Company registration number SC516845 (Scotland)
STANTHIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
STANTHIP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STANTHIP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
546
819
Investment properties
4
1,030,000
1,030,000
1,030,546
1,030,819
Current assets
Debtors
5
9,777
9,820
Cash at bank and in hand
35,546
26,410
45,323
36,230
Creditors: amounts falling due within one year
6
(216,340)
(215,290)
Net current liabilities
(171,017)
(179,060)
Total assets less current liabilities
859,529
851,759
Creditors: amounts falling due after more than one year
7
(795,714)
(849,609)
Net assets
63,815
2,150
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
63,715
2,050
Total equity
63,815
2,150

The director of the company has 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 director acknowledges his 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.

STANTHIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 September 2024
S JOHNSTON
S Johnston
Director
Company Registration No. SC516845
STANTHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

StanThip Limited is a private company limited by shares incorporated in Scotland. The registered office is 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, Scotland, AB15 4DT.

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.

1.2
Going concern

The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The company has net current liabilities of £171,017 (2022: £179,060) and net assets of £63,815 (2022: £2,150). Included within other creditors is an amount due to the director of £452,648 (2022: £469,898). The director does not intend to seek repayment of the loan amounts until there is adequate funds available. This together with the expected receipt of rental income has allowed the director to assess that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

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.

 

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:

Computers
3 years 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
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Cash at bank and in hand

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.

STANTHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and others debtors and creditors. These are measured at amortised cost and are assessed at the end each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Statement of Comprehensive Income.

1.8
Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.

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 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.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

2
Employees

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

2023
2022
Number
Number
Total
1
1
STANTHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Computers
£
Cost
At 1 January 2023 and 31 December 2023
819
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the year
273
At 31 December 2023
273
Carrying amount
At 31 December 2023
546
At 31 December 2022
819
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,030,000

The 2023 valuations were made by the director by reference to similar properties in the area, on an open market value for existing use basis.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,789
3,261
Other debtors
5,988
6,559
9,777
9,820
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,646
36,646
Corporation tax
16,525
15,393
Other taxation and social security
-
0
610
Other creditors
163,169
162,641
216,340
215,290
STANTHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
343,066
379,711
Other creditors
452,648
469,898
795,714
849,609
8
Security

Santander bank holds a standard security over the Company's investment property and a floating charge over all the assets.

9
Receipts under operating leases
At 31 December 2023 the Company had future minimum receipts receivable under non-cancellable operating leases as follows:
2023
2022
£
£
Due within 1 year
125,000
125,000
Due after 1 year
750,000
875,000
875,000
1,000,000
10
Related party transactions

Transactions

 

During the current year, the company made advances to the director of £32,250. Credits were received of £15,000, resulting in a balance due to the director at the year end of £452,648 (2022 - £469,898).

 

No interest accrued during the year on the outstanding balance due to the director resulting in a balance due to the director at the year end of £124,350 (2022 - £124,350).

 

There are no set repayment terms and no interest was charged on the loan, previously, interest has been charged at 4.85%.

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