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Registration number: 03721022

Stonelane Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Stonelane Properties Ltd

Contents

Balance Sheet

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 10

 

Stonelane Properties Ltd

(Registration number: 03721022)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

107

214

Investment property

5

2,855,000

1,351,869

Investments

6

4,431,094

4,431,094

 

7,286,201

5,783,177

Current assets

 

Debtors

7

406,529

422,459

Cash at bank and in hand

 

9,025

2,650

 

415,554

425,109

Creditors: Amounts falling due within one year

8

(3,886,097)

(1,143,816)

Net current liabilities

 

(3,470,543)

(718,707)

Total assets less current liabilities

 

3,815,658

5,064,470

Creditors: Amounts falling due after more than one year

8

-

(2,505,000)

Provisions for liabilities

(375,810)

(41)

Net assets

 

3,439,848

2,559,429

Capital and reserves

 

Called up share capital

9

1,783

1,783

Share premium reserve

2,211,452

2,211,452

Retained earnings

1,226,613

346,194

Shareholders' funds

 

3,439,848

2,559,429

 

Stonelane Properties Ltd

(Registration number: 03721022)
Balance Sheet as at 30 April 2024

For the financial year ending 30 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 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................
Mr M H Johnson-Watts
Director

 

Stonelane Properties Ltd

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2023

1,783

2,211,452

346,194

2,559,429

Profit for the year

-

-

973,294

973,294

Dividends

-

-

(92,875)

(92,875)

At 30 April 2024

1,783

2,211,452

1,226,613

3,439,848

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 May 2022

1,783

2,211,452

494,025

2,707,260

Loss for the year

-

-

(80,431)

(80,431)

Dividends

-

-

(67,400)

(67,400)

At 30 April 2023

1,783

2,211,452

346,194

2,559,429

The company has retained earnings at the year end of £1,226,613 (2023 - £346,194 ). Non distributable reserves, relating to non distributable reserves, relating to property revaluations, total £1,127,348 (2023 - nil).

 

Stonelane Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
31 Beaumont Street
Oxford
OX1 2NP

These financial statements were authorised for issue by the Board on 19 November 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.

Group accounts not prepared

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 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.

 

Stonelane Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 balance sheet 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

Plant and machinery

20% on cost

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.

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.

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.

 

Stonelane Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 profit and loss account 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.

3

Staff numbers

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

 

Stonelane Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,739

1,739

At 30 April 2024

1,739

1,739

Depreciation

At 1 May 2023

1,525

1,525

Charge for the year

107

107

At 30 April 2024

1,632

1,632

Carrying amount

At 30 April 2024

107

107

At 30 April 2023

214

214

5

Investment properties

2024
£

At 1 May

1,351,869

Fair value adjustments

1,503,131

At 30 April

2,855,000

There has been no valuation of investment property by an independent valuer.

 

Stonelane Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

4,431,094

4,431,094

Subsidiaries

£

Cost or valuation

At 1 May 2023

4,431,094

Provision

Carrying amount

At 30 April 2024

4,431,094

At 30 April 2023

4,431,094

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Oxford Real Limited

31 Beaumont Street, Oxford, OX1 2NP

England

ordinary

100%

100%

Subsidiary undertakings

Oxford Real Limited

The principal activity of Oxford Real Limited is property investment. The profit for the financial period of Oxford Real Limited was £2,280,297 and the aggregate amount of Capital and reserves at the end of the period was £4,751,402.

 

Stonelane Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

2024
£

2023
£

Prepayments

8,650

2,451

Other debtors

397,879

420,008

406,529

422,459

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

2,644,277

147,817

Trade creditors

 

2,025

6,615

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

12

208,900

-

Taxation and social security

 

1

-

Accruals and deferred income

 

23,338

21,487

Other creditors

 

1,007,556

967,897

 

3,886,097

1,143,816

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

-

2,505,000

 

Stonelane Properties Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary of £0.10 each

12,737

1,274

12,737

1,274

B Ordinary of £0.10 each

4,990

499

4,990

499

C Ordinary of £0.10 each

10

1

10

1

D Ordinary of £0.10 each

10

1

10

1

17,747

1,775

17,747

1,775

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

2,505,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,644,277

147,817

12

Related party transactions

During the year dividends totalling £63,200 were paid to the directors.