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Company registration number: 04577588
Stonebank Homes Limited
Unaudited filleted abridged financial statements
05 April 2024
Stonebank Homes Limited
Contents
Directors and other information
Abridged statement of financial position
Notes to the financial statements
Stonebank Homes Limited
Directors and other information
Directors Mr D Chrysanthou
Mr S Georgallis
Secretary Mrs M Michael
Company number 04577588
Registered office 54 Marlborough Mansions
Cannon Hill
London
NW6 1JS
Accountants Alpha Omega Group Limited
1 Kings Avenue
Winchmore Hill
London
N21 3NA
Stonebank Homes Limited
Abridged statement of financial position
5 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 745,000 800,000
_______ _______
745,000 800,000
Current assets
Debtors 496,852 497,363
Cash at bank and in hand 28 2,024
_______ _______
496,880 499,387
Creditors: amounts falling due
within one year ( 93,573) ( 89,904)
_______ _______
Net current assets 403,307 409,483
_______ _______
Total assets less current liabilities 1,148,307 1,209,483
Creditors: amounts falling due
after more than one year 6 ( 253,493) ( 253,503)
Provisions for liabilities ( 51,584) ( 62,034)
_______ _______
Net assets 843,230 893,946
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 843,130 893,846
_______ _______
Shareholders funds 843,230 893,946
_______ _______
For the year ending 05 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 05 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 10 October 2024 , and are signed on behalf of the board by:
Mr S Georgallis
Director
Company registration number: 04577588
Stonebank Homes Limited
Notes to the financial statements
Year ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 54 Marlborough Mansions, Cannon Hill, London, NW6 1JS.
The principal activity of the company is that of property investment.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 estimates 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.There were no judgements and estimates that had significant effect on the amounts recognised in the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
£
Cost or valuation
At 6 April 2023 800,000
Revaluation ( 55,000)
_______
At 5 April 2024 745,000
_______
Depreciation
At 6 April 2023 and 5 April 2024 -
_______
Carrying amount
At 5 April 2024 745,000
_______
At 5 April 2023 800,000
_______
The fair value of the properties at 05 April 2024 has been arrived at on the basis of a valuation carried out at the date by professionally qualified valuers.The historical cost of freehold land and buildings included at a valuation of £745,000 (2023 - £800,000) was £309,000 (2023 - £309,000).
6. Creditors: amounts falling due after more than one year
The company took out a loan with barclays bank in 2004 of £270,000. This is a 20 year loan and the interest charged is at a rate of 0.95% above the bank base rate. This is an interest only loan, and the balance outstanding as at the year end was £253,493 (2023 - £253,503).All loans are secured with a first legal charge over the assets of the company.
7. Related party transactions
As at the year end the company owed to the director Mr S Georgallis £163 (2023 - £863). No interest is charged on the director' loan account.As at the year end the company owed to the director Mr D Chrysanthou £81,000 (2023 - £78,000). No interest is charged on the director' loan account.
8. Controlling party
There is no single ultimate controlling party of the company.