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REGISTERED NUMBER: 11587726 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Discover Stone Properties Ltd

Discover Stone Properties Ltd (Registered number: 11587726)

Contents of the Financial Statements
for the Year Ended 30 September 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Discover Stone Properties Ltd

Company Information
for the Year Ended 30 September 2023







DIRECTORS: K E Storey
Mrs L Storey





REGISTERED OFFICE: 23 Windermere Drive
Kingswinford
West Midlands
DY6 8AN





REGISTERED NUMBER: 11587726 (England and Wales)





ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS

Discover Stone Properties Ltd (Registered number: 11587726)

Statement of Financial Position
30 September 2023

30/9/23 30/9/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,025 1,282
Investment property 5 199,900 180,000
200,925 181,282

CURRENT ASSETS
Debtors 6 322 60
Cash at bank 7,912 8,307
8,234 8,367
CREDITORS
Amounts falling due within one year 7 51,814 54,300
NET CURRENT LIABILITIES (43,580 ) (45,933 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

157,345

135,349

CREDITORS
Amounts falling due after more than one
year

8

(93,370

)

(93,370

)

PROVISIONS FOR LIABILITIES (15,859 ) (8,029 )
NET ASSETS 48,116 33,950

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 50,221 37,406
Retained earnings (2,107 ) (3,458 )
SHAREHOLDERS' FUNDS 48,116 33,950

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Discover Stone Properties Ltd (Registered number: 11587726)

Statement of Financial Position - continued
30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 January 2024 and were signed on its behalf by:





Mrs L Storey - Director


Discover Stone Properties Ltd (Registered number: 11587726)

Notes to the Financial Statements
for the Year Ended 30 September 2023


1. STATUTORY INFORMATION

Discover Stone Properties Ltd 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.

Turnover
Turnover represents rental income due for the accounting period from the investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

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.

Going concern
Despite net current liabilities of £43,580 at 30 September 2023 (2022 - £45,933) the financial statements have been prepared on a going concern basis. The directors have reviewed the future cash flows of the business and have expressed their intention to financially support the company for the foreseeable future, deeming the going concern basis of preparation to be appropriate.

3. EMPLOYEES AND DIRECTORS

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

Discover Stone Properties Ltd (Registered number: 11587726)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
Cost
At 1 October 2022
and 30 September 2023 2,513
Depreciation
At 1 October 2022 1,231
Charge for year 257
At 30 September 2023 1,488
Net book value
At 30 September 2023 1,025
At 30 September 2022 1,282

5. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 October 2022 180,000
Revaluations 19,900
At 30 September 2023 199,900
Net book value
At 30 September 2023 199,900
At 30 September 2022 180,000

If the investment properties had not been revalued they would have been held at their historical cost of £133,820 (2022 - £133,820).

The directors have reviewed the local property market and made enquiries with local property agents. As a result of their review they consider that the fair value of the investment properties has risen during the year as reflected above.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Other debtors 322 60

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/9/23 30/9/22
£    £   
Other creditors 51,814 54,300

Discover Stone Properties Ltd (Registered number: 11587726)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/9/23 30/9/22
£    £   
Bank loans 93,370 93,370

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 93,370 93,370

9. SECURED DEBTS

The following secured debts are included within creditors:

30/9/23 30/9/22
£    £   
Bank loans 93,370 93,370

The bank loans are secured by fixed and floating charges over the investment properties and assets of the company.

10. RELATED PARTY DISCLOSURES

Discover Stone Ltd
A company under common control

Included in other creditors is a loan from Discover Stone Ltd of £46,218 (2022 - £46,218). The loan is interest free and has no fixed repayment terms.

The Directors
K E Storey and Mrs L Storey

At 30 September 2023, the company owed the directors £2,819 (2022 - £5,884). The loan is interest free and has no fixed repayment terms.