Shilstone Ltd 08561864 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is letting and operating of own real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 08561864 2022-12-01 2023-11-30 08561864 2023-11-30 08561864 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-11-30 08561864 core:CurrentFinancialInstruments 2023-11-30 08561864 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 08561864 core:PlantMachinery 2023-11-30 08561864 bus:SmallEntities 2022-12-01 2023-11-30 08561864 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08561864 bus:FilletedAccounts 2022-12-01 2023-11-30 08561864 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08561864 bus:RegisteredOffice 2022-12-01 2023-11-30 08561864 bus:Director1 2022-12-01 2023-11-30 08561864 bus:Director2 2022-12-01 2023-11-30 08561864 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08561864 core:PlantMachinery 2022-12-01 2023-11-30 08561864 countries:EnglandWales 2022-12-01 2023-11-30 08561864 2022-11-30 08561864 core:PlantMachinery 2022-11-30 08561864 2021-12-01 2022-11-30 08561864 2022-11-30 08561864 core:CurrentFinancialInstruments 2022-11-30 08561864 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 08561864 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 08561864

Shilstone Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Shilstone Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Shilstone Ltd

(Registration number: 08561864)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,420

12,385

Investment property

5

628,566

362,518

Other financial assets

6

50,001

-

 

680,987

374,903

Current assets

 

Debtors

7

99,725

90,426

Cash at bank and in hand

 

30,726

175,985

 

130,451

266,411

Creditors: Amounts falling due within one year

8

(312,073)

(158,607)

Net current (liabilities)/assets

 

(181,622)

107,804

Net assets

 

499,365

482,707

Capital and reserves

 

Called up share capital

201

201

Profit and loss account

499,164

482,506

Shareholders' funds

 

499,365

482,707

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Dr Christopher Forester
Director

.........................................
Mrs Sharon Nicola Forester
Director

 
     
 

Shilstone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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:
7C Cranmere Road
Okehampton
Devon
EX20 1UE

Principal activity

The principal activity of the company is letting and operating of own real estate.

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 entity.

Going concern

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

 

Shilstone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Shilstone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use 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 at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Shilstone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

48,431

48,431

At 30 November 2023

48,431

48,431

Depreciation

At 1 December 2022

36,046

36,046

Charge for the year

9,965

9,965

At 30 November 2023

46,011

46,011

Carrying amount

At 30 November 2023

2,420

2,420

At 30 November 2022

12,385

12,385

5

Investment properties

2023
£

At 1 December

362,518

Additions

266,048

At 30 November

628,566

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

 

Shilstone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

50,001

50,001

At 30 November 2023

50,001

50,001

Impairment

Carrying amount

At 30 November 2023

50,001

50,001

7

Debtors

2023
£

2022
£

Other debtors

99,725

90,426

99,725

90,426

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

13,889

19,207

Taxation and social security

 

6,817

8,885

Accruals and deferred income

 

1,680

980

Other creditors

 

289,687

129,535

 

312,073

158,607

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Shilstone Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

10

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

13,889

19,207