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REGISTERED NUMBER: 08909750















SOMERSTONE INVESTMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






SOMERSTONE INVESTMENTS LIMITED (REGISTERED NUMBER: 08909750)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SOMERSTONE INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs D Somers
Mr P N Somers





REGISTERED OFFICE: 1 Brookmans Avenue
Brookmans Park
Hatfield
Hertfordshire
AL9 7QH





REGISTERED NUMBER: 08909750





ACCOUNTANTS: P G ASSOCIATES
Accountants
1 Brookmans Avenue
Brookmans Park
Hatfield
Hertfordshire
AL9 7QH

SOMERSTONE INVESTMENTS LIMITED (REGISTERED NUMBER: 08909750)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,390,447 2,105,227

CURRENT ASSETS
Debtors 5 10,255 41,836
Cash at bank 18,713 1,771
28,968 43,607
CREDITORS
Amounts falling due within one year 6 1,606,666 8,745
NET CURRENT (LIABILITIES)/ASSETS (1,577,698 ) 34,862
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,812,749

2,140,089

CREDITORS
Amounts falling due after more than one
year

7

90,000

427,310
NET ASSETS 1,722,749 1,712,779

CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 93,038 93,038
Retained earnings 9 1,629,709 1,619,739
SHAREHOLDERS' FUNDS 1,722,749 1,712,779

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SOMERSTONE INVESTMENTS LIMITED (REGISTERED NUMBER: 08909750)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by:




Mrs D Somers - Director



Mr P N Somers - Director


SOMERSTONE INVESTMENTS LIMITED (REGISTERED NUMBER: 08909750)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Somerstone Investments Limited is a private company, limited by shares , registered in Not specified/Other. 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.

Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of rental income received during the period. The company is not VAT registered.

Tangible fixed assets
No provision has been made for depreciation on Freehold Investment Property held by the company. This policy will only be reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

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 in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

SOMERSTONE INVESTMENTS LIMITED (REGISTERED NUMBER: 08909750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2022 2,105,227 - - 2,105,227
Additions 1,275,160 1,634 11,778 1,288,572
At 31 March 2023 3,380,387 1,634 11,778 3,393,799
DEPRECIATION
Charge for year - 408 2,944 3,352
At 31 March 2023 - 408 2,944 3,352
NET BOOK VALUE
At 31 March 2023 3,380,387 1,226 8,834 3,390,447
At 31 March 2022 2,105,227 - - 2,105,227

Included in cost of land and buildings is freehold land of £ 3,380,387 (2022 - £ 2,105,227 ) which is not depreciated.

The properties were revalued at the 31 March 2019. The valuation were provided by the directors of the company following detailed discussions with experienced professionals within the property sector. They believe the revaluation is conservative and does not need to be reviewed further at this time.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 4,089 36,599
Prepayments 6,166 5,237
10,255 41,836

SOMERSTONE INVESTMENTS LIMITED (REGISTERED NUMBER: 08909750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors (1 ) (1 )
Tax - 7,929
Directors' loan accounts 1,604,267 817
Accrued expenses 2,400 -
1,606,666 8,745

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loan - 427,310
Other loans 90,000 -
90,000 427,310

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans 90,000 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
2 Ordinary £1 2 2

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 38,695 93,038 131,733
Profit for the year 9,970 9,970
Non distributable loan waver 1,581,044 - 1,581,044
At 31 March 2023 1,629,709 93,038 1,722,747

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed £1,604,267 to the directors (2022- £818). This amount is repayable on demand and is included in Creditors due within one year.

SOMERSTONE INVESTMENTS LIMITED (REGISTERED NUMBER: 08909750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. POST BALANCE SHEET EVENTS

During to the nature of the business, that of a rental investment company, Covid19 has not had an impact on the operations, customers, suppliers and staff. Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis. The company has not utilised any grants or benefits available from the Government and have taken any appropriate steps to protect the future of their business.