Company registration number 00331698 (England and Wales)
STONEFIELD INVESTMENTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
STONEFIELD INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
H G Cloke
C J Daniels
C T Daniels
Secretary
H G Cloke
Company number
00331698
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 INVESTMENTS LIMITED
CONTENTS
Page
Directors' report
1
Statement of comprehensive income
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
STONEFIELD INVESTMENTS 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 INVESTMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
2024
2023
Notes
£
£
Turnover
560,281
556,986
Cost of sales
(162,011)
(103,186)
Gross profit
398,270
453,800
Administrative expenses
(7,125)
(7,612)
Profit on sale of investment properties
3
26,182
Operating profit
417,327
446,188
Interest receivable and similar income
27,211
4,564
Fair value gains and losses on investment properties
6
367,810
50,811
Profit before taxation
812,348
501,563
Tax on profit
5
(278,299)
(93,882)
Profit for the financial year
534,049
407,681
The profit and loss account has been prepared on the basis that all operations are continuing operations.
STONEFIELD INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
6
6,733,109
6,410,299
Current assets
Debtors
7
33,028
20,669
Cash at bank and in hand
752,940
650,793
785,968
671,462
Creditors: amounts falling due within one year
8
(223,710)
(181,397)
Net current assets
562,258
490,065
Total assets less current liabilities
7,295,367
6,900,364
Provisions for liabilities
(469,808)
(308,854)
Net assets
6,825,559
6,591,510
Capital and reserves
Called up share capital
9
10,000
10,000
Fair value reserve
3,460,936
3,138,114
Profit and loss reserves
3,354,623
3,443,396
Total equity
6,825,559
6,591,510
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.
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. 00331698
STONEFIELD INVESTMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
10,000
3,087,303
3,376,526
6,473,829
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
50,811
356,870
407,681
Dividends
-
-
(290,000)
(290,000)
Balance at 31 March 2023
10,000
3,138,114
3,443,396
6,591,510
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
367,810
166,239
534,049
Dividends
-
-
(300,000)
(300,000)
Transfers
-
(44,988)
44,988
-
Balance at 31 March 2024
10,000
3,460,936
3,354,623
6,825,559
STONEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Stonefield Investments 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
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. Changes in fair value are recognised in profit or loss.
1.4
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.
1.5
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.
STONEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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, 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.
1.6
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.
STONEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
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 properties
26,182
-
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
117,345
85,284
STONEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Taxation
(Continued)
- 8 -
Deferred tax
Change in deferred tax on unrealised surpluses
160,954
8,598
Total tax charge
278,299
93,882
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
812,348
501,563
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
203,087
95,297
Permanent capital allowances in excess of depreciation
(436)
(359)
Chargeable gains in excess of proceeds of sale
6,646
Deferred tax movement on investment property
160,954
8,598
Fair value movement on investment property
(91,952)
(9,654)
Taxation charge for the year
278,299
93,882
6
Investment property
2024
£
Fair value
At 1 April 2023
6,410,299
Disposals
(45,000)
Revaluations
367,810
At 31 March 2024
6,733,109
Cost or revaluation at 31 March 2024 is represented by:
2024
2023
£
£
Cost
3,272,173
3,272,185
Revaluation current year
367,810
50,811
Prior year revaluation
3,093,126
3,087,303
Carrying amount
6,733,109
6,410,299
STONEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,443
19,956
Other debtors
585
713
33,028
20,669
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
365
Amounts owed to group undertakings
7
Corporation tax
117,345
85,284
Other creditors
106,358
95,748
223,710
181,397
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
Called up share capital - represents the nominal value of shares that have been issued.
STONEFIELD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Stonefield Estates, Limited
During the year, the company incurred a management charge of £35,000 (2023: £33,500) from Stonefield Estates, Limited, company in which Mr H Cloke, Mr C J Daniels and Ms C T Daniels are directors.
11
Directors' transactions
Dividends totalling £26,010 (2023 - £25,143) were paid in the year in respect of shares held by the company's directors.
Mr H G Cloke
During the year, the company was charged office rent of £2,070 (2023: £2,070) by Mr H G Cloke, a director of the company.
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