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Registration number: 09686626

Stondon Classics Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Stondon Classics Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Stondon Classics Ltd

(Registration number: 09686626)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

401

-

Investment property

5

900,000

900,000

 

900,401

900,000

Current assets

 

Debtors

6

15,432

34,793

Cash at bank and in hand

 

94,254

75,075

 

109,686

109,868

Creditors: Amounts falling due within one year

7

(5,003)

(10,875)

Net current assets

 

104,683

98,993

Total assets less current liabilities

 

1,005,084

998,993

Creditors: Amounts falling due after more than one year

7

(151,411)

(151,501)

Net assets

 

853,673

847,492

Capital and reserves

 

Called up share capital

1,050

1,050

Other reserves

20,250

20,250

Retained earnings

832,373

826,192

Shareholders' funds

 

853,673

847,492

 

Stondon Classics Ltd

(Registration number: 09686626)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 February 2025
 

.........................................
Mr Christopher Saunders
Director

 

Stondon Classics Ltd

Notes to the Financial Statements for the Year Ended 31 July 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:
11 Royal Oak Lane
Pirton
Hitchin
Hertfordshire
SG5 3QT
England

These financial statements were authorised for issue by the director on 3 February 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of rents receivable and insurance recharges. Amounts are accrued and deferred where appropiate to ensure rents are recorded in the relevant period. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Stondon Classics Ltd

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

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Fair value changes within profit and loss with regards to investment property valuations are added back when arriving at the tax charge in the period. These amounts are taxed when realised.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

No depreciation is charged on the freehold land, although this is a departure from Companies Act 2006 to depreciate all assets, any depreciation is considered negligible on the basis that its carrying value is more than the current market value.

Depreciation

Asset class

Depreciation method and rate

Computer Equipment

33% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The Director uses this to include the investment property at fair value in accordance with FRS102. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

 

Stondon Classics Ltd

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

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 at the transaction price.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Stondon Classics Ltd

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

599

599

At 31 July 2024

599

599

Depreciation

Charge for the year

198

198

At 31 July 2024

198

198

Carrying amount

At 31 July 2024

401

401

The freehold land and buildings previously held within tangible fixed assets have been transferred to its appropriate classification as an investment property of the company now that an appropriate fair value is available, in accordance with FRS102.

5

Investment properties

2024
£

At 1 August

900,000

At 31 July

900,000


The fair value of the investment property is based on a marketing proposal valuation by independent valuer, Eddisons, in July 2023. The Director has used this valuation and knowledge of the property to include within the financial statements at its fair value.

See note 12 for security held.

 

Stondon Classics Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

17,983

Prepayments

933

766

Other debtors

14,499

16,044

 

15,432

34,793

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

612

869

Taxation and social security

476

1,834

Accruals and deferred income

1,503

1,438

Other creditors

2,412

6,734

5,003

10,875

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

151,411

151,501

 

Stondon Classics Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,050

1,050

1,050

1,050

         

9

Related party transactions

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr Christopher Saunders

6,699

(18,077)

13,755

2,377

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 July 2023
£

Mr Christopher Saunders

7,056

(2,080)

1,029

694

6,699

The director's loan is repayable on demand and carries no right to interest.

10

Parent and ultimate parent undertaking

The ultimate controlling party is until 23rd October 2024 FJ Saunders Discretionary Trust, of which the director, Mr C Saunders, is a Trustee. From this date the ultimate controlling party is Stondon Ltd.

 

Stondon Classics Ltd

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

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

151,411

151,501

Included in Non-current loans and borrowings is £151,411 (2023: £151,501).

There is a fixed and floating charge held over the investment property in favour of Hampshire Trust Bank PLC (dated 25 April 2017) in respect of company borrowings. In addition Hampshire Trust Bank PLC holds fixed and floating charges over all assets of the company (created 25 April 2017). These charges include negative pledges.