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Registration number: 14897076

Shorestone Limited

Annual Report and Unaudited Financial Statements

for the Period from 26 May 2023 to 31 March 2024

 

Shorestone Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Shorestone Limited

Company Information

Directors

Mr Callum Andrews

Mr Benjamin Keith

Registered office

255 Old Shoreham Road
Hove
East Sussex
BN3 7ED

Accountants

SRC Advisory Ltd
2ND Floor Stanford Gate
South Road
Brighton
East Sussex
BN1 6SB

 

Shorestone Limited

(Registration number: 14897076)
Balance Sheet as at 31 March 2024

Note

2024

2023

Fixed assets

 

Investments

4

18,695,202

-

Current assets

 

Cash at bank and in hand

 

20,242

-

Creditors: Amounts falling due within one year

5

(19,153,934)

-

Net current liabilities

 

(19,133,692)

-

Net liabilities

 

(438,490)

-

Capital and reserves

 

Called up share capital

6

115

-

Retained earnings

(438,605)

-

Shareholders' deficit

 

(438,490)

-

For the financial period ending 31 March 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 period 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.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Mr Benjamin Keith
Director

 

Shorestone Limited

Notes to the Unaudited Financial Statements for the Period from 26 May 2023 to 31 March 2024

1

General information

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

The address of its registered office is:
255 Old Shoreham Road
Hove
East Sussex
BN3 7ED
England

These financial statements were authorised for issue by the Board on 21 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.

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Shorestone Limited

Notes to the Unaudited Financial Statements for the Period from 26 May 2023 to 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 0).

4

Investments

2024

2023

Investments in subsidiaries

18,695,202

-

Subsidiaries

Cost or valuation

At 26 May 2023

18,695,202

Provision

Carrying amount

At 31 March 2024

18,695,202

 

Shorestone Limited

Notes to the Unaudited Financial Statements for the Period from 26 May 2023 to 31 March 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024

2023

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

19,152,555

-

Accruals and deferred income

 

1,380

-

Other creditors

 

(1)

-

 

19,153,934

-

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

No.

Ordinary Shares of €1 (2023 - €0) each

100

100

-

-

         

7

 

Parent and ultimate parent undertaking

The company’s immediate parent is Star Property Investment & Management Limited, incorporated in England and Wales.

The ultimate controlling party is Mr B Keith.