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Registration number: 03720530

Honeystone Traders Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Honeystone Traders Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Honeystone Traders Limited

Company Information

Directors

Andrew James Coleman

Mrs Wanji Coleman

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Honeystone Traders Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

430,000

430,000

Current assets

 

Debtors

5

14

14

Cash at bank and in hand

 

3,678

2,295

 

3,692

2,309

Creditors: Amounts falling due within one year

6

(230,683)

(230,988)

Net current liabilities

 

(226,991)

(228,679)

Total assets less current liabilities

 

203,009

201,321

Provisions for liabilities

(54,325)

(54,325)

Net assets

 

148,684

146,996

Capital and reserves

 

Called up share capital

1

1

Retained earnings

148,683

146,995

Shareholders' funds

 

148,684

146,996

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:

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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

Honeystone Traders Limited

Statement of Financial Position as at 31 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

.........................................

Andrew James Coleman

Director

Company registration number: 03720530

 

Honeystone Traders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU
United Kingdom

The principal activity of the company is Other letting and operating of own or leased real estate

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets amounting to £148,684 at 31 March 2024 but net current liabilities of £226,991 at that date. At 31 March 2024 an amount of £228,336 was due to the directors who have confirmed they won't call for repayment until such time as the company has sufficient working capital.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income in the ordinary course of the company's activities.

The company recognises rental income evenly over the period of the lease.

 

Honeystone Traders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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

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.

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 valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. 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, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

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

 

Honeystone Traders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Investment properties

2024
£

Fair Value
At 1 April 2023

430,000

At 31 March 2024

430,000

The investment property is included at fair value as estimated by the directors at 31 March 2024 at an amount of £430,000.

5

Debtors

2024
£

2023
£

Other debtors

14

14

14

14

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

7

-

150

Taxation and social security

 

61

65

Accruals and deferred income

 

1,200

1,515

Other creditors

 

229,422

229,258

 

230,683

230,988

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loan

-

150

The bank loan is secured by a fixed charge over the company's investment property and a fixed and floating charge over the other assets and undertakings of the company.

8

PROFIT AND LOSS ACCOUNT

The profit and loss account includes an amount of £150,675 that is not distributable in accordance with Companies Act 2006.