Company registration number SC291164 (Scotland)
HENDERSON STONE & CO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HENDERSON STONE & CO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
HENDERSON STONE & CO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
177,605
204,928
Tangible assets
4
3,415
3,370
181,020
208,298
Current assets
Debtors
5
480,738
27,848
Cash at bank and in hand
87,093
-
0
567,831
27,848
Creditors: amounts falling due within one year
6
(193,116)
(240,234)
Net current assets/(liabilities)
374,715
(212,386)
Total assets less current liabilities
555,735
(4,088)
Creditors: amounts falling due after more than one year
7
(952,989)
(236,443)
Net liabilities
(397,254)
(240,531)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(398,254)
(241,531)
Total equity
(397,254)
(240,531)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

HENDERSON STONE & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
Mr S E J Henderson
Director
Company Registration No. SC291164
HENDERSON STONE & CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,000
(110,039)
(109,039)
Year ended 31 December 2022:
Loss for the year
-
(131,492)
(131,492)
Balance at 31 December 2022
1,000
(241,531)
(240,531)
Year ended 31 December 2023:
Loss for the year
-
(156,723)
(156,723)
Balance at 31 December 2023
1,000
(398,254)
(397,254)
HENDERSON STONE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Henderson Stone & Co Limited is a private company limited by shares incorporated in Scotland. The registered office is Suite 16, Firhill Business Centre, 74 Firhill Road, Glasgow, G20 7BA.

1.1
Accounting convention

These financial statements have been prepared under the historical cost convention and 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 £.

1.2
Going concern

The financial statements have been prepared on the going concern basis, the validity of which depends upon the continued support of the company's directors and shareholders. At the balance sheet date thetrue company's total assets were in deficiency of its current liabilities by £397,254 (2022: £240,531).

 

The company meets its day to day working capital requirements with the support of the company's directors and shareholders, who have agreed not to seek repayment of the amounts owed to them in advance of other creditors.

 

For the above reason the directors consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Turnover

The revenue shown in the income statement represents the value of all commissions and fees earned on the provision of financial advisory services during the year.

1.4
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of a business represents the excess of the cost of acquisition over the fair value of the separable net assets acquired. The fair value of the acquired assets and liabilities are assessed in the year of acquisition and the subsequent year, which may impact on the goodwill recognised. Goodwill is capitalised and written off on a straight line basis over its useful economic life of 20 years.

1.5
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:

Fixtures, fittings & equipment
15% reducing balance
Computer equipment
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.

HENDERSON STONE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with bank. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet 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 and cash and bank balances, 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 paymentsts 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. Ammounts 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.

1.9
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.

1.10
Taxation

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

HENDERSON STONE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

2
Employees

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

2023
2022
Number
Number
Total
13
13
HENDERSON STONE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
546,467
Amortisation and impairment
At 1 January 2023
341,539
Amortisation charged for the year
27,323
At 31 December 2023
368,862
Carrying amount
At 31 December 2023
177,605
At 31 December 2022
204,928

Goodwill of £546,467 arose on the acquisition of the trade and assets of Henderson Stone & Co. Goodwill is amortised in accordance with the company's stated accounting policy.

4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
15,192
15,918
31,110
Additions
-
0
1,249
1,249
At 31 December 2023
15,192
17,167
32,359
Depreciation and impairment
At 1 January 2023
12,707
15,033
27,740
Depreciation charged in the year
388
816
1,204
At 31 December 2023
13,095
15,849
28,944
Carrying amount
At 31 December 2023
2,097
1,318
3,415
At 31 December 2022
2,485
885
3,370
HENDERSON STONE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
54,405
22,955
Other debtors
426,333
4,893
480,738
27,848
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan and overdrafts
4,783
19,618
Other loans
115,069
153,030
Corporation tax
-
0
248
Other taxation and social security
44,369
21,624
Other creditors
3,287
3,210
Accruals and deferred income
25,608
42,504
193,116
240,234

The bank loan is a Bounce Back Loan which is repayable in equal instalments over 5 years. The loan is guaranteed by the government and carries an interest rate of 2.5% per annum.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan and overdrafts
26,304
31,087
Other loans
926,685
205,356
952,989
236,443

The bank loan is a Bounce Back Loan which is repayable in equal instalments over 5 years. The loan is guaranteed by the government and carries an interest rate of 2.5% per annum.

 

 

 

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 ordinary shares of £1 each
1,000
1,000
HENDERSON STONE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
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
£
£
Within one year
11,016
9,179
11,016
9,179
10
Related party transactions

At the balance sheet date, the company was owed £54,405 (2022: £22,955) by Henderson Stone Assets Management Limited, a related party by virtue of having common directors.

11
Directors' transactions

Included within other debtors is an amount of £420,349 (2022: £Nil) owed to the company by Mr S E J Henderson.

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