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COMPANY REGISTRATION NUMBER: 08252441
Stonebrook Properties Limited
Filleted Unaudited Financial Statements
31 October 2023
Stonebrook Properties Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Stonebrook Properties Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
928,809
606,396
Current assets
Stocks
750,000
1,980,308
Debtors
6
7,221
12,063
Cash at bank and in hand
862,627
147,359
------------
------------
1,619,848
2,139,730
Creditors: amounts falling due within one year
7
2,087,578
2,292,896
------------
------------
Net current liabilities
467,730
153,166
---------
---------
Total assets less current liabilities
461,079
453,230
---------
---------
Net assets
461,079
453,230
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
460,979
453,130
---------
---------
Shareholders funds
461,079
453,230
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 October 2023 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 .
Stonebrook Properties Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
S M S Hawken
Director
Company registration number: 08252441
Stonebrook Properties Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard House Maypole, Hoath, Canterbury, CT3 4LN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The accounts have been prepared on a going concern basis which relies upon the continuing support of the investors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Investment property
Plant and machinery
Total
£
£
£
Cost
At 1 November 2022
590,116
20,350
610,466
Additions
326,483
326,483
---------
--------
---------
At 31 October 2023
916,599
20,350
936,949
---------
--------
---------
Depreciation
At 1 November 2022
4,070
4,070
Charge for the year
4,070
4,070
---------
--------
---------
At 31 October 2023
8,140
8,140
---------
--------
---------
Carrying amount
At 31 October 2023
916,599
12,210
928,809
---------
--------
---------
At 31 October 2022
590,116
16,280
606,396
---------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
7,221
12,063
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,000
Other creditors
2,087,578
2,286,896
------------
------------
2,087,578
2,292,896
------------
------------
8. Related party transactions
At the year end the company owed £130,770 to a director (2022: £139,663)