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Registration number: 03902336

Halfstone Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Halfstone Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Halfstone Limited

Company Information

Directors

B R Shaw

J A Shaw

D L Shaw

P A Shaw

Company secretary

S Shaw

Registered office

42 Cephas Avenue
London
E1 4AT

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

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.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

14 October 2024

 

Halfstone Limited

(Registration number: 03902336)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

372

217

Investment property

5

311,000

313,000

 

311,372

313,217

Current assets

 

Debtors

6

1,708

2,557

Cash at bank and in hand

 

14,412

9,883

 

16,120

12,440

Creditors: Amounts falling due within one year

7

(3,278)

(1,668)

Net current assets

 

12,842

10,772

Total assets less current liabilities

 

324,214

323,989

Creditors: Amounts falling due after more than one year

7

(95,200)

(95,200)

Provisions for liabilities

(43,624)

(44,004)

Net assets

 

185,390

184,785

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 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.

 

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 Board on 14 October 2024 and signed on its behalf by:
 

J A Shaw
Director

   
     
 

Halfstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
42 Cephas Avenue
London
E1 4AT

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 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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

2,321

192

2,513

Additions

347

-

347

At 31 January 2024

2,668

192

2,860

Depreciation

At 1 February 2023

2,104

192

2,296

Charge for the year

192

-

192

At 31 January 2024

2,296

192

2,488

Carrying amount

At 31 January 2024

372

-

372

At 31 January 2023

217

-

217

 

Halfstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Investment properties

2024
£

At 1 February 2023

313,000

Fair value adjustments

(2,000)

At 31 January 2024

311,000

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.

6

Debtors

2024
£

2023
£

Other debtors

1,708

2,557

1,708

2,557

 

Halfstone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

567

161

Accruals and deferred income

1,211

990

Other creditors

1,500

517

3,278

1,668

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

95,200

95,200

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

95,200

95,200