Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30false2022-07-01rental of investment properties22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02332711 2022-07-01 2023-06-30 02332711 2021-07-01 2022-06-30 02332711 2023-06-30 02332711 2022-06-30 02332711 2021-07-01 02332711 2 2021-07-01 2022-06-30 02332711 3 2022-07-01 2023-06-30 02332711 3 2021-07-01 2022-06-30 02332711 d:Director1 2022-07-01 2023-06-30 02332711 e:FurnitureFittings 2022-07-01 2023-06-30 02332711 e:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 02332711 e:OtherPropertyPlantEquipment 2023-06-30 02332711 e:OtherPropertyPlantEquipment 2022-06-30 02332711 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 02332711 e:FreeholdInvestmentProperty 2023-06-30 02332711 e:FreeholdInvestmentProperty 2022-06-30 02332711 e:CurrentFinancialInstruments 2023-06-30 02332711 e:CurrentFinancialInstruments 2022-06-30 02332711 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02332711 e:CurrentFinancialInstruments e:WithinOneYear 2022-06-30 02332711 e:ShareCapital 2022-07-01 2023-06-30 02332711 e:ShareCapital 2023-06-30 02332711 e:ShareCapital 2021-07-01 2022-06-30 02332711 e:ShareCapital 2022-06-30 02332711 e:ShareCapital 2021-07-01 02332711 e:CapitalRedemptionReserve 2022-07-01 2023-06-30 02332711 e:CapitalRedemptionReserve 2023-06-30 02332711 e:CapitalRedemptionReserve 3 2022-07-01 2023-06-30 02332711 e:CapitalRedemptionReserve 2021-07-01 2022-06-30 02332711 e:CapitalRedemptionReserve 2022-06-30 02332711 e:CapitalRedemptionReserve 2021-07-01 02332711 e:CapitalRedemptionReserve 2 2021-07-01 2022-06-30 02332711 e:CapitalRedemptionReserve 3 2021-07-01 2022-06-30 02332711 e:InvestmentPropertiesRevaluationReserve 2022-07-01 2023-06-30 02332711 e:InvestmentPropertiesRevaluationReserve 2023-06-30 02332711 e:InvestmentPropertiesRevaluationReserve 3 2022-07-01 2023-06-30 02332711 e:InvestmentPropertiesRevaluationReserve 2021-07-01 2022-06-30 02332711 e:InvestmentPropertiesRevaluationReserve 2022-06-30 02332711 e:InvestmentPropertiesRevaluationReserve 2021-07-01 02332711 e:InvestmentPropertiesRevaluationReserve 2 2021-07-01 2022-06-30 02332711 e:InvestmentPropertiesRevaluationReserve 3 2021-07-01 2022-06-30 02332711 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02332711 e:RetainedEarningsAccumulatedLosses 2023-06-30 02332711 e:RetainedEarningsAccumulatedLosses 3 2022-07-01 2023-06-30 02332711 e:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 02332711 e:RetainedEarningsAccumulatedLosses 2022-06-30 02332711 e:RetainedEarningsAccumulatedLosses 2021-07-01 02332711 e:RetainedEarningsAccumulatedLosses 2 2021-07-01 2022-06-30 02332711 e:RetainedEarningsAccumulatedLosses 3 2021-07-01 2022-06-30 02332711 d:FRS102 2022-07-01 2023-06-30 02332711 d:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 02332711 d:FullAccounts 2022-07-01 2023-06-30 02332711 d:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02332711 2 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure
Registered number: 02332711






STONEHILL PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










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STONEHILL PROPERTIES LIMITED
REGISTERED NUMBER:02332711

BALANCE SHEET
AS AT 30 JUNE 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,719
6,656

Investment property
 5 
3,100,000
3,100,000

  
3,105,719
3,106,656

Current assets
  

Debtors: amounts falling due within one year
 6 
60,589
3,456

Cash at bank and in hand
  
443,733
315,364

  
504,322
318,820

Creditors: amounts falling due within one year
 7 
(119,266)
(69,938)

Net current assets
  
 
 
385,056
 
 
248,882

Total assets less current liabilities
  
3,490,775
3,355,538

Provisions for liabilities
  

Deferred tax
  
(412,102)
(313,375)

  
 
 
(412,102)
 
 
(313,375)

Net assets
  
3,078,673
3,042,163


Capital and reserves
  

Called up share capital 
  
406,000
406,000

Capital redemption reserve
 8 
103,139
103,139

Investment property reserve
 8 
1,769,694
1,868,256

Profit and loss account
 8 
799,840
664,768

  
3,078,673
3,042,163


Page 1

 
STONEHILL PROPERTIES LIMITED
REGISTERED NUMBER:02332711
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R F Morgan
Director

Date: 4 March 2024

Page 2

 
STONEHILL PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital redemption reserve
Investment property non-distributable reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2021
406,000
103,139
633,006
850,657
1,992,802


Comprehensive income for the year

Profit for the year
-
-
-
1,333,561
1,333,561


Other comprehensive income for the year
-
-
-
-
-


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(284,200)
(284,200)

Investment property revaluation
-
-
1,525,000
(1,525,000)
-

Deferred tax on revaluation
-
-
(289,750)
289,750
-


Total transactions with owners
-
-
1,235,250
(1,519,450)
(284,200)



At 1 July 2022
406,000
103,139
1,868,256
664,768
3,042,163


Comprehensive income for the year

Profit for the year
-
-
-
96,510
96,510


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
-
96,510
96,510


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(60,000)
(60,000)

Deferred tax on revaluation
-
-
(98,562)
98,562
-


Total transactions with owners
-
-
(98,562)
38,562
(60,000)


At 30 June 2023
406,000
103,139
1,769,694
799,840
3,078,673


Page 3

 
STONEHILL PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Stonehill Properties Limited is a private company limited by shares, incorporated in England and Wales.  Its registered office address is Millhouse, 32-38 East Street, Rochford, Essex SS4 1DB.
The principal activity of the company continued to be that of rental of commercial investment properties.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
STONEHILL PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
STONEHILL PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Page 6

 
STONEHILL PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
STONEHILL PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 July 2022
15,884


Additions
833



At 30 June 2023

16,717



Depreciation


At 1 July 2022
9,228


Charge for the year on owned assets
1,770



At 30 June 2023

10,998



Net book value



At 30 June 2023
5,719



At 30 June 2022
6,656

Page 8

 
STONEHILL PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 July 2022
3,100,000



At 30 June 2023
3,100,000


Comprising


Cost
919,633

Annual revaluation surplus/(deficit):


2005 - 2020
655,367

2022
1,525,000

At 30 June 2023
3,100,000

The 2023 valuations were made by Fenn Wright Chartered Surveyors, on an open market value for existing use basis.





6.


Debtors

2023
2022
£
£


Trade debtors
44,713
-

Other debtors
11,759
-

Prepayments and accrued income
4,117
3,456

60,589
3,456



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
900
1,771

Taxation and social security
61,604
29,531

Other creditors
-
1,888

Accruals and deferred income
56,762
36,748

119,266
69,938


Page 9

 
STONEHILL PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Reserves

Capital redemption reserve

All reserves in respect of capital redemption are non-distributable reserves.

Investment property revaluation reserve

This reserve forms part of the profit and loss reserve representing the non-distributable element arising from the revaluation of investment property net of deferred tax.

Profit & loss account

All reserves in respect of profit and loss are distributable reserves.


9.


Prior year adjustment

The comparatives have been re-stated to correctly reflect the revaluation of the investment property and associated deferred tax. The change has resulted in profits available for distribution at 30 June 2022 increasing after tax by £289,750 and the investment property revaluation reserve at 30 June 2022 decreasing by the same amount.


10.


Related party transactions

Included within other debtors is an amount due from a director of the Company of £Nil (2022: £Nill).

 
Page 10