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COMPANY REGISTRATION NUMBER: 07438249
Stonecastle Homes Limited
Filleted unaudited financial statements
30 November 2021
Stonecastle Homes Limited
Statement of financial position
30 November 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,200,000
1,000,000
Investments
6
100
100
-----------
-----------
1,200,100
1,000,100
Current assets
Debtors
7
5,787
3,611
Cash at bank and in hand
5,266
15,695
-------
-------
11,053
19,306
Creditors: amounts falling due within one year
8
( 19,973)
( 16,968)
-------
-------
Net current (liabilities)/assets
( 8,920)
2,338
-----------
-----------
Total assets less current liabilities
1,191,180
1,002,438
Creditors: amounts falling due after more than one year
9
( 787,577)
( 464,487)
Provisions
Deferred tax
( 34,500)
( 67,500)
-----------
-----------
Net assets
369,103
470,451
-----------
-----------
Capital and reserves
Called up share capital
100
100
Other reserves
184,824
284,114
Profit and loss account
184,179
186,237
---------
---------
Shareholders funds
369,103
470,451
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30th November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Stonecastle Homes Limited
Statement of financial position (continued)
30 November 2021
These financial statements were approved by the board of directors and authorised for issue on 12 August 2022 , and are signed on behalf of the board by:
Mr D Pickles
Company registration number: 07438249
Stonecastle Homes Limited
Notes to the financial statements
year ended 30th November 2021
1. General information
The principal activity of the company is the development and sale of residential property and the rental of residential property and holiday lets. The company is a private company limited by shares, registered in England and Wales (no 07438249 ) . The address of the registered office is 22 Westfield Grove, Ackworth, Pontefract, WF7 7HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the basis that the company can continue to operate as a going concern. The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. This conclusion was made having considered the impact of the worldwide Covid-19 pandemic on future operations. The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed in the notes.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year including directors amounted to 2 (2020: 2).
5. Tangible assets
Land and buildings
£
Cost or valuation
At 1st December 2020
1,000,000
Additions
1,200
Fair value adjustment
198,800
-----------
At 30th November 2021
1,200,000
-----------
Depreciation
At 1st December 2020 and 30th November 2021
-----------
Carrying amount
At 30th November 2021
1,200,000
-----------
At 30th November 2020
1,000,000
-----------
The directors have reviewed the valuation of the investment property at the year end and have concluded that the valuation above reflects market value.
6. Investments
Shares in group undertakings
£
Cost
At 1st December 2020 and 30th November 2021
100
----
Impairment
At 1st December 2020 and 30th November 2021
----
Carrying amount
At 30th November 2021
100
----
At 30th November 2020
100
----
7. Debtors
2021
2020
£
£
Amounts owed by group undertakings
5,325
2,552
Called up share capital not paid
50
50
Prepayments and accrued income
412
1,009
------
------
5,787
3,611
------
------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
7,999
4,000
Trade creditors
1,094
Other creditors
11,974
11,874
-------
-------
19,973
16,968
-------
-------
The bank loans are secured by way of a legal charge over the company's investment property.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
787,577
464,487
---------
---------
The bank loans are secured by way of a legal charge over the company's investment property.