Company Registration No. 03876152 (England and Wales)
STONEHALL PROPERTY INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STONEHALL PROPERTY INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr N Chambers
Mrs S M Chambers
Secretary
Mrs S M Chambers
Company number
03876152
Registered office
Bootridge Farm
Stonehall Common
Kempsey
Worcestershire
WR5 3QQ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
4 The Cross
Worcester
Worcestershire
WR1 3PY
STONEHALL PROPERTY INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
STONEHALL PROPERTY INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STONEHALL PROPERTY INVESTMENTS LIMITED FOR THE YEAR ENDED 28 NOVEMBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stonehall Property Investments Limited for the year ended 28 November 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Stonehall Property Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stonehall Property Investments Limited and state those matters that we have agreed to state to the Board of Directors of Stonehall Property Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stonehall Property Investments Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Stonehall Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stonehall Property Investments Limited. You consider that Stonehall Property Investments Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Stonehall Property Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
20 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
STONEHALL PROPERTY INVESTMENTS LIMITED
BALANCE SHEET
AS AT
28 NOVEMBER 2022
28 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
350
1,040
Investment properties
4
5,805,378
6,010,378
5,805,728
6,011,418
Current assets
Debtors
5
6,001
16,535
Cash at bank and in hand
53,106
121,617
59,107
138,152
Creditors: amounts falling due within one year
6
(152,067)
(227,494)
Net current liabilities
(92,960)
(89,342)
Total assets less current liabilities
5,712,768
5,922,076
Creditors: amounts falling due after more than one year
7
(3,683,483)
(3,913,195)
Provisions for liabilities
9
(67)
(192)
Net assets
2,029,218
2,008,689
Capital and reserves
Called up share capital
10
2
2
Share premium account
1,903,321
1,903,321
Profit and loss reserves
125,895
105,366
Total equity
2,029,218
2,008,689
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
STONEHALL PROPERTY INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 NOVEMBER 2022
28 November 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr N Chambers
Director
Company Registration No. 03876152
STONEHALL PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information
Stonehall Property Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bootridge Farm, Stonehall Common, Kempsey, Worcestershire, WR5 3QQ.
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 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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% on cost
1.4
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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
STONEHALL PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2021 - 2).
3
Tangible fixed assets
Computer equipment
£
Cost
At 30 November 2021 and 28 November 2022
3,130
Depreciation and impairment
At 30 November 2021
2,090
Depreciation charged in the year
690
At 28 November 2022
2,780
Carrying amount
At 28 November 2022
350
At 29 November 2021
1,040
STONEHALL PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2022
- 6 -
4
Investment property
2022
£
Fair value
At 30 November 2021
6,010,378
Disposals
(205,000)
At 28 November 2022
5,805,378
The directors have assessed the market value of the properties and consider that there has been no significant change in the marker value at the year end.
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
6,001
16,535
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
79,685
68,064
Trade creditors
1,842
1,716
Taxation and social security
6,356
7,883
Other creditors
64,184
149,831
152,067
227,494
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
3,683,483
3,913,195
8
Secured debts
The following secured debts are included within creditors:
2022
2021
£
£
Bank loans
3,763,168
3,981,259
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
STONEHALL PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2022
- 7 -
9
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
67
192
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
2
2
11
Ultimate controlling party
The ultimate controlling party is Mr N Chambers and Mrs S M Chambers.