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Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Stonebridge Corporate Limited

Stonebridge Corporate Limited (Registered number: 05452081)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stonebridge Corporate Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: A Thumwood
B Burford
A F Passmore





SECRETARY: A Thumwood





REGISTERED OFFICE: Global House
Ashley Avenue
Epsom
Surrey
KT18 5AD





REGISTERED NUMBER: 05452081 (England and Wales)





ACCOUNTANTS: Williams & Co Epsom LLP
Chartered Accountants
8-10 South Street
Epsom
Surrey
KT18 7PF

Stonebridge Corporate Limited (Registered number: 05452081)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 224,592 133,586
Investments 5 40 40
224,632 133,626

CURRENT ASSETS
Debtors 6 584,774 523,880
Cash at bank and in hand 342,458 248,907
927,232 772,787
CREDITORS
Amounts falling due within one year 7 340,974 237,688
NET CURRENT ASSETS 586,258 535,099
TOTAL ASSETS LESS CURRENT
LIABILITIES

810,890

668,725

CREDITORS
Amounts falling due after more than one
year

8

(340,497

)

(98,872

)

PROVISIONS FOR LIABILITIES 11 (50,745 ) (33,397 )
NET ASSETS 419,648 536,456

CAPITAL AND RESERVES
Called up share capital 12 5,465 5,465
Share premium 33,265 33,265
Retained earnings 380,918 497,726
SHAREHOLDERS' FUNDS 419,648 536,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Stonebridge Corporate Limited (Registered number: 05452081)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:




B Burford - Director



A Thumwood - Director


Stonebridge Corporate Limited (Registered number: 05452081)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. STATUTORY INFORMATION

Stonebridge Corporate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Stonebridge Corporate Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents commissions received from insurance policies placed on behalf of clients.

The insurance brokerage income is recognised when the policies are agreed and the commissions are accounted for at that point.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold improvements - 10% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stonebridge Corporate Limited (Registered number: 05452081)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial Assets
Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial Liabilities
Basic financial liabilities, including trade and other creditors, bank loans, and loans from fellow group companies , are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Stonebridge Corporate Limited (Registered number: 05452081)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Insurance broking balance sheet
The company does not include any gross premiums receivable from clients or payable to insurance companies within its accounts. This is due to the fact that it simply acts as agent as risk transfer agreements exist for all business placed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold and Motor Computer
improvements fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023 21,724 35,842 232,007 59,686 349,259
Additions 18,946 26,531 89,055 16,217 150,749
Reclassification/transfer - 140 (94,751 ) (140 ) (94,751 )
At 31 May 2024 40,670 62,513 226,311 75,763 405,257
DEPRECIATION
At 1 June 2023 18,193 33,343 118,443 45,694 215,673
Charge for year 3,953 3,118 42,260 10,412 59,743
Reclassification/transfer - - (94,751 ) - (94,751 )
At 31 May 2024 22,146 36,461 65,952 56,106 180,665
NET BOOK VALUE
At 31 May 2024 18,524 26,052 160,359 19,657 224,592
At 31 May 2023 3,531 2,499 113,564 13,992 133,586

Stonebridge Corporate Limited (Registered number: 05452081)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 232,007
Additions 89,055
Reclassification/transfer (94,751 )
At 31 May 2024 226,311
DEPRECIATION
At 1 June 2023 118,443
Charge for year 42,260
Reclassification/transfer (94,751 )
At 31 May 2024 65,952
NET BOOK VALUE
At 31 May 2024 160,359
At 31 May 2023 113,564

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 40
NET BOOK VALUE
At 31 May 2024 40
At 31 May 2023 40

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 538,827 448,192
Other debtors 12,367 15,279
Prepayments 33,580 60,409
584,774 523,880

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 52,045 -
Hire purchase contracts 24,387 13,100
Trade creditors 19,037 73,021
Amounts owed to group undertakings 8,595 19,053
Tax 86,398 69,151
Social security and other taxes 27,277 21,250
Accruals and deferred income 123,235 42,113
340,974 237,688

Stonebridge Corporate Limited (Registered number: 05452081)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 193,330 -
Hire purchase contracts 147,167 98,872
340,497 98,872

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 52,045 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 193,330 -

Personal guarantees in respect of the bank loan have been given by two of the directors limited to £300,000.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 245,375 -

The lender has a fixed and floating charge over all the assets of the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 51,552 33,397
Other timing differences (807 ) -
50,745 33,397

Deferred
tax
£   
Balance at 1 June 2023 33,397
Charge to Statement of Income and Retained Earnings during year 17,348
Balance at 31 May 2024 50,745

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,272 Ordinary £1 5,272 5,272
193 Ordinary 'A' £1 193 193
5,465 5,465

Stonebridge Corporate Limited (Registered number: 05452081)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


13. OTHER FINANCIAL COMMITMENTS

The company has obligations under a lease to rent premises at a rate of £84,600 per annum until December 2024 on its offices in Epsom.

14. RELATED PARTY DISCLOSURES

Management fees totalling £36,000 (2023: £36,000) relating to the provision of a head office function were charged to Stonebridge Asset Finance Ltd (SAF). The entity owns 66.67% of SAF's ordinary share capital.

15. ULTIMATE CONTROLLING PARTY

The controlling party is B Burford.