Company Registration No. 06002843 (England and Wales)
STABLE LANE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
PAGES FOR FILING WITH REGISTRAR
STABLE LANE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
STABLE LANE PROPERTIES LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2019
30 November 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
2
3,757,333
3,757,333
Current assets
Debtors
3
24,786
24,786
Cash at bank and in hand
18,858
9,313
43,644
34,099
Creditors: amounts falling due within one year
4
(2,891,174)
(2,979,556)
Net current liabilities
(2,847,530)
(2,945,457)
Total assets less current liabilities
909,803
811,876
Provisions for liabilities
(337,237)
(301,739)
Net assets
572,566
510,137
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
572,565
510,136
Total equity
572,566
510,137
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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 and signed by the director and authorised for issue on 10 June 2020
Mr P A K Jeffery
Director
Company Registration No. 06002843
STABLE LANE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2017
1
397,953
397,954
Year ended 30 November 2018:
Profit and total comprehensive income for the year
-
112,183
112,183
Balance at 30 November 2018
1
510,136
510,137
Year ended 30 November 2019:
Profit and total comprehensive income for the year
-
62,429
62,429
Balance at 30 November 2019
1
572,565
572,566
STABLE LANE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 3 -
1
Accounting policies
Company information
Stable Lane Properties Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
66 Prescot Street, London, E1 8NN.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net current liabilities of
true
£2,847,530
(201
8
:
£2,945,457)
at the balance sheet date which suggests that the going concern basis may not be appropriate. However, the director has given informal assurance that he will continue to provide support to the company to allow it to continue in operation for the foreseeable
future. The director therefore considers it appropriate to prepare financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this support.
1.3
Investment properties
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 a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash at banks.
1.5
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 balance sheet 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 bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
STABLE LANE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, bank loans
and
loans from
fellow group companies are
initially recognised at transaction price.
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.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
STABLE LANE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
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 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 is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax
assets are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Investment property
2019
£
Fair value
At 1 December 2018 and 30 November 2019
3,757,333
The investment properties are reflected in the financial statements at fair value as at 30 November 2019, which is the market value as assessed by the directors on that date.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
24,786
24,786
4
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
1,000,000
1,000,000
Trade creditors
128,481
128,836
Corporation tax
2,796
-
Other creditors
1,749,390
1,840,012
Accruals and deferred income
10,507
10,708
2,891,174
2,979,556
Bank
loans are secured by fixed
and floating
charge over
assets of the company.
STABLE LANE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 6 -
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
6
Related party transactions
At the balance sheet date, company owed £1,250,294 (2018: £1,421,274) to
companies under common control.
7
Directors' transactions
At the balance sheet date, the company owed £474,310 (2018: £393,952)
to
the director of the company.
8
Profit and loss reserves
Included within profit and loss reserves is an amount of £1,437,696 (2018: £1,473,194) relating to unrealized revaluation gains on investment properties. The amount is not available for distribution until the investment properties are disposed of after which it becomes realized.