REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30th April 2024 |
for |
Stoneferry Estates Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
BANKERS: |
First Floor, Westcott House |
Hesslewood Business Park |
Ferriby Road |
Hessle |
HU13 OPF |
SOLICITORS: |
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 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Capital redemption reserve |
Fair value reserve | 11 | 3,117,594 | 3,372,419 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation |
Social security and other taxes |
Other creditors |
Accruals & deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 2-5 years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
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 | 3,372,419 |
Reserve transfer | - | (254,825 | ) | (254,825 | ) |
At 30th April 2024 | 3,117,594 |
Stoneferry Estates Limited (Registered number: 02601405) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
12. | RELATED PARTY DISCLOSURES |
2024 | 2023 |
£ | £ |
Beaver Developments Limited | 65,000 | 65,000 |
Rudstone Limited | 65,000 | 65,000 |
TWH Associates | 65,000 | 65,000 |
Innovating Space Limited | - | - |
Total | 195,000 | 195,000 |
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 |
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. |
Chartered Accountants |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |