Company registration number 00310282 (England and Wales)
STONEFIELD ESTATES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
STONEFIELD ESTATES LIMITED
COMPANY INFORMATION
Directors
H G Cloke
C J Daniels
C T Daniels
Secretary
H G Cloke
Company number
00310282
Registered office
Shorehill Farm
Shorehill Lane
Knatts Valley
Sevenoaks
Kent
United Kingdom
TN15 6XL
Accountants
Azets
2nd Floor
Regis House
45 King William Street
London
United Kingdom
EC4R 9AN
STONEFIELD ESTATES LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Balance sheet
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 13
STONEFIELD ESTATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of property investment.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
H G Cloke
C J Daniels
C T Daniels
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C J Daniels
Director
20 August 2024
STONEFIELD ESTATES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
2024
2023
Notes
£
£
Turnover
4,646,763
4,086,412
Cost of sales
(914,771)
(927,668)
Gross profit
3,731,992
3,158,744
Administrative expenses
(171,153)
(163,170)
Other operating income
47,500
45,000
Profit on sale of investment property
3
160,498
598,028
Operating profit
3,768,837
3,638,602
Interest receivable from group undertakings
238,544
198,544
Other interest receivable and similar income
100,648
36,995
Fair value gains and losses on investment properties
8
3,695,521
496,291
Profit before taxation
7,803,550
4,370,432
Tax on profit
5
(2,187,137)
(763,923)
Profit for the financial year
5,616,413
3,606,509
The profit and loss account has been prepared on the basis that all operations are continuing operations.
STONEFIELD ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
11,858
9,706
Investment property
8
49,302,891
45,742,177
Investments
7
7,624,540
6,890,996
56,939,289
52,642,879
Current assets
Debtors
9
331,497
281,818
Cash at bank and in hand
2,244,213
2,182,462
2,575,710
2,464,280
Creditors: amounts falling due within one year
10
(1,227,516)
(979,413)
Net current assets
1,348,194
1,484,867
Total assets less current liabilities
58,287,483
54,127,746
Provisions for liabilities
(3,075,550)
(1,916,605)
Net assets
55,211,933
52,211,141
Capital and reserves
Called up share capital
11
74,202
74,202
Share premium account
2,283
2,283
Capital redemption reserve
3,000
3,000
Fair value reserve
32,218,896
28,645,963
Profit and loss reserve
22,913,552
23,485,693
Total equity
55,211,933
52,211,141
For the financial year ended 31 March 2024 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.
STONEFIELD ESTATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
C J Daniels
Director
Company Registration No. 00310282
STONEFIELD ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Share capital
Share premium account
Capital redemption reserve
Fair value reserve
Profit and loss reserve
Total
Notes
£
£
£
£
£
£
Balance at 1 April 2022
74,202
2,283
3,000
28,587,905
22,385,908
51,053,298
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
496,291
3,110,218
3,606,509
Dividends
-
-
-
-
(2,448,666)
(2,448,666)
Transfers
-
-
-
(438,233)
438,233
-
Balance at 31 March 2023
74,202
2,283
3,000
28,645,963
23,485,693
52,211,141
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
3,695,521
1,920,892
5,616,413
Dividends
-
-
-
-
(2,615,621)
(2,615,621)
Transfers
-
-
-
(122,588)
122,588
-
Balance at 31 March 2024
74,202
2,283
3,000
32,218,896
22,913,552
55,211,933
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Company information
Stonefield Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Shorehill Farm, Shorehill Lane, Knatts Valley, Sevenoaks, Kent, United Kingdom, TN15 6XL.
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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is measured as the value of the consideration received or receivable and is recognised as follows:
Rents receivable
Rental income from investment property is recognised in the income statement on an accrual basis.
Lease premiums
Lease premiums are recognised in the income statement upon completion.
Interest income
Interest income is recognised using the effective interest method.
Dilapidations receivable and insurance claims
Dilapidations receivable and insurance claims are recognised as turnover when the amounts have been agreed with the tenant and it is probable the amounts will be settled at the agreed amount.
1.3
Property, plant and equipment
Property, Plant and Equipment is measured at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been computed to write off the cost of the property, plant and equipment over their useful expected lives using the following rates:
Fixtures and fittings
20% on cost
Computer equipment
20% on cost
Motor vehicles
25% reducing balance
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Impairment of assets
At each reporting date, property, plant and equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in profit or loss.
1.4
Investment properties
Investment property is carried at fair value and any revaluation surpluses are recognised in the income statement. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.
Purchases and sales of investment properties are accounted for by reference to the date that contracts are exchanged or become unconditional.
1.5
Fixed asset investments
Fixed asset investments are valued at cost less impairments for any diminution in value.
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.
1.7
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.
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, 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 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
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.
1.9
Pension costs and other post-retirement 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.
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2
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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
The company uses valuations performed by the directors for the basis of the fair value of its investment properties. The investment property valuation as at 31 March 2024, reflect matters such as tenure and tenancy details, prevailing market yields and comparable market transactions.
Bad debt provision
All trade debtors balances are reviewed for probability of recovery, with specific provisions being made in relation to those debts.
3
Exceptional income
2024
2023
£
£
Profit on sale of investment property
160,498
598,028
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,028,192
724,682
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Taxation
(Continued)
- 10 -
Deferred tax
Change in deferred tax on unrealised surpluses
1,158,945
39,241
Total tax charge
2,187,137
763,923
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
7,803,550
4,370,432
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,950,888
830,382
Permanent capital allowances in excess of depreciation
(2,948)
(1,785)
Proceeds of sale in excess of chargeable gains
4,132
(9,620)
Deferred tax movement on investment property
1,158,945
39,241
Fair value movement on investment property
(923,880)
(94,295)
Taxation charge for the year
2,187,137
763,923
6
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
55,337
43,445
98,782
Additions
6,113
6,113
Disposals
(998)
(998)
At 31 March 2024
60,452
43,445
103,897
Depreciation and impairment
At 1 April 2023
53,362
35,714
89,076
Depreciation charged in the year
2,028
1,933
3,961
Eliminated in respect of disposals
(998)
(998)
At 31 March 2024
54,392
37,647
92,039
Carrying amount
At 31 March 2024
6,060
5,798
11,858
At 31 March 2023
1,975
7,731
9,706
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,632
2,632
Loans to group undertakings and participating interests
7,621,908
6,888,364
7,624,540
6,890,996
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 April 2023
2,632
6,888,364
6,890,996
Net payment in the year
-
733,544
733,544
At 31 March 2024
2,632
7,621,908
7,624,540
Carrying amount
At 31 March 2024
2,632
7,621,908
7,624,540
At 31 March 2023
2,632
6,888,364
6,890,996
8
Investment property
2024
£
Fair value
At 1 April 2023
45,742,178
Additions
65,650
Disposals
(200,458)
Revaluations
3,695,521
At 31 March 2024
49,302,891
Cost or revaluation at 31 March 2024 is represented by:
2024
2023
£
£
Cost
17,083,995
17,096,215
Current year revaluation
3,695,521
496,291
Revaluation in respect of prior years
28,523,375
28,149,671
Carrying amount
49,302,891
45,742,177
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
328,015
260,828
Amounts owed by group undertakings
1,443
Other debtors
2,039
20,990
331,497
281,818
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,303
Corporation tax
514,192
284,281
Other taxation and social security
11,960
Other creditors
697,061
695,132
1,227,516
979,413
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
74,202
74,202
74,202
74,202
Called up share capital - represents the nominal value of shares that have been issued.
12
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The Neasden Land Company Limited
At the balance sheet date, the company was owed £7,621,908 (2023: £6,888,364) by the Neasden Land Company Limited, a wholly owned subsidiary company. The loan bears interest at 3.5% (2023: 3.5%) and is due for repayment over several years and has been recorded within fixed asset investments.
Stonefield Investments Limited
During the year, the company received management charges of £35,000 (2023: £33,500) from Stonefield Investments Limited, a company in which H G Cloke, C J Daniels and C T Daniels are directors.
Benjamin Cloke Estates Limited
During the year, the company received management charges of £12,500 (2023: £11,500) from Benjamin Cloke Estates Limited, a company in which H G Cloke, C J Daniels and C T Daniels are directors.
STONEFIELD ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
13
Directors' transactions
Dividends totalling £83,860 (2023 - £88,407) were paid in the year in respect of shares held by the company's directors.
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