Registration number:
Stondon Classics Ltd
for the Year Ended 31 July 2024
Stondon Classics Ltd
(Registration number: 09686626)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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- |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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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:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
......................................... |
Stondon Classics Ltd
Notes to the Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 July 2024 |
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Depreciation |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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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.
Investment properties |
2024 |
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At 1 August |
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At 31 July |
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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
Debtors |
Current |
2024 |
2023 |
Trade debtors |
- |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Stondon Classics Ltd
Notes to the Financial Statements for the Year Ended 31 July 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
1,050 |
|
1,050 |
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 |
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( |
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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 |
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( |
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694 |
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The director's loan is repayable on demand and carries no right to interest.
Parent and ultimate parent undertaking |
The ultimate controlling party is
Stondon Classics Ltd
Notes to the Financial Statements for the Year Ended 31 July 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
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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.