Registration number:
Halfstone Limited
for the Year Ended 31 January 2024
Halfstone Limited
Contents
Company Information |
|
Accountants' Report |
|
Statement of Financial Position |
|
Notes to the Unaudited Financial Statements |
Halfstone Limited
Company Information
Directors |
B R Shaw J A Shaw D L Shaw P A Shaw |
Company secretary |
S Shaw |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Halfstone Limited
for the Year Ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Halfstone Limited for the year ended 31 January 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Halfstone Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Halfstone Limited and state those matters that we have agreed to state to the Board of Directors of Halfstone Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Halfstone Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Halfstone Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Halfstone Limited. You consider that Halfstone Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Halfstone Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
306 High Street
Croydon
Surrey
CR0 1NG
Halfstone Limited
(Registration number: 03902336)
Statement of Financial Position as at 31 January 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
6,000 |
6,000 |
|
Revaluation reserve |
173,295 |
174,915 |
|
Retained earnings |
6,095 |
3,870 |
|
Shareholders' funds |
185,390 |
184,785 |
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Halfstone Limited
(Registration number: 03902336)
Statement of Financial Position as at 31 January 2024 (continued)
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 Income Statement.
Approved and authorised by the
|
Halfstone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.
Tax
The tax expense for the period comprises current and deferred 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.
Halfstone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
2 |
Accounting policies (continued) |
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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Furniture and fittings |
25% Straight line method |
Office Equipment |
33% Straight Line method |
Investment property
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.
Halfstone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
2 |
Accounting policies (continued) |
Trade 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Halfstone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
2 |
Accounting policies (continued) |
Financial instruments
Classification
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
|
Cost or valuation |
|||
At 1 February 2023 |
|
|
|
Additions |
|
- |
|
At 31 January 2024 |
|
|
|
Depreciation |
|||
At 1 February 2023 |
|
|
|
Charge for the year |
|
- |
|
At 31 January 2024 |
|
|
|
Carrying amount |
|||
At 31 January 2024 |
|
- |
|
At 31 January 2023 |
|
- |
|
Halfstone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Investment properties |
2024 |
|
At 1 February 2023 |
|
Fair value adjustments |
( |
At 31 January 2024 |
|
Cost or valuation at 31 January 2024 is represented by:
2024 |
||
£ |
||
Valuation in 2008 |
35,919 |
|
Valuation in 2010 |
5,000 |
|
Valuation in 2011 |
30,000 |
|
Valuation in 2014 |
5,000 |
|
Valuation in 2015 |
10,000 |
|
Valuation in 2016 |
150,000 |
|
Valuation in 2017 |
10,000 |
|
Valuation in 2018 |
(5,000) |
|
Valuation in 2019 |
(20,000) |
|
Valuation in 2020 |
5,000 |
|
Valuation in 2021 |
(20,000) |
|
Valuation in 2022 |
10,000 |
|
Valuation in 2023 |
3,000 |
|
Valuation in 2024 |
(2,000) |
|
Cost |
94,081 |
|
311,000 |
If investment properties had not been revalued they would have been included at the following historical cost:
Halfstone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
5 |
Investment properties (continued) |
2024 |
2023 |
|
£ |
£ |
|
Cost |
94,081 |
94,081 |
Aggregate depreciation |
(11,290) |
(11,290) |
82,791 |
82,791 |
Investment properties were valued on an open market basis on 31 January 2024 by the company's letting agents.
The Companies Act 2006 requires that Fixed Assets are depreciated over their useful economic lives, however, in the case of Investment Properties the Financial Reporting Standard for Smaller Entities states that this accounting treatment would not show a true and fair view and that Investment Properties should be shown at their market value. Accordingly, depreciation has not been charged.
Debtors |
2024 |
2023 |
|
Other debtors |
|
|
|
|
Halfstone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Other borrowings |
|
|