Silverfin false false 31/03/2024 01/04/2023 31/03/2024 R Hipkin 31/03/1992 L Hipkin 01/04/2001 S Hipkin 31/03/1992 05 February 2025 The principal activity of the company continued to be that of the ownership and rental of freehold and leasehold
properties and land.

They also have business activity of knitting and sewing in textiles.
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Company No: 02358997 (England and Wales)

CLASSICSTONE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

CLASSICSTONE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

CLASSICSTONE PROPERTIES LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
CLASSICSTONE PROPERTIES LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTORS R Hipkin
L Hipkin
S Hipkin
SECRETARY S Hipkin
REGISTERED OFFICE Scotlands Farm
Forest Road
Newell Green
Warfield
Bracknell
Berkshire
RG42 6AJ
United Kingdom
COMPANY NUMBER 02358997 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
264 Banbury Road
Oxford
OX27DY
CLASSICSTONE PROPERTIES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
CLASSICSTONE PROPERTIES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 174,691 186,616
Investment property 4 4,640,000 4,725,000
4,814,691 4,911,616
Current assets
Stocks 167,880 167,880
Debtors 5 1,260,407 1,351,139
Cash at bank and in hand 62,132 64,999
1,490,419 1,584,018
Creditors: amounts falling due within one year 6 ( 1,477,142) ( 1,400,477)
Net current assets 13,277 183,541
Total assets less current liabilities 4,827,968 5,095,157
Provision for liabilities 7 ( 129,096) ( 213,003)
Net assets 4,698,872 4,882,154
Capital and reserves
Called-up share capital 8 269,964 269,964
Share premium account 2,223,019 2,223,019
Fair value reserve 1,578,596 1,642,346
Profit and loss account 627,293 746,825
Total shareholders' funds 4,698,872 4,882,154

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Classicstone Properties Limited (registered number: 02358997) were approved and authorised for issue by the Board of Directors on 05 February 2025. They were signed on its behalf by:

R Hipkin
Director
S Hipkin
Director
CLASSICSTONE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
CLASSICSTONE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Classicstone Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Scotlands Farm, Forest Road, Newell Green, Warfield, Bracknell, Berkshire, RG42 6AJ.

**Accounting convention**
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The directors consider it appropriate to prepare the financial statements on a going concern basis.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future despite showing a loss for the year, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income on assets leased under operating leases is recognised on a straight-line basis over the lease term.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 10 years straight line
Computer equipment 4 years straight line
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with
banks.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest.

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

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 16

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 154,864 18,250 545,188 18,867 737,169
Additions 0 0 39,535 990 40,525
At 31 March 2024 154,864 18,250 584,723 19,857 777,694
Accumulated depreciation
At 01 April 2023 107,264 4,563 421,697 17,029 550,553
Charge for the financial year 16,600 4,563 30,675 612 52,450
At 31 March 2024 123,864 9,126 452,372 17,641 603,003
Net book value
At 31 March 2024 31,000 9,124 132,351 2,216 174,691
At 31 March 2023 47,600 13,687 123,491 1,838 186,616

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 4,725,000
Fair value movement (85,000)
As at 31 March 2024 4,640,000

Investment properties have been valued at 31 March 2024 on an open market value basis by Mr R Hipkin, a director of the company. Each property has been valued based on its economic yield.

All investment properties are held for use under operating leases.

5. Debtors

2024 2023
£ £
Trade debtors 1,238,538 1,340,293
Prepayments 20,747 8,820
Other debtors 1,122 2,026
1,260,407 1,351,139

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 16,272 34,484
Amounts owed to directors 1,363,080 1,273,080
Accruals 46,849 44,618
Other taxation and social security 11,346 8,816
Other creditors 39,595 39,479
1,477,142 1,400,477

7. Provision for liabilities

2024 2023
£ £
Deferred tax 129,096 213,003

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
269,964 Ordinary shares of £ 1.00 each 269,964 269,964

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 505,315 685,479

The company is subject to mortgage deeds and legal mortgages in favour of the company's bankers secured over the investment property valued at £4,640,000 and fixed assets with a net book value of £174,691.

10. Related party transactions

In the year the company occupied a rental property owned by a director of the company. The company paid rent of £35,000 (2023: £35,000) in the year. No amounts were outstanding at the year end (2023: £nil).

Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.

During the year R Hipkin, a director, withdrew £nil (2023: £nil) from the company and loaned £70,000 (2023: £65,000) to the company. At the year end the company owed R Hipkin £1,128,080 (2023: £1,058,080).

S Hipkin, a director, loaned the company £20,000 in the year (2023: £45,000). At the year end the company owed S Hipkin £235,000 (2023: £215,000).

The amounts owed to the directors of the company are interest free and repayable on demand.