Company registration number 03586525 (England and Wales)
STRELLEY SYSTEMS LTD.
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
STRELLEY SYSTEMS LTD.
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
STRELLEY SYSTEMS LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 January 2023.
Principal activities
The principal activity of the company continued to be that of the creation and supply of high quality serviced offices and a cafe.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R D Henshell
K M Henshell
E L Dove
G C Rudham
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
R D Henshell
Director
26 October 2023
STRELLEY SYSTEMS LTD.
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,611
Tangible assets
4
457,605
474,575
461,216
474,575
Current assets
Stocks
15,992
10,958
Debtors
5
388,396
352,661
Cash at bank and in hand
394,510
176,410
798,898
540,029
Creditors: amounts falling due within one year
6
(1,358,001)
(1,221,756)
Net current liabilities
(559,103)
(681,727)
Net liabilities
(97,887)
(207,152)
Capital and reserves
Called up share capital
800
800
Profit and loss reserves
(98,687)
(207,952)
Total equity
(97,887)
(207,152)
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 January 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
R D Henshell
Director
Company Registration No. 03586525
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Strelley Systems Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Strelley Hall, Main Street, Strelley, Nottingham, NG8 6PE. The company registration number is 03586525.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company is in a net liability position at the year end. The holders of other loans of £615,037 (2022: £615,037) have confirmed that the loans will not be repaid for at least one year from the approval of the financial statements. true
1.3
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.
Turnover is mainly earned from rent and related services. This is recognised so as to match the period of rental to which it relates. Turnover from food and catering and café sales in general are recognised in line with the date the goods are provided.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Lease premiums
10% straight line basis
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
in accordance with the property
Improvements to property
5% on cost
Fixtures and fittings
25% on reducing balance
Office equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash at bank and in hand
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.
1.8
Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Loans and borrowings
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
54
50
3
Intangible fixed assets
Lease premiums
£
Cost
At 1 February 2022
690,000
Additions
4,031
At 31 January 2023
694,031
Amortisation and impairment
At 1 February 2022
690,000
Amortisation charged for the year
420
At 31 January 2023
690,420
Carrying amount
At 31 January 2023
3,611
At 31 January 2022
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
4
Tangible fixed assets
Leasehold property
Improvements to property
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2022
664,585
353,638
84,821
18,895
26,595
1,148,534
Additions
29,247
2,923
32,170
Disposals
(13,923)
(13,923)
At 31 January 2023
664,585
382,885
73,821
18,895
26,595
1,166,781
Depreciation and impairment
At 1 February 2022
543,661
72,955
33,357
15,675
8,311
673,959
Depreciation charged in the year
6,056
18,047
13,155
804
4,571
42,633
Eliminated in respect of disposals
(7,416)
(7,416)
At 31 January 2023
549,717
91,002
39,096
16,479
12,882
709,176
Carrying amount
At 31 January 2023
114,868
291,883
34,725
2,416
13,713
457,605
At 31 January 2022
120,924
280,683
51,464
3,220
18,284
474,575
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
60,008
21,861
Other debtors
300,511
292,709
Prepayments and accrued income
27,877
38,091
388,396
352,661
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
615,037
615,037
Trade creditors
29,751
18,814
Corporation tax
34,352
14,126
Other taxation and social security
91,451
50,888
Other creditors
483,608
409,248
Accruals and deferred income
103,802
113,643
1,358,001
1,221,756
STRELLEY SYSTEMS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
7
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS 102 Section 1A.