Registered number
04972342
CONISTONE PROPERTIES LIMITED
Filleted Accounts
31 March 2024
CONISTONE PROPERTIES LIMITED
Registered number: 04972342
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 38 48
Investments 4 550,000 550,000
550,038 550,048
Current assets
Debtors 5 17,379 14,726
Cash at bank and in hand 16,057 8,211
33,436 22,937
Creditors: amounts falling due within one year 6 (16,648) (15,904)
Net current assets 16,788 7,033
Total assets less current liabilities 566,826 557,081
Creditors: amounts falling due after more than one year 7 (60,217) (65,455)
Provisions for liabilities (61,380) (61,380)
Net assets 445,229 430,246
Capital and reserves
Called up share capital 2 2
Revaluation reserve 9 283,446 283,446
Profit and loss account 161,781 146,798
Shareholder's funds 445,229 430,246
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
John White
Director
Approved by the board on 24 May 2024
CONISTONE PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 259
At 31 March 2024 259
Depreciation
At 1 April 2023 211
Charge for the year 10
At 31 March 2024 221
Net book value
At 31 March 2024 38
At 31 March 2023 48
4 Investments
Other
investments
£
Fair value
At 1 April 2023 550,000
At 31 March 2024 550,000
If the investment property had not been revalued it would have been included at the historical cost of £205,174.
At 31 March 2024, the investment property was valued at £550,000 by J White, on an open market value for existing use basis.
5 Debtors 2024 2023
£ £
Director's loan 17,379 13,651
Other debtors and prepayments - 1,075
17,379 14,726
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,402 8,402
Taxation and social security costs 3,752 3,089
Other creditors 4,494 4,413
16,648 15,904
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 60,217 65,455
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 26,608 31,846
9 Revaluation reserve 2024 2023
£ £
At 1 April 2023 283,446 298,177
Deferred taxation arising on the revaluation of land and buildings - (14,731)
At 31 March 2024 283,446 283,446
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
John White
[Loan 1] 13,651 17,401 (13,673) 17,379
13,651 17,401 (13,673) 17,379
11 Related party transactions
During the year, loan amounting to £17,401 was advanced to the director, Mr John Michael White; £13,673 was repaid by him and the balance outstanding at the year ended 31/03/24 was £17,379 (2023-£13,651). No S455 tax is due as the loan was repaid within 9 months from the year ended 31/03/24.
12 Other information
CONISTONE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
22 Lofting Road
Islington
London
N1 1ET
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