Stone Harbour Limited 13080028 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of holding and managing investment property. Digita Accounts Production Advanced 6.30.9574.0 true true 13080028 2023-04-01 2024-03-31 13080028 2024-03-31 13080028 bus:OrdinaryShareClass1 2024-03-31 13080028 core:RetainedEarningsAccumulatedLosses 2024-03-31 13080028 core:ShareCapital 2024-03-31 13080028 core:CurrentFinancialInstruments 2024-03-31 13080028 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 13080028 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 13080028 bus:SmallEntities 2023-04-01 2024-03-31 13080028 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 13080028 bus:FullAccounts 2023-04-01 2024-03-31 13080028 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 13080028 bus:RegisteredOffice 2023-04-01 2024-03-31 13080028 bus:Director1 2023-04-01 2024-03-31 13080028 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 13080028 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13080028 countries:EnglandWales 2023-04-01 2024-03-31 13080028 2023-03-31 13080028 2022-04-01 2023-03-31 13080028 2023-03-31 13080028 bus:OrdinaryShareClass1 2023-03-31 13080028 core:RetainedEarningsAccumulatedLosses 2023-03-31 13080028 core:ShareCapital 2023-03-31 13080028 core:CurrentFinancialInstruments 2023-03-31 13080028 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13080028 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13080028

Stone Harbour Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Stone Harbour Limited

(Registration number: 13080028)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,039,000

681,000

Current assets

 

Debtors

5

1,224

924

Cash at bank and in hand

 

11,592

6,540

 

12,816

7,464

Creditors: Amounts falling due within one year

6

(558,501)

(544,571)

Net current liabilities

 

(545,685)

(537,107)

Total assets less current liabilities

 

493,315

143,893

Creditors: Amounts falling due after more than one year

6

(475,000)

(175,000)

Provisions for liabilities

(1,512)

-

Net assets/(liabilities)

 

16,803

(31,107)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

16,703

(31,207)

Shareholders' funds/(deficit)

 

16,803

(31,107)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Stone Harbour Limited

(Registration number: 13080028)
Balance Sheet as at 31 March 2024 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 August 2024
 

Mr G A Dawson
Director

   
     
 

Stone Harbour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
95 Sinclair Avenue
Banbury
Oxon
OX16 1BQ

These financial statements were authorised for issue by the director on 13 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover derived from ordinary activities represents the rents receivable. The company is not registered for VAT. Income is recognised when the right to rent falls due under the terms of the tenancy agreements.

 

Stone Harbour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from tenants in respect of rents due.

Trade debtors are recognised initially at the transaction price and subsequently adjusted for any provisions for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Stone Harbour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Stone Harbour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Investment properties

2024
£

At 1 April

681,000

Additions

318,432

Fair value adjustments

39,568

At 31 March

1,039,000

The investment properties comprise a portfolio of residential properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out on 31 March 2024 by the director. The valuation has been made on an open market value basis by reference to market evidence of transaction price for similar properties.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Prepayments

-

700

Other debtors

1,224

224

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

284

-

Accruals and deferred income

3,217

2,092

Other creditors

555,000

542,479

558,501

544,571

Creditors include a loan from the director of £555,000 (2023 - £536,000) which is interest free and repayable on demand.

 

Stone Harbour Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

475,000

175,000

Creditors include unsecured loans not repayable by instalments totalling £475,000 due after more than five years.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100