.
A loan due in over 1 year of £6,711,828 (2024: £nil) which is secured by a charge created on 14 February 2025 by Fred Done Property Trading Group Limited. The charge contains fixed and floating charges over the property and undertaking of the company as well as a negative pledge.
On 14 February 2025 the Council of the City of Manchester created fixed and floating charges with a negative pledge over the company.
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Related party transactions |
Included within other debtors are amounts of £50 (2024: £50) due from related parties. This loan is interest free, unsecured and repayable on demand.
Included within other creditors are amounts of £35,999,950 (2024: £28,812,708) due to related parties. This loan is interest free, unsecured and repayable on demand.
The companies included above are related by virtue of their shareholding.