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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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STANMORE PLACE COMMERCIAL LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
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FOR |
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STANMORE PLACE COMMERCIAL LIMITED |
STANMORE PLACE COMMERCIAL LIMITED (REGISTERED NUMBER: 10079928) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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STANMORE PLACE COMMERCIAL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditor |
168 Church Road |
Hove |
East Sussex |
BN3 2DL |
STANMORE PLACE COMMERCIAL LIMITED (REGISTERED NUMBER: 10079928) |
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BALANCE SHEET |
31 MARCH 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 7 |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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STANMORE PLACE COMMERCIAL LIMITED (REGISTERED NUMBER: 10079928) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Stanmore Place Commercial Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is Crown House, North Circular Road, Park Royal, London NW10 7PN. |
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2. | ACCOUNTING POLICIES |
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Accounting convention |
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Going concern |
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. |
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For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. |
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The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements. |
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Critical accounting judgements and key sources of estimation uncertainty |
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Significant Judgements |
The significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
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Property Valuations |
Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself. |
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Turnover |
Turnover represents amounts receivable from rents charged to tenants and the invoice value of other services supplied net of VAT and trade discounts. |
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Turnover is recognised when the rent is due from tenants on an accruals basis. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Investment properties are accounted for as follows: |
- Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure. |
- Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the consolidated income statement and accumulated in the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in retained earnings for the year. |
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Depreciation is provided only on those investment properties that are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the applicable standard, FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial information to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified. |
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STANMORE PLACE COMMERCIAL LIMITED (REGISTERED NUMBER: 10079928) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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The freehold investment property was valued on 31 March 2022 on a fair value basis as at that date by the directors. |
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Fair value at 31 March 2022 is represented by: |
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Valuation in 2022 | 12,180,000 |
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If the freehold property had not been revalued it would have been included at the following historical cost: |
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2022 | 2021 |
£ | £ |
Cost | 8,978,873 | 8,978,873 |
STANMORE PLACE COMMERCIAL LIMITED (REGISTERED NUMBER: 10079928) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts owed by participating interests | - | 6,270,788 |
Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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The bank loan and overdrafts are secured over the investment property of the company. |
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7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2021 |
and 31 March 2022 |
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The company has the following reserves, the movements of which in the current and prior years are shown in the statements of changes in equity: |
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Called-up share capital |
Called-up share capital represents the nominal value of shares that have been issued. |
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Revaluation reserve (non-distributable) |
The revaluation reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decreases relates to an increase on the same asset, net of deferred tax. |
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Retained earnings |
The retained earnings represent all current and prior period retained profits and losses. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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There are no related party transactions that require disclosure under FRS102. |
STANMORE PLACE COMMERCIAL LIMITED (REGISTERED NUMBER: 10079928) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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10. | ULTIMATE CONTROLLING PARTY |
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The parent company is Cygnet Properties & Leisure PLC, a company registered in England and Wales. |
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The company is controlled by some members of the Virani family, some of whom are directors of the company, through their shareholdings in Virani Net Limited and Virani Net Scheme. |