REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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FOR |
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STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED |
STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED (REGISTERED NUMBER: 05342160) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED |
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COMPANY INFORMATION |
FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
6th Floor |
Charles House |
108-110 Finchley Road |
London |
NW3 5JJ |
STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED (REGISTERED NUMBER: 05342160) |
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BALANCE SHEET |
30 DECEMBER 2019 |
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30.12.19 | 29.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED (REGISTERED NUMBER: 05342160) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Station Road Developments (Cambridge) Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
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Freehold property - 50 years (2%) |
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Investment property |
In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued annually and the surplus or deficit is transferred to profit and loss account, and no depreciation is provided in respect of freehold investment properties. The requirement of the Companies Act 2006 is to depreciate all properties, but that requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director considers that to depreciate such properties would not give a true and fair view, but that a true and fair view is given by following FRS 102 as described above. The effect of this departure from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the director, would be misleading. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED (REGISTERED NUMBER: 05342160) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Related parties |
The company has taken advantage of FRS 102, Section 1AC 35, for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member. Amounts owed to and from group companies are therefore shown in aggregate. |
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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 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. Financial assets classified as receivable within one year are not amortised. |
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Financial Liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore continues to adopt the going concern policy in preparing its financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was NIL (2018 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST |
At 30 December 2018 |
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Additions |
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Reclassification/transfer |
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At 30 December 2019 |
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DEPRECIATION |
At 30 December 2018 |
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Charge for period |
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Eliminated on transfer | ( |
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At 30 December 2019 |
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NET BOOK VALUE |
At 30 December 2019 |
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At 29 December 2018 |
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STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED (REGISTERED NUMBER: 05342160) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 30 December 2018 |
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Additions |
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Disposals | ( |
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Revaluations | 10,045,328 |
At 30 December 2019 |
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NET BOOK VALUE |
At 30 December 2019 |
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At 29 December 2018 |
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A change in ownership of the company during the year has led to a reclassification of the property at 27-29 Station Road, Cambridge, CB1 2FB from Freehold property to Investment property. Prior to this the property was depreciated over a straight line basis with an estimated useful life of 50 years. |
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Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss. |
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On 15th November 2019, the company entered into a sale and leaseback arrangement with a third party with respect to the above property, over a fixed period of 150 years. |
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In line with FRS102, the sales proceeds have been included in the balance sheet under finance leases and will be released over the term of the lease. |
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Fair value at 30 December 2019 is represented by: |
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Valuation in 2019 | 10,045,328 |
Cost | 34,354,672 |
44,400,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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30.12.19 | 29.12.18 |
£ | £ |
Cost | 34,354,672 | - |
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Investment property to the sum of £44.4m was valued by an external valuer (CBRE) on 13th November 2019. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.19 | 29.12.18 |
£ | £ |
Trade debtors |
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Other debtors |
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STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED (REGISTERED NUMBER: 05342160) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.12.19 | 29.12.18 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.12.19 | 29.12.18 |
£ | £ |
Finance leases (see note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Finance leases | 22,240,000 | - |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under finance leases fall due as follows: |
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Finance leases |
30.12.19 | 29.12.18 |
£ | £ |
Net obligations repayable: |
In more than five years |
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The company is committed to a 150 year lease on the property at 27-29 Station Road, Cambridge, CB1 2FB with an annual rent charge payable to a third party. |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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Giles Cohen (Senior Statutory Auditor) |
for and on behalf of Numera Partners LLP |
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11. | RELATED PARTY DISCLOSURES |
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Included in creditors is an amount of £8,627,083 (2018: £37,123,704) owed to group undertakings. |
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12. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is The Costas Panayiotou 1997 (No 2) Settlement Trust. |
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14. | SHAREHOLDERS' FUNDS |
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Included in retained earnings are amounts which are distributable and non-distributable to the shareholders. These are -£707,844 and £9,186,551 respectively. |
STATION ROAD DEVELOPMENTS (CAMBRIDGE) |
LIMITED (REGISTERED NUMBER: 05342160) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 30 DECEMBER 2018 TO 30 DECEMBER 2019 |
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15. | EVENTS AFTER THE REPORTING PERIOD |
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Subsequent to the year-end, the global economy has seen high levels of market volatility in connection with the COVID-19 pandemic. The business is closely monitoring the latest market developments relating to COVID-19 and its potential impact on the entity. The pandemic is considered a non-adjusting post balance sheet event. The ultimate impact of the COVID-19 pandemic on the global economy is highly uncertain and the full extent of the economic impacts on the financial performance of the companies are as yet unknown. The Director continues to review any developments in the COVID-19 pandemic in the context of the risks presented to the company's business. |
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16. | PARENT COMPANY |
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The immediate parent company is Ability Cambridge Nine Limited, incorporated in England & Wales. The ultimate parent undertaking is A.P. The Ability Group Limited, incorporated in Cyprus. |