Company registration number 4219141 (England and Wales)
STAPLEGROVE BURROWS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
STAPLEGROVE BURROWS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
STAPLEGROVE BURROWS LIMITED
BALANCE SHEET
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
3
675,000
675,000
Current assets
Debtors
4
3,693
3,293
Cash at bank and in hand
207,552
157,375
211,245
160,668
Creditors: amounts falling due within one year
5
(427,619)
(425,800)
Net current liabilities
(216,374)
(265,132)
Total assets less current liabilities
458,626
409,868
Provisions for liabilities
(52,250)
(52,250)
Net assets
406,376
357,618
Capital and reserves
Called up share capital
100
100
Fair value reserve
6
222,750
222,750
Profit and loss reserves
183,526
134,768
Total equity
406,376
357,618
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 31 May 2022 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.
T
he 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.
STAPLEGROVE BURROWS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 February 2023 and are signed on its behalf by:
Mr. S Rahman Greasley
Director
Company Registration No. 4219141
STAPLEGROVE BURROWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
1
Accounting policies
Company information
Staplegrove Burrows Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Staplegrove House, Berghers Hill, Wooburn Common, High Wycombe, Buckinghamshire, United Kingdom, HP10 0JP.
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 a
mounts
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
rent receivable.
1.3
Investment properties
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 a
t
the reporting end date.
Changes in fair value are recognised in the fair value reserve.
1.4
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, are
initially recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
STAPLEGROVE BURROWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
The comparative figures have been restated in order to recognise a deferred tax liability on a fair value adjustment in relation to the company's investment property. This has had the effect of reducing net assets by £52,250.
In addition, the comparative figures have been restated to reallocate rental income from other operating income to turnover. This has had no impact on the profit/(loss) or net assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
Investment property
2022
£
Fair value
At 1 June 2021 and 31 May 2022
675,000
The valuation of the investment property at the balance sheet date was made on an open market value basis by Mr S Rahman Greasley.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Prepayments and accrued income
3,693
3,293
STAPLEGROVE BURROWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
424,702
424,106
Accruals and deferred income
2,917
1,694
427,619
425,800
Other creditors includes an amount of £11,189 (2021: £11,068) representing deposits and related interest repayable to tenants.
6
Fair value reserve
2022
2021
£
£
At the beginning of the year
275,000
275,000
Prior year adjustment
(52,250)
As restated
222,750
275,000
Deferred tax on revaluation of tangible assets
-
(52,250)
At the end of the year
222,750
222,750