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Registered number: 11265193
High Stone Property Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11265193
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 896,887 881,493
896,887 881,493
CURRENT ASSETS
Debtors 5 34,152 90,781
Cash at bank and in hand 24,599 2,435
58,751 93,216
Creditors: Amounts Falling Due Within One Year 6 (10,901 ) (6,393 )
NET CURRENT ASSETS (LIABILITIES) 47,850 86,823
TOTAL ASSETS LESS CURRENT LIABILITIES 944,737 968,316
Creditors: Amounts Falling Due After More Than One Year 7 (1,046,703 ) (1,081,549 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (13,335 ) (10,010 )
NET LIABILITIES (115,301 ) (123,243 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Fair Value Reserve 9 148,250 138,232
Profit and Loss Account (263,552 ) (261,476 )
SHAREHOLDERS' FUNDS (115,301) (123,243)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Scott
Director
18/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
High Stone Property Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11265193 . The registered office is Boywood House Farm, Sturminster Newton, DT10 2EQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is achieved by the provision of short term accommodation to customers over the year and project management services. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Motor Vehicles 25% straight line
Fixtures & Fittings 25% straight line
Computer Equipment 25% straight line
2.4. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.7. Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. Average Number of Employees
The average number of employees, including directors, during the year was 1 (2023: 1)
1 1
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 864,473 849 22,157 3,383 890,862
Additions 20,500 - 1,863 1,361 23,724
Disposals - - (1,948 ) - (1,948 )
As at 31 March 2024 884,973 849 22,072 4,744 912,638
Depreciation
As at 1 April 2023 - 424 6,566 2,379 9,369
Provided during the period - 213 5,519 1,186 6,918
Disposals - - (536 ) - (536 )
As at 31 March 2024 - 637 11,549 3,565 15,751
Net Book Value
As at 31 March 2024 884,973 212 10,523 1,179 896,887
As at 1 April 2023 864,473 425 15,591 1,004 881,493
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,982 52,390
Prepayments and accrued income 1,167 814
Other debtors 27,102 37,577
VAT 1,901 -
34,152 90,781
Included within other debtors is a loan from a subsidiary of the company amounting to £ 27,102 (2023: £37,577).
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 31 799
Corporation tax 174 174
Other creditors 10,696 5,420
10,901 6,393
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other loans 155,969 191,040
Mortgages 580,649 580,649
Directors loan account 310,085 309,860
1,046,703 1,081,549
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Reserves
Fair Value Reserve
£
As at 1 April 2023 138,232
Movements in fair value reserve 10,018
As at 31 March 2024 148,250
Page 5