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REGISTERED NUMBER: 02601405 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30th April 2024

for

Stoneferry Estates Limited

Stoneferry Estates Limited (Registered number: 02601405)






Contents of the Financial Statements
for the year ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Stoneferry Estates Limited

Company Information
for the year ended 30th April 2024







DIRECTORS: D C Wilbraham
T Healey
T W Healey



SECRETARY: D. C. Wilbraham



REGISTERED OFFICE: Ferriby Hall
High Street
North Ferriby
East Yorkshire
HU14 3JP



REGISTERED NUMBER: 02601405 (England and Wales)



ACCOUNTANTS: Sadofskys
Chartered Accountants
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Handelsbanken
First Floor, Westcott House
Hesslewood Business Park
Ferriby Road
Hessle
HU13 OPF



SOLICITORS: Stamp Jackson & Procter LLP
5 Parliament Street
Hull
East Yorkshire
HU1 2AZ

Stoneferry Estates Limited (Registered number: 02601405)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 112,725 112,725
Investment property 5 11,125,000 11,125,000
11,237,725 11,237,725

CURRENT ASSETS
Debtors 6 52,092 51,928
Cash at bank 572,852 2,123,626
624,944 2,175,554
CREDITORS
Amounts falling due within one year 7 456,479 1,134,537
NET CURRENT ASSETS 168,465 1,041,017
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,406,190

12,278,742

CREDITORS
Amounts falling due after more than one
year

8

(3,000,000

)

(4,330,800

)

PROVISIONS FOR LIABILITIES (1,061,769 ) (806,944 )
NET ASSETS 7,344,421 7,140,998

CAPITAL AND RESERVES
Called up share capital 10 40,000 40,000
Revaluation reserve 11 3,429,124 3,429,124
Capital redemption reserve 860,000 860,000
Fair value reserve 11 3,117,594 3,372,419
Retained earnings (102,297 ) (560,545 )
SHAREHOLDERS' FUNDS 7,344,421 7,140,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 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.

Stoneferry Estates Limited (Registered number: 02601405)

Balance Sheet - continued
30th April 2024


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 2nd August 2024 and were signed on its behalf by:





T W Healey - Director


Stoneferry Estates Limited (Registered number: 02601405)

Notes to the Financial Statements
for the year ended 30th April 2024

1. STATUTORY INFORMATION

Stoneferry Estates Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term.

Investments in subsidiaries
Investments in subsidiary undertakings are shown at current value

Investment property
In accordance with FRS 102 investment properties are re-valued annually. No depreciation is provided on these properties. This is a departure from the requirements of the Companies Act, which requires all properties to be depreciated. Such properties are not held for consumption but for investment and the directors consider that to depreciate them would not give a true and fair view.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Stoneferry Estates Limited (Registered number: 02601405)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1st May 2023
and 30th April 2024 112,725
NET BOOK VALUE
At 30th April 2024 112,725
At 30th April 2023 112,725

Cost or valuation at 30th April 2024 is represented by:

Shares in
group
undertakings
£   
Valuation in 2022 (4,325,914 )
Cost 4,438,639
112,725

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st May 2023
and 30th April 2024 11,125,000
NET BOOK VALUE
At 30th April 2024 11,125,000
At 30th April 2023 11,125,000

Fair value at 30th April 2024 is represented by:
£   
Valuation in 2014 2,844,892
Valuation in 2017 1,388,595
Valuation in 2019 3,375,000
Cost 3,516,513
11,125,000

Investment properties were valued on an open market basis on 9th August 2019 by Colliers International Valuation UK LLP .

The Directors consider that the valuation remains appropriate.

Stoneferry Estates Limited (Registered number: 02601405)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,721 27,437
Prepayments 24,371 24,491
52,092 51,928

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 297 424
Taxation 152,729 95,361
Social security and other taxes 40,852 38,185
Other creditors 90,987 840,987
Accruals & deferred income 171,614 159,580
456,479 1,134,537

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 3,000,000 4,330,800

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 3,000,000 4,330,800

The loan is secured by a legal charge over the freehold investment properties and by fixed and floating charges over the whole of the company's assets and by cross corporate guarantees between the company and Stoneferry Priory Park Limited.

Stoneferry Estates Limited (Registered number: 02601405)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

10. CALLED UP SHARE CAPITAL

Authorised:
Number: Class: Nominal Value : 2023 2022

20,000 Ordinary A £1 20,000 20,000
20,000 Ordinary B £1 20,000 20,000


40,000 40,000

Allotted, issued and fully paid:
Number: Class: Nominal Value: 2023 2022

20,000 Ordinary A £1 20,000 20,000
20,000 Ordinary B £1 20,000 20,000



40,000 40,000
The "A" Shares and the "B" Shares shall confer upon the holders the same rights and rank pari passu in all respects.

11. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1st May 2023 3,429,124 3,372,419 6,801,543
Reserve transfer - (254,825 ) (254,825 )

At 30th April 2024 3,429,124 3,117,594 6,546,718

Stoneferry Estates Limited (Registered number: 02601405)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

12. RELATED PARTY DISCLOSURES

20242023
££
Beaver Developments Limited65,00065,000
Rudstone Limited65,00065,000
TWH Associates65,00065,000
Innovating Space Limited--

Total195,000195,000


During the year management charges were payable by the company to the above related parties:

These management charges were payable for either collecting rental income on behalf of the company or providing services in respect of the ongoing development of land and buildings.

T Healey, a director, is also a director of Beaver Developments Limited and D C Wilbraham, a director, is also a director of Rudstone Limited.

All of the above transactions were on normal commercial terms.

In previous years Stoneferry Priory Park Limited provided loans to its parent, Stoneferry Estates Limited. The amount owed to Stoneferry Priory Park Limited at the year end date was £90,987 (2023: £90,987).

As at 30th April 2024 Stoneferry Estates Limited owed nil (2023: £750,000) to Beaver Developments Limited

13. ULTIMATE CONTROLLING PARTY

In the directors' opinion the company is not ultimately controlled by any individual party.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Stoneferry Estates Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stoneferry Estates Limited for the year ended 30th April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Stoneferry Estates 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 Stoneferry Estates Limited and state those matters that we have agreed to state to the Board of Directors of Stoneferry Estates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stoneferry Estates Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Stoneferry Estates 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 Stoneferry Estates Limited. You consider that Stoneferry Estates 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 Stoneferry Estates 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.






Sadofskys
Chartered Accountants
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX


2nd August 2024