2022-09-012023-08-312023-08-31false12824450WHITESTONE PROPERTY AND ESTATES 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WHITESTONE PROPERTY AND ESTATES LIMITED

Registered Number
12824450
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

WHITESTONE PROPERTY AND ESTATES LIMITED
Company Information
for the year from 1 September 2022 to 31 August 2023

Director

SOAGA, Olaniyi Abideen Ishola

Registered Address

32 Sussex Road
Dartford
DA1 1SH

Registered Number

12824450 (England and Wales)
WHITESTONE PROPERTY AND ESTATES LIMITED
Statement of Financial Position
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3315,000315,000
Investments122,836180,837
437,836495,837
Current assets
Debtors1,4401,950
Cash at bank and on hand12,5883,415
14,0285,365
Creditors amounts falling due within one year(5,285)(5,306)
Net current assets (liabilities)8,74359
Total assets less current liabilities446,579495,896
Creditors amounts falling due after one year(499,590)(543,387)
Net assets(53,011)(47,491)
Capital and reserves
Profit and loss account(53,011)(47,491)
Shareholders' funds(53,011)(47,491)
The financial statements were approved and authorised for issue by the Director on 29 March 2024, and are signed on its behalf by:
SOAGA, Olaniyi Abideen Ishola
Director
Registered Company No. 12824450
WHITESTONE PROPERTY AND ESTATES LIMITED
Notes to the Financial Statements
for the year ended 31 August 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 22315,000
At 31 August 23315,000
Net book value
At 31 August 23315,000
At 31 August 22315,000