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Registration number: 02675510

Prepared for the registrar

I Stojanov & Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

I Stojanov & Sons Limited

(Registration number: 02675510)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,616

1,795

Investment property

5

1,000,000

1,000,000

Investments

6

458,564

458,564

 

1,460,180

1,460,359

Current assets

 

Stocks

8,505

73,309

Debtors

7

1,905,123

2,095,572

Cash at bank and in hand

 

550,930

282,919

 

2,464,558

2,451,800

Creditors: Amounts falling due within one year

8

(859,749)

(888,878)

Net current assets

 

1,604,809

1,562,922

Total assets less current liabilities

 

3,064,989

3,023,281

Deferred tax liabilities

 

(404)

(449)

Net assets

 

3,064,585

3,022,832

Capital and reserves

 

Called up share capital

50,000

50,000

Revaluation reserve

391,779

391,779

Profit and loss account

2,622,806

2,581,053

Shareholders' funds

 

3,064,585

3,022,832

For the financial year 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 


P Stojanov
Company secretary and director

 

I Stojanov & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Burning Bush
4 The Elms
Stoke Orchard
Cheltenham
GL52 7RY

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

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 and after eliminating sales within the company.

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 current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

I Stojanov & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 equipment

10% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

I Stojanov & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 April 2023

2,231

At 31 March 2024

2,231

Depreciation

At 1 April 2023

436

Charge for the year

179

At 31 March 2024

615

Carrying amount

At 31 March 2024

1,616

At 31 March 2023

1,795

 

5

Investment properties

£

At 1 April 2023 and at 31 March 2024

1,000,000

On 31 March 2024 the property was valued by the directors on an open market basis. The historic cost of the investment property is £796,534, with historic depreciation of £188,313.

 

I Stojanov & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

458,564

458,564

Subsidiaries

£

Cost

At 1 April 2023

458,564

Provision

Carrying amount

At 31 March 2024

458,564

At 31 March 2023

458,564

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

C.D. Investments Staverton Limited

Stoke Orchard Garage
Stoke Road
Stoke Orchard
Cheltenham
GL52 7RY

Ordinary

100%

100%

The aggregate amount of capital and reserves of C.D. Investments Staverton Limited at the end of the period was £1,295,138.

Subsidiary undertakings

C.D. Investments Staverton Limited

The principal activity of C.D. Investments Staverton Limited is other letting of own or leased real estate.

 

7

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

-

10,000

Amounts owed by related parties

1,905,123

2,085,572

   

1,905,123

2,095,572

 

I Stojanov & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

8

Creditors

Note

2024
 £

(As restated)
2023
 £

Due within one year

 

Loans and borrowings

9

50,000

50,238

Trade creditors

 

125

1,288

Amounts due to related parties

715,183

820,518

Social security and other taxes

 

110

4,292

Other creditors

 

580

580

Accrued expenses

 

81,150

3,000

Corporation tax liability

12,601

8,962

 

859,749

888,878

 

9

Loans and borrowings

2024
£

(As restated)

2023
£

Current loans and borrowings

Bank overdrafts

-

238

Redeemable preference shares

50,000

50,000

50,000

50,238

 

10

Prior year adjustment

The prior year's figures have been restated to show redeemable preference shares in current liabilities from equity. This has resulted in a reduction to net assets of £50,000.