Company registration number 09868913 (England and Wales)
North Staffs Property Limited
Unaudited financial statements
For the year ended 30 November 2022
North Staffs Property Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
North Staffs Property Limited
Statement of financial position
As at 30 November 2022
30 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment property
3
600,000
505,000
Investments
4
1,231,125
1,231,125
1,831,125
1,736,125
Current assets
Debtors
5
1,054
923
Cash at bank and in hand
121,821
115,193
122,875
116,116
Creditors: amounts falling due within one year
6
(515,371)
(496,924)
Net current liabilities
(392,496)
(380,808)
Total assets less current liabilities
1,438,629
1,355,317
Provisions for liabilities
(36,101)
(9,460)
Net assets
1,402,528
1,345,857
Capital and reserves
Called up share capital
100
100
Revaluation reserve
137,901
69,542
Profit and loss reserves
1,264,527
1,276,215
Total equity
1,402,528
1,345,857
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 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.
The 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.
North Staffs Property Limited
Statement of financial position (continued)
As at 30 November 2022
30 November 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 June 2023 and are signed on its behalf by:
Mr J S Keats
Director
Company Registration No. 09868913
North Staffs Property Limited
Notes to the financial statements
For the year ended 30 November 2022
- 3 -
1
Accounting policies
Company information
North Staffs Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is No 3 Ravenshall Barns, Main Road, Wrinehill, Crewe, Cheshire, CW3 9BJ.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.3
Investment property
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 at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in joint ventures are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
North Staffs Property Limited
Notes to the financial statements (continued)
For the year ended 30 November 2022
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 statement of financial position 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 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.
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 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
North Staffs Property Limited
Notes to the financial statements (continued)
For the year ended 30 November 2022
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
North Staffs Property Limited
Notes to the financial statements (continued)
For the year ended 30 November 2022
- 6 -
3
Investment property
2022
£
Fair value
At 1 December 2021
505,000
Revaluations
95,000
At 30 November 2022
600,000
Investment property comprises both commercial and residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors as at the year end date. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2022
2021
£
£
Other investments other than loans
1,231,125
1,231,125
Investments in joint ventures are measured at amortised cost.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
1,054
923
6
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
2,888
2,382
Other creditors
512,483
494,542
515,371
496,924