Stable London Limited 12561269 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is financial intermediation not elsewhere classified Digita Accounts Production Advanced 6.30.9574.0 true true 12561269 2023-01-01 2023-12-31 12561269 2023-12-31 12561269 bus:Director1 1 2023-12-31 12561269 bus:Director1 2 2023-12-31 12561269 bus:Director2 1 2023-12-31 12561269 bus:Director2 2 2023-12-31 12561269 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-12-31 12561269 core:CurrentFinancialInstruments 2023-12-31 12561269 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12561269 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12561269 core:OtherResidualIntangibleAssets 2023-12-31 12561269 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 12561269 core:MotorVehicles 2023-12-31 12561269 core:OfficeEquipment 2023-12-31 12561269 bus:SmallEntities 2023-01-01 2023-12-31 12561269 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12561269 bus:FilletedAccounts 2023-01-01 2023-12-31 12561269 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12561269 bus:RegisteredOffice 2023-01-01 2023-12-31 12561269 bus:Director1 2023-01-01 2023-12-31 12561269 bus:Director1 1 2023-01-01 2023-12-31 12561269 bus:Director1 2 2023-01-01 2023-12-31 12561269 bus:Director2 2023-01-01 2023-12-31 12561269 bus:Director2 1 2023-01-01 2023-12-31 12561269 bus:Director2 2 2023-01-01 2023-12-31 12561269 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-01-01 2023-12-31 12561269 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12561269 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 12561269 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 12561269 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 12561269 core:LeaseholdImprovements 2023-01-01 2023-12-31 12561269 core:MotorVehicles 2023-01-01 2023-12-31 12561269 core:OfficeEquipment 2023-01-01 2023-12-31 12561269 countries:EnglandWales 2023-01-01 2023-12-31 12561269 2022-12-31 12561269 bus:Director1 1 2022-12-31 12561269 bus:Director1 2 2022-12-31 12561269 bus:Director2 1 2022-12-31 12561269 bus:Director2 2 2022-12-31 12561269 core:OtherResidualIntangibleAssets 2022-12-31 12561269 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12561269 core:MotorVehicles 2022-12-31 12561269 core:OfficeEquipment 2022-12-31 12561269 2022-01-01 2022-12-31 12561269 2022-12-31 12561269 bus:Director1 2 2022-12-31 12561269 bus:Director2 2 2022-12-31 12561269 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-12-31 12561269 core:CurrentFinancialInstruments 2022-12-31 12561269 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12561269 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 12561269 core:OtherResidualIntangibleAssets 2022-12-31 12561269 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12561269 core:MotorVehicles 2022-12-31 12561269 core:OfficeEquipment 2022-12-31 12561269 bus:Director1 2 2022-01-01 2022-12-31 12561269 bus:Director2 2 2022-01-01 2022-12-31 12561269 bus:Director1 2 2021-12-31 12561269 bus:Director2 2 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12561269

Stable London Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Stable London Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Stable London Limited

(Registration number: 12561269)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Intangible assets

4

15

2,864,795

Tangible assets

5

48,599

76,999

 

48,614

2,941,794

Current assets

 

Debtors

6

209,456

155,669

Cash at bank and in hand

 

5,954,853

8,891,770

 

6,164,309

9,047,439

Creditors: Amounts falling due within one year

7

(93,470)

(292,893)

Net current assets

 

6,070,839

8,754,546

Total assets less current liabilities

 

6,119,453

11,696,340

Creditors: Amounts falling due after more than one year

7

(17,290,094)

(17,595,706)

Net liabilities

 

(11,170,641)

(5,899,366)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(11,170,642)

(5,899,367)

Shareholders' deficit

 

(11,170,641)

(5,899,366)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Stable London Limited

(Registration number: 12561269)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

Mr R Counsell
Director

   
     
 

Stable London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit Cs.208 Clerkenwell Close
27/31 Clerkenwell Close
London
EC1R 0AT
England

These financial statements were authorised for issue by the Board on 8 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling and rounded to the nearest £.

Whilst the presentational currency is in sterling as the accounts are prepared under UK GAAP and originally management resided in the United Kingdom, the functional currency is considered to be US dollars. This is because the group to which this company belongs mainly trade and receive investment in the United States of America and Bermuda, whose currency (Bermudan dollars) is pegged to the US dollar.

Going concern

The directors have assessed the company's ability to continue as a going concern. The company has plentiful cash resources to meet its current debts as they fall due. The parent company has a strong balance sheet with good cash resources and it has confirmed that it will continue to provide financial and other support to the company in order for it to meet its debts as they fall due. The directors are satisfied that the parent company has adequate funds to continue providing this support for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

 

Stable London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

50% straight line

Office equipment

20% straight line

Motor vehicles

20% straight line

 

Stable London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Development costs

Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Any expenditure carried forward will be amortised in line with the useful life of the product. Amortisation commenced once the asset was ready for commercial production.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development expenditure

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Stable London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 18 (2022 - 24).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

3,817,178

3,817,178

Disposals

(3,816,620)

(3,816,620)

At 31 December 2023

558

558

Amortisation

At 1 January 2023

952,383

952,383

Amortisation charge

186

186

Amortisation eliminated on disposals

(952,026)

(952,026)

At 31 December 2023

543

543

Carrying amount

At 31 December 2023

15

15

At 31 December 2022

2,864,795

2,864,795

The aggregate amount of research and development expenditure recognised as an expense during the period is £602,842 (2022 - £Nil).

The accounting for development costs that were previously capitalised has been reassessed and the directors believe it is now more appropriate for the costs to be written off.

 

Stable London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Leasehold improvements
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,046

62,647

42,000

105,693

Reallocation of assets

-

-

(2,160)

(2,160)

Additions

-

1,418

-

1,418

Disposals

-

(1,009)

-

(1,009)

At 31 December 2023

1,046

63,056

39,840

103,942

Depreciation

At 1 January 2023

1,046

21,423

6,225

28,694

Charge for the year

-

15,570

7,155

22,725

Eliminated on disposal

-

(185)

-

(185)

Reassessment of depreciation previously charged

-

6,269

(2,160)

4,109

At 31 December 2023

1,046

43,077

11,220

55,343

Carrying amount

At 31 December 2023

-

19,979

28,620

48,599

At 31 December 2022

-

41,224

35,775

76,999

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

31 December
2023
£

31 December
2022
£

Trade debtors

50,047

-

Other debtors

100,316

131,022

Prepayments

59,093

24,647

209,456

155,669

 

Stable London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Due within one year

31 December
2023
£

31 December
2022
£

Trade creditors

68,910

21,296

Social security and other taxes

-

57,835

Other creditors

16,560

9,167

Accruals

8,000

204,595

93,470

292,893

Due after one year

Other non-current financial liabilities

17,290,094

17,595,706

Amounts due to related parties are not due for repayment until this company is consistently profit making and the retained earnings are no longer negative. Therefore these are disclosed as due after one year.

8

Share capital

Allotted, called up and fully paid shares

31 December
2023

31 December
2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,980 (2022 - £59,616).

 

Stable London Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Dr S Meng Wang

-

-

-

-

75,924

558

(76,482)

-

75,924

558

(76,482)

-

Mr R Counsell

-

-

-

-

886

-

(886)

-

886

-

(886)

-

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Dr S Meng Wang

-

152,140

(76,216)

75,924

-

152,140

(76,216)

75,924

Mr R Counsell

(3,395)

28,017

(23,736)

886

(3,395)

28,017

(23,736)

886

The loan to S Meng Wang is incurring interest between 2% and 4% as decided by the company and is due to be fully repaid within 1 year.

The loan to R Counsell is considered to be interest free and repayable on demand.

The company has taken advantage of the exemption not to disclose transactions with wholly owned group companies.