Acorah Software Products - Accounts Production 16.1.200 false true true 31 December 2022 1 January 2022 false 23 December 2024 1 January 2023 31 December 2023 31 December 2023 10686926 Mohammed Al-Miqdadi Arif Husain true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 10686926 2022-12-31 10686926 2023-12-31 10686926 2023-01-01 2023-12-31 10686926 frs-core:CurrentFinancialInstruments 2023-12-31 10686926 frs-core:PlantMachinery 2023-12-31 10686926 frs-core:PlantMachinery 2023-01-01 2023-12-31 10686926 frs-core:PlantMachinery 2022-12-31 10686926 frs-core:ShareCapital 2023-12-31 10686926 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 10686926 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10686926 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 10686926 frs-bus:SmallEntities 2023-01-01 2023-12-31 10686926 frs-bus:Audited 2023-01-01 2023-12-31 10686926 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10686926 1 2023-01-01 2023-12-31 10686926 frs-bus:Director1 2023-01-01 2023-12-31 10686926 frs-bus:Director2 2023-01-01 2023-12-31 10686926 frs-countries:EnglandWales 2023-01-01 2023-12-31 10686926 2021-12-31 10686926 2022-12-31 10686926 2022-01-01 2022-12-31 10686926 frs-core:CurrentFinancialInstruments 2022-12-31 10686926 frs-core:ShareCapital 2022-12-31 10686926 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 10686926
Stonebridge Real Estate Development Ltd
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—9
Page 1
Statement of Financial Position
Registered number: 10686926
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible fixed assets 4 129 419
Investment Properties 5 29,700,000 29,500,000
29,700,129 29,500,419
CURRENT ASSETS
Debtors 6 179,068 139,916
Cash at bank and in hand 85,673 145,965
264,741 285,881
Creditors: Amounts Falling Due Within One Year 7 (339,867 ) (196,384 )
NET CURRENT ASSETS (LIABILITIES) (75,126 ) 89,497
TOTAL ASSETS LESS CURRENT LIABILITIES 29,625,003 29,589,916
NET ASSETS 29,625,003 29,589,916
CAPITAL AND RESERVES
Called up share capital 8 30,000,100 30,000,100
Income Statement (375,097 ) (410,184 )
SHAREHOLDERS' FUNDS 29,625,003 29,589,916
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2024.
Mohammed Al-Miqdadi
Director
23 December 2024
The notes on pages 3 to 9 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The company is a private company (limited by shares), incorporated and domiciled in England and Wales and its principal activity during the year continued to be that of property investment.
The company's principal place of business and registered office are located at Lincolin House, 137-143 Hammersmith Road, London W14 0QL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepaired under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows. The directors are confident that the company will have adequate resources to meet it obligations as they fall due for the foreseeable future hence the financial statements are prepared on going concern basis.
2.3. Significant judgements and estimations
In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.
2.4. Turnover
Rental Income
Revenue from a lease or license to occupy is recognised in the period in which the rent falls due in accordance with the terms of the lease or license as adjusted by deferred or accrued income where the rental periods under the lease or license are not co-terminus with the financial year when all of the following conditions are satisfied:
  • the amount of revenue can be measured reliably; and
  • it is probable that the company will receive the consideration due under the lease or license.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
Office equipment 25% on straight line basis
Page 3
Page 4
2.6. Investment Properties
The Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the company's Statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
...CONTINUED
Page 4
Page 5
2.7. Financial Instruments - continued
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.8. Taxation
Current and Deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
  • The recognition of deferred tax assets is limited to the extent that it is probable that they will berecovered against the reversal of deferred tax liabilities or other future taxable profits; and
  • Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Page 5
Page 6
2.9. Interest Income
Interest income is recognised in profit or loss using the effective interest method.
2.10. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.11. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2.11.  Creditors
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. Average Number of Employees
The company has no employee other than the directors, who did not receive any remuneration. 2023:  NIL (2022: NIL)
- -
4. Tangible fixed assets
Office equipment
£
Cost or Valuation
As at 1 January 2023 1,159
As at 31 December 2023 1,159
Depreciation
As at 1 January 2023 740
Provided during the period 290
As at 31 December 2023 1,030
Net Book Value
As at 31 December 2023 129
As at 1 January 2023 419
Page 6
Page 7
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 29,500,000
Revaluations 200,000
As at 31 December 2023 29,700,000
The 2023 valuations were made by H & W Property Valuers, RICS Registered Valuers, on an open market value for existing use basis. In the opinion of the directors the valuation reflects the current fair value of the investment properties at balance sheet date.
If the investment properties had been accounted for under the historic cost accounting rules, the property would have been measured at £30,000,000.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 40,752 1,600
Amounts owed by group undertakings 138,316 138,316
179,068 139,916
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other taxes and social security 5,838 19,310
Accruals and deferred income 136,140 29,198
Amounts owed to group undertakings 197,889 147,876
339,867 196,384
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 30,000,100 30,000,100
30,000,100 Ordinary shares of £1 each.
Page 7
Page 8
9. Reserves
Revaluation reserve
Revaluation loss of £300,000 (2022: £500,000) arising on revaluation of investment property has been included in the Profit and Loss reserves.
Profit and loss account
Profit and loss reserve represents accumulated losses. 
10. Post Balance Sheet Events
After the balance sheet date, The Bank of Mauritius has placed Silver Bank Limited under Conservatorship. The Conservator has suspended the repayment or withdrawal of deposits, outward transactions request from the account holders as well as the payment of all other liabilities until further notice. Total balances held in relevant bank accounts at the time of placing the bank under Conservatorship were £65,258. In the opinion of the directors, the balances are fully recoverable and risk to the Company due to this event is minimal. 
11. Related Party Transactions
G M Finance Limited ("GMF")
Amounts owed to group undertakings include £147,876 (2022: £147,876) due to GMF, a fellow group undertaking registered in England and Wales. The amount is unsecured, interest free and repayable on demand.
General Mediterranean Holding SA SPF ("GMHSA")
Amounts owed to group undertakings include £50,000 (2022: £nill) due to GMHSA, the company's ultimate parent undertaking. The amount is unsecured, interest free and repayable on demand.
Harborough Invest Inc
Amounts owed by group undertakings include £138,316 owed by Harborough Invest Inc, a fellow group undertaking incorporated in British Virgin Islands. The amount is unsecured, interest free and repayable on demand.
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking is General Mediterranean Holding (UK) Limited ("GMUK") and the company's ultimate parent undertaking is General Mediterranean Holding SA SPF ("GMHSA"), a company registered in Luxembourg whose registered office is 3A, Rue Thomas Edison, L-1445 Strassen, Luxembourg, Grand-Duche de Luxembourg.
No group undertakings prepare consolidated financial statements which are publicly available. 
The company's ultimate controlling party is Sir Nadhmi Auchi.
Page 8
Page 9
13. Audit Information
The auditor's report on the accounts of Stonebridge Real Estate Development Ltd for the year ended 31 December 2023 was unqualified.
The auditor's report was signed by Raymond McDonagh (Senior Statutory Auditor) for and on behalf of Crane & Partners , Statutory Auditor.
Crane & Partners
Leonard House
5-7 Newman Road
Bromley
Kent
BR1 1RJ
Page 9