St George's Fields Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01566134 (England and Wales)

Financial Statements

for the Year Ended 31st December 2020

for

ST GEORGE'S FIELDS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Stephen Mayer

Elizabeth Hewitt

Kathryn Roskell

Richard Harding

Matthew Austin

Natasha Tsangarides

REGISTERED OFFICE:

The Estate Office

1 St. George's Fields

Albion Street

London

W2 2YE

REGISTERED NUMBER:

01566134 (England and Wales)

AUDITORS:

Simpson Wreford & Partners

Chartered Accountants & Statutory Auditors

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

FIXED ASSETS

Tangible assets

4

813

1,016

Investments

5

100

100

Investment property

6

2,085,000

2,215,000

2,085,913

2,216,116

CURRENT ASSETS

Debtors

7

26,525

1,822

Cash at bank

131,207

191,887

157,732

193,709

CREDITORS

Amounts falling due within one year

8

15,162

35,716

NET CURRENT ASSETS

142,570

157,993

TOTAL ASSETS LESS CURRENT LIABILITIES

2,228,483

2,374,109

PROVISIONS FOR LIABILITIES

9

305,071

387,194

NET ASSETS

1,923,412

1,986,915

CAPITAL AND RESERVES

Called up share capital

297

297

Capital redemption reserve

1

1

Fair value reserve

10

1,688,218

1,736,095

Retained earnings

234,896

250,522

SHAREHOLDERS' FUNDS

1,923,412

1,986,915

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th May 2021 and were signed on its behalf by:

Richard Harding - Director

1.	STATUTORY INFORMATION

St George's Fields Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company's income is derived from its ownership of the freehold title of the estate known as St George's Fields, rental of three properties within the estate and from the profit of its trading subsidiary St George's Fields (No.2) Limited. Contributions are made to estate infrastructure projects only when funds are available. The directors therefore believe that the company has sufficient resources for the foreseeable future. As a result, the going concern basis of accounting has been adopted

Preparation of consolidated financial statements

The financial statements contain information about St George's Fields Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment and furniture

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

The properties have been valued by the directors based on recent sales values of similar flats in a similar condition.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

Rental income

Rental income is recognised in the period to which the rent relates.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Office

equipment

Freehold

and

property

furniture

Totals

£

£

£

COST

At 1st January 2020

and 31st December 2020

1

17,272

17,273

DEPRECIATION

At 1st January 2020

-

16,257

16,257

Charge for year

-

203

203

At 31st December 2020

-

16,460

16,460

NET BOOK VALUE

At 31st December 2020

1

812

813

At 31st December 2019

1

1,015

1,016

The directors are of the opinion that the value of the freehold property is at least equal to the balance sheet value.

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2020

and 31st December 2020

100

NET BOOK VALUE

At 31st December 2020

100

At 31st December 2019

100

The above investment represents the whole of the share capital of the company's subsidiary, St George's Fields (No.2) Limited.

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st January 2020

2,215,000

Revaluations

(130,000

)

At 31st December 2020

2,085,000

NET BOOK VALUE

At 31st December 2020

2,085,000

At 31st December 2019

2,215,000

Fair value at 31st December 2018 is represented by:

£

Valuation in 2013

1,830,949

Valuation in 2014 - increase

440,000

Valuation in 2015 - no change

-

Valuation in 2016 - increase

10,000

Valuation in 2017 - no change

-

Valuation in 2018 - decrease

(145,000

)

Valuation in 2019 - increase

10,000

Valuation in 2020 - decrease

(130,000

)

Cost of acquisition

69,051

2,085,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Amounts owed by group undertakings

24,272

-

Sundry debtors and prepayments

2,253

1,822

26,525

1,822

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Amounts owed to group undertakings

-

728

Sundry creditors and accruals

15,162

34,988

15,162

35,716

9.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

305,071

387,194

Deferred

tax

£

Balance at 1st January 2020

387,194

Fair value adjustments

(82,123

)

Balance at 31st December 2020

305,071

10.

RESERVES

Fair

value

reserve

£

At 1st January 2020

1,736,095

Movement in fair value of properties net of deferred tax

(47,877

)

At 31st December 2020

1,688,218

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alasdair Weaks (Senior Statutory Auditor)

for and on behalf of Simpson Wreford & Partners

12.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13.	ULTIMATE CONTROLLING PARTY

There is no controlling party.