Stadium West Limited
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Notes to the Accounts |
for the year ended 31 December 2020
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes for the rental of the investment property.
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Investment property |
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The investment property was included at fair value. Gains and losses on revaluation are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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2 |
Employees |
2020 |
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2019 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Tangible fixed assets |
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Investment property |
£ |
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Fair value |
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At 1 January 2020 |
3,518,558 |
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At 31 December 2020 |
3,518,558 |
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The valuation of the investment property was made by the director as at 31 December 2020 on an open market basis. On a historical cost basis the property would have been included at an original cost of £3,518,558 (2019: £3,518,558). |
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4 |
Debtors |
2020 |
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2019 |
£ |
£ |
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Trade debtors |
34,840 |
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6,750 |
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Other debtors |
219,219 |
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183,182 |
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254,059 |
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189,932 |
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5 |
Creditors: amounts falling due within one year |
2020 |
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2019 |
£ |
£ |
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Trade creditors |
1,200 |
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- |
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Corporation tax |
- |
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19,956 |
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Other taxes and social security costs |
21,974 |
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2,716 |
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Other creditors |
3,560,486 |
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3,537,865 |
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3,583,660 |
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3,560,537 |
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6 |
Controlling party |
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The company has no ultimate controlling party.
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7 |
Other information |
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Stadium West Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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7 Manchester Square |
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London |
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W1U 3PQ |