Registration number:
South Tees Developments Limited
Filleted
for the
Period from 3 January 2019 to 31 March 2020
South Tees Developments Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
South Tees Developments Limited
Company Information
Directors |
Mr J McNicholas Mr G J Macdonald |
Registered office |
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Bankers |
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Auditor |
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South Tees Developments Limited
(Registration number: 11747311)
Statement of Financial Position as at 31 March 2020
Note |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 liabilities |
( |
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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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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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South Tees Developments Limited
Notes to the Financial Statements for the Period from 3 January 2019 to 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
The principal place of business is Cavendish House, Teesdale Business Park, Stockton on Tees, Tees Valley, TS17 6QY.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
These financial statements are prepared in sterling which is the functional currency of the entity.
South Tees Developments Limited
Notes to the Financial Statements for the Period from 3 January 2019 to 31 March 2020 (continued)
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Accounting policies (continued) |
Going concern
At 31 March 2020 the company reports net current liabilities of £1,010,045 and net liabilities of £782,641. The significant creditors on the balance sheet relate to amounts owed to South Tees Development Corporation, the immediate parent company, and Tees Valley Combined Authority, the ultimate parent undertaking.
The company meets its day to day working capital requirements through cash generated from operations and borrowings from group entities. The directors have received confirmation that the company’s ultimate parent undertaking, Tees Valley Combined Authority, will continue to provide financial support to the company for a period of at least twelve months from the date on which these financial statements are signed.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the impact of COVID-19. However in the directors’ assessment they have considered the effectiveness of available measures to assist in mitigating the impact.
Although the forecasts prepared taking into account the matters above support the ability of the company to remain a going concern and to be able to trade and meet its debts as they fall due the full impact of COVID-19 and the underlying assumptions used in forecasting are extremely judgemental and difficult to predict and could be subject to significant variation.
Based on the factors set out above the directors believe there is no material uncertainty in relation to going concern and that the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore they believe it remains appropriate to prepare the financial statements on a going concern basis.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
South Tees Developments Limited
Notes to the Financial Statements for the Period from 3 January 2019 to 31 March 2020 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Auditors' remuneration |
2020 |
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Audit of the financial statements |
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South Tees Developments Limited
Notes to the Financial Statements for the Period from 3 January 2019 to 31 March 2020 (continued)
Tangible assets |
Land and buildings |
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Cost or valuation |
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Additions |
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At 31 March 2020 |
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Depreciation |
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Impairment |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
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Included within the net book value of land and buildings above is £11,500,000 in respect of freehold land and buildings.
South Tees Developments Limited
Notes to the Financial Statements for the Period from 3 January 2019 to 31 March 2020 (continued)
Debtors |
2020 |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2020 |
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Due within one year |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Other creditors |
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Corporation tax liability |
4,765 |
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Other creditors consists of a retention amount due as part of the acquisition of freehold land.
Creditors: amounts falling due after more than one year
2020 |
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Due after one year |
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Amounts owed to group undertakings |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
South Tees Developments Limited
Notes to the Financial Statements for the Period from 3 January 2019 to 31 March 2020 (continued)
7 |
Parent and ultimate parent undertaking (continued) |
The parent of the largest group in which these financial statements are consolidated is
The address of Tees Valley Combined Authority is:
Audit report |
The name of the Senior Statutory Auditor who signed the audit report on
MHA Tait Walker is a trading name of Tait Walker LLP.