Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-30true72022-05-01falseNo description of principal activity6falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03111924 2022-05-01 2023-04-30 03111924 2021-05-01 2022-04-30 03111924 2023-04-30 03111924 2022-04-30 03111924 2021-05-01 03111924 c:Director1 2022-05-01 2023-04-30 03111924 d:PlantMachinery 2022-05-01 2023-04-30 03111924 d:PlantMachinery 2023-04-30 03111924 d:PlantMachinery 2022-04-30 03111924 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03111924 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 03111924 d:MotorVehicles 2022-05-01 2023-04-30 03111924 d:MotorVehicles 2023-04-30 03111924 d:MotorVehicles 2022-04-30 03111924 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03111924 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 03111924 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 03111924 d:LeasedAssetsHeldAsLessee 2022-05-01 2023-04-30 03111924 d:FreeholdInvestmentProperty 2022-05-01 2023-04-30 03111924 d:FreeholdInvestmentProperty 2023-04-30 03111924 d:FreeholdInvestmentProperty 2022-04-30 03111924 d:CurrentFinancialInstruments 2023-04-30 03111924 d:CurrentFinancialInstruments 2022-04-30 03111924 d:Non-currentFinancialInstruments 2023-04-30 03111924 d:Non-currentFinancialInstruments 2022-04-30 03111924 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03111924 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 03111924 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03111924 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 03111924 d:ShareCapital 2023-04-30 03111924 d:ShareCapital 2022-04-30 03111924 d:RevaluationReserve 2023-04-30 03111924 d:RevaluationReserve 2022-04-30 03111924 d:RetainedEarningsAccumulatedLosses 2023-04-30 03111924 d:RetainedEarningsAccumulatedLosses 2022-04-30 03111924 d:OtherDeferredTax 2023-04-30 03111924 d:OtherDeferredTax 2022-04-30 03111924 c:OrdinaryShareClass1 2022-05-01 2023-04-30 03111924 c:OrdinaryShareClass1 2023-04-30 03111924 c:FRS102 2022-05-01 2023-04-30 03111924 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 03111924 c:FullAccounts 2022-05-01 2023-04-30 03111924 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 03111924 2 2022-05-01 2023-04-30 03111924 6 2022-05-01 2023-04-30 03111924 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 03111924 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-04-30 03111924 d:LeasedAssetsHeldAsLessee 2023-04-30 03111924 d:LeasedAssetsHeldAsLessee 2022-04-30 03111924 e:PoundSterling 2022-05-01 2023-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03111924









STEALTH DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

 
STEALTH DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03111924

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
                                                                  Note
£
£

Fixed assets
  

Tangible assets
 4 
41,512
53,905

Investments
 5 
242,609
252,544

Investment property
 6 
5,380,000
5,507,486

  
5,664,121
5,813,935

Current assets
  

Debtors: amounts falling due within one year
 7 
1,324,679
1,110,523

Cash at bank and in hand
 9 
29,024
68,310

  
1,353,703
1,178,833

Creditors: amounts falling due within one year
 10 
(466,507)
(337,518)

Net current assets
  
 
 
887,196
 
 
841,315

Total assets less current liabilities
  
6,551,317
6,655,250

Creditors: amounts falling due after more than one year
 11 
(2,076,090)
(2,208,341)

Provisions for liabilities
  

Deferred tax
 12 
(744,439)
(565,773)

Net assets
  
3,730,788
3,881,136


Capital and reserves
  

Called up share capital 
 13 
100
100

Revaluation reserve
  
2,233,316
2,411,982

Profit and loss account
  
1,497,372
1,469,054

  
3,730,788
3,881,136


Page 1

 
STEALTH DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03111924
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The director considers 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 director acknowledges his 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 on 21 March 2024.




V Khatri
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Stealth Developments Limited ("the company") is a company limited by shares, incorporated in England and Wales. Its registered office is 74 Leytonstone Road, Stratford, E15 1SQ. 
The principal activity of the company continued to be that of investment and trading in 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

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue 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.

Page 3

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income 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

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income 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 reporting 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 reporting 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 reporting date.

Page 4

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

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 bases:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
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 the Statement of comprehensive income.

 
2.9

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 the Statement of comprehensive income.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the statement of financial position.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt nstrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.16

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

2023
2022
£
£

Wages and salaries
99,838
94,412

Social security costs
1,026
1,813

100,864
96,225


The average monthly number of employees, including directors, during the year was 7 (2022 - 6).

Page 6

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 May 2022
6,359
112,871
119,230


Additions
1,210
-
1,210



At 30 April 2023

7,569
112,871
120,440



Depreciation


At 1 May 2022
6,065
59,260
65,325


Charge for the year on owned assets
200
-
200


Charge for the year on financed assets
-
13,403
13,403



At 30 April 2023

6,265
72,663
78,928



Net book value



At 30 April 2023
1,304
40,208
41,512



At 30 April 2022
294
53,611
53,905

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
40,208
53,611

40,208
53,611

Page 7

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 May 2022
252,544


Additions
825


Disposals
(10,760)



At 30 April 2023
242,609





6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
5,507,486


Disposals
(127,486)



At 30 April 2023
5,380,000

The 2023 valuations were made by the director, on an open market value for existing use basis.




7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,105,548
891,965

Other debtors
217,192
218,558

Prepayments and accrued income
1,939
-

1,324,679
1,110,523



8.


Current asset investments




Page 8

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
29,024
68,310

Less: bank overdrafts
(918)
(918)

28,106
67,392



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
918
918

Bank loans
118,374
117,541

Other taxation and social security
3,030
2,153

Obligations under finance lease and hire purchase contracts
61,799
29,484

Other creditors
275,006
181,902

Accruals and deferred income
7,380
5,520

466,507
337,518


Bank loans are secured by a fixed and floating charge over the assets of the company.


11.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,029,912
2,100,365

Net obligations under finance leases and hire purchase contracts
46,178
107,976

2,076,090
2,208,341


Bank loans are secured by a fixed and floating charge over the assets of the company. 

Page 9

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
(565,773)
(565,773)


Charged to the profit or loss
(178,666)
-



At end of year
(744,439)
(565,773)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment properties
(744,439)
(565,773)

(744,439)
(565,773)


13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



14.


Related party transactions

At the year end amounts due to the director from the company totalled £121,922 (2022 - £71,468).
At the year end amounts due from connected companies by virtue of the directors shareholding totalled £1,105.548 
(2022 - £891,965).

 
Page 10