Company Registration No. 12234765 (England and Wales)
Stoneturn UK Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Stoneturn UK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Stoneturn UK Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,509
62,848
Current assets
Debtors
4
1,782,135
1,162,270
Cash at bank and in hand
389,877
1,036,890
2,172,012
2,199,160
Creditors: amounts falling due within one year
5
(4,463,532)
(3,881,944)
Net current liabilities
(2,291,520)
(1,682,784)
Total assets less current liabilities
(2,279,011)
(1,619,936)
Provisions for liabilities
-
0
(16,508)
Net liabilities
(2,279,011)
(1,636,444)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,279,012)
(1,636,445)
Total equity
(2,279,011)
(1,636,444)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
David Stern
Director
Company Registration No. 12234765
Stoneturn UK Limited
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

Stoneturn UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Genesis House, 17 Godliman Street, London, United Kingdom, EC4V 5BD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis, despite the company’s liabilities exceeding its total assets by £2,279,011 (2022: £1,636,444) at the balance sheet date. Included within current liabilities are amounts of £373,048 (2022: £346,455) due to the ultimate parent entity Stoneturn Holdco LP, and amounts of £3,580,649 (2022: £3,127,865) due to fellow subsidiaries. The directors of Stoneturn Holdco LP have provided written assurance assurance that they will provide sufficient funds to allow the company to continue trading for a period of at least 12 months from the date of signing these financial statements.true

 

Based on ongoing support of its parent entity the directors believe that it is appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The company recognises revenue when persuasive evidence of an arrangement exists, the related services are provided, the price is fixed or determinable and recoverability is reasonably assured. These services are primarily rendered under arrangements that require the client to pay based on the hours incurred at agreed-upon rates. Revenues related to fixed-fee engagements are recognised based on estimates of work completed compared with the total services to be provided under the engagement. Any amounts recorded as revenue above the percentage complete are deferred. Direct costs incurred on engagements are expensed in the period incurred.

 

Expense reimbursements that are billable to clients are included in revenues, and typically an

equivalent amount of expenses is included in reimbursable expenses. Reimbursable expenses related to time-and-expense engagements are recognised as revenue in the period in which the expense is incurred. Amounts billed by subcontractors which are billed to clients are also included in reimbursable expenses.

 

Revenues recognised for services performed but not yet billed to clients are recorded as accrued income and included in service revenue for time and expense engagements. Client prepayments and retainers will be recognised over future periods as earned in accordance with the applicable engagement agreement.

Stoneturn UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the period of the lease
Plant and equipment
5 years at 20% straight line
Fixtures and fittings
5 years at 20% straight line
Computers
3 years at 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Stoneturn UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Stoneturn UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
17
Stoneturn UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
161,187
100,296
261,483
Disposals
(12,763)
(54,101)
(66,864)
At 31 December 2023
148,424
46,195
194,619
Depreciation and impairment
At 1 January 2023
127,103
71,532
198,635
Depreciation charged in the year
34,084
14,943
49,027
Eliminated in respect of disposals
(12,763)
(52,789)
(65,552)
At 31 December 2023
148,424
33,686
182,110
Carrying amount
At 31 December 2023
-
0
12,509
12,509
At 31 December 2022
34,084
28,764
62,848
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,288,124
717,099
Other debtors
436,176
387,586
1,724,300
1,104,685
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
57,835
57,585
Total debtors
1,782,135
1,162,270
Stoneturn UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
40,063
19,785
Amounts owed to group undertakings
3,953,696
3,474,319
Taxation and social security
116,062
86,889
Other creditors
353,711
300,951
4,463,532
3,881,944
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Sheryl Davis
Statutory Auditors:
Saffery LLP
Date of audit report:
19 September 2024
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
409,983
94,308
8
Related party transactions

The company owed StoneTurn Holdco LP £441,358 (2022: £412,608) and was owed £68,310 (2022: £66,153) at the reporting date. The amounts are interest free and repayable on demand.

 

In addition to the above, the company owed £3,717,089 (2022: £3,513,048) to and was owed £136,440 (2022: £385,183) from entities wholly owned within the group.

 

Stoneturn UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
9
Parent company

The directors believe that there is no ultimate controlling party.

 

The directors regard Stoneturn Group LLP, an entity registered in the United States of America, to be the immediate parent undertaking.

 

The directors also regard Stoneturn Holdco LP, a company registered in the United States of America, as the ultimate parent company and the smallest and largest group for which consolidated financial statements, which include Stoneturn UK Limited, are prepared.

 

The registered office and principal place of business of Stoneturn Holdco LP is 75 State Street Suite 1710, Boston, MA 02109.

 

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