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Registration number: 08408141

Stonehill Financial Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023


 

 

Stonehill Financial Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Stonehill Financial Limited

Company Information

Director

Mark Jason Thompson

Registered office

80-83 Long Lane
London
EC1A 9ET

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Stonehill Financial Limited

(Registration number: 08408141)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

82,263

102,828

Tangible assets

5

-

357

 

82,263

103,185

Current assets

 

Debtors

6

37,713

68,783

Cash at bank and in hand

 

15,943

136,355

 

53,656

205,138

Creditors: Amounts falling due within one year

7

(15,140)

(14,394)

Net current assets

 

38,516

190,744

Total assets less current liabilities

 

120,779

293,929

Creditors: Amounts falling due after more than one year

7

(15,000)

(15,000)

Provisions for liabilities

-

(68)

Net assets

 

105,779

278,861

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

105,778

278,860

Shareholders' funds

 

105,779

278,861

For the financial year ending 31 December 2023 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 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 Profit and Loss Account.

Approved and authorised by the director on 23 August 2024
 

 

Stonehill Financial Limited

(Registration number: 08408141)
Balance Sheet as at 31 December 2023

.........................................
Mark Jason Thompson
Director

 

Stonehill Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
80-83 Long Lane
London
EC1A 9ET
United Kingdom

These financial statements were authorised for issue by the director on 23 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales 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 and 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.

 

Stonehill Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipments

33.33% straight line

Fixture and fittings

33.33% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangibles

Over 10 years

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 customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision 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.

 

Stonehill Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Stonehill Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 January 2023

205,653

205,653

At 31 December 2023

205,653

205,653

Amortisation

At 1 January 2023

102,825

102,825

Amortisation charge

20,565

20,565

At 31 December 2023

123,390

123,390

Carrying amount

At 31 December 2023

82,263

82,263

At 31 December 2022

102,828

102,828

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

2,072

2,072

Disposals

(998)

(998)

At 31 December 2023

1,074

1,074

Depreciation

At 1 January 2023

1,715

1,715

Charge for the year

357

357

Eliminated on disposal

(998)

(998)

At 31 December 2023

1,074

1,074

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

357

357

 

Stonehill Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

3,127

3,127

Amounts owed by related parties

9

34,586

-

Prepayments

 

-

24,185

Other debtors

 

-

41,471

   

37,713

68,783

 

Stonehill Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

317

384

Taxation and social security

 

2,232

1,853

Other creditors

 

12,591

12,157

 

15,140

14,394

Due after one year

 

Other non-current financial liabilities

 

15,000

15,000

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

15,000

15,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

9

Related party transactions


Stonehill FH Limited
(Parent)

At the balance sheet date, amount due from parent was £34,586. The amount is interest free and repayable on demand.

Transactions with the director

 

Stonehill Financial Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Adam Larrett Neal

Interest bearing loan

41,470

(41,470)

-

       
     

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Adam Larrett Neal

Interest bearing loan

-

41,470

41,470

       
     

 

10

Parent and ultimate parent undertaking

Stonehill FH Limited acquired the company on 9 November 2023.

 The ultimate parent is Stonehill FH Limited, incorporated in England and Wales.