PTP Accounts Production v24.3.2.46 02852258 Board of Directors 1.4.23 31.3.24 31.3.24 true false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028522582023-03-31028522582024-03-31028522582023-04-012024-03-31028522582022-03-31028522582022-04-012023-03-31028522582023-03-3102852258ns15:EnglandWales2023-04-012024-03-3102852258ns14:PoundSterling2023-04-012024-03-3102852258ns10:Director12023-04-012024-03-3102852258ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3102852258ns10:SmallEntities2023-04-012024-03-3102852258ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3102852258ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3102852258ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102852258ns10:FullAccounts2023-04-012024-03-3102852258ns10:Director22023-04-012024-03-3102852258ns10:CompanySecretary12023-04-012024-03-3102852258ns10:RegisteredOffice2023-04-012024-03-3102852258ns5:CurrentFinancialInstruments2024-03-3102852258ns5:CurrentFinancialInstruments2023-03-3102852258ns5:Non-currentFinancialInstruments2024-03-3102852258ns5:Non-currentFinancialInstruments2023-03-3102852258ns5:ShareCapital2024-03-3102852258ns5:ShareCapital2023-03-3102852258ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3102852258ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3102852258ns5:RetainedEarningsAccumulatedLosses2024-03-3102852258ns5:RetainedEarningsAccumulatedLosses2023-03-3102852258ns5:ComputerEquipment2023-03-3102852258ns5:ComputerEquipment2023-04-012024-03-3102852258ns5:ComputerEquipment2024-03-3102852258ns5:ComputerEquipment2023-03-3102852258ns5:CostValuation2023-03-3102852258ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3102852258ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3102852258ns5:Non-currentFinancialInstruments2023-04-012024-03-3102852258ns5:Secured2024-03-3102852258ns5:Secured2023-03-3102852258ns5:DeferredTaxation2023-03-3102852258ns5:DeferredTaxation2023-04-012024-03-3102852258ns5:DeferredTaxation2024-03-3102852258ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-310285225812023-04-012024-03-31
REGISTERED NUMBER: 02852258 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

STEPHEN Y LIMITED

STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STEPHEN Y LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Y Yeghiazarian
S Yeghiazarian





SECRETARY: Mrs S Yeghiazarian





REGISTERED OFFICE: High Trees
Julian Hill
Harrow On The Hill
Middlesex
HA1 3NE





REGISTERED NUMBER: 02852258 (England and Wales)





ACCOUNTANTS: Hovnan & Co Ltd
Chartered Accountants
106 Ashurst Road
Cockfosters
London
EN4 9LG

STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 719 1,078
Investments 5 1 1
Investment property 6 3,217,000 2,945,500
3,217,720 2,946,579

CURRENT ASSETS
Debtors 7 1,050,682 1,040,451
Cash at bank 75,704 76,946
1,126,386 1,117,397
CREDITORS
Amounts falling due within one year 8 1,105,600 1,058,096
NET CURRENT ASSETS 20,786 59,301
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,238,506

3,005,880

CREDITORS
Amounts falling due after more than one year 9 (363,108 ) (411,589 )

PROVISIONS FOR LIABILITIES 11 (321,651 ) (270,066 )
NET ASSETS 2,553,747 2,324,225

CAPITAL AND RESERVES
Called up share capital 11,000 11,000
Fair value reserve 12 1,649,749 1,429,834
Retained earnings 892,998 883,391
SHAREHOLDERS' FUNDS 2,553,747 2,324,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





S Yeghiazarian - Director


STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Stephen Y Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income receivable under operating leases during the year and is recognised on a straight line basis over the period of the lease.

Tangible fixed assets
All fixed assets are initially recorded at cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

No depreciation is provided on investment properties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 1,437
DEPRECIATION
At 1 April 2023 359
Charge for year 359
At 31 March 2024 718
NET BOOK VALUE
At 31 March 2024 719
At 31 March 2023 1,078

STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 2,945,500
Revaluations 271,500
At 31 March 2024 3,217,000
NET BOOK VALUE
At 31 March 2024 3,217,000
At 31 March 2023 2,945,500

Fair value at 31 March 2024 is represented by:
£   
Valuation in 1999 143,350
Valuation in 2004 380,000
Valuation in 2015 (90,633 )
Valuation in 2016 499,000
Valuation in 2017 386,000
Valuation in 2021 220,000
Valuation in 2022 345,500
Valuation in 2024 271,500
Cost 1,062,283
3,217,000

STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 1,062,283 1,062,283
Aggregate depreciation (219,041 ) (208,418 )

Investment property was valued on an open market basis on 31 March 2024 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 24,934 25,816
Amounts owed by group undertakings 1,019,438 1,006,825
Other debtors 6,310 7,810
1,050,682 1,040,451

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 72,752 61,273
Taxation and social security 7,416 11,840
Other creditors 1,025,432 984,983
1,105,600 1,058,096

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 363,108 411,589

Included within creditors falling due after more than one year is an amount of £363,108 (2023: £411,589) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 435,860 472,862

The bank loan is secured by a first legal charge over the assets of the company.

STEPHEN Y LIMITED (REGISTERED NUMBER: 02852258)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 321,651 270,066

Deferred
tax
£   
Balance at 1 April 2023 270,066
Provided during year 51,585
Balance at 31 March 2024 321,651

12. RESERVES
Fair
value
reserve
£   
At 1 April 2023 1,429,834
Fair value transfer 219,915

At 31 March 2024 1,649,749

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is £143,558 (2023: £142,781) advanced by Mr Y Yeghiazarian which is interest free and repayable on demand and £411,364 (2023: £396,918) advanced by Mr S Yeghiazarian. Interest at the average rate of 4.8% (2023: 4%) is charged on the loan of £258,750 (2023: £258,750) and the balance of £152,614 (2023: £138,168) is interest free and repayable on demand.

14. RELATED PARTY DISCLOSURES

During the year, total dividends of £6,000 (2023 - £3,000) were paid to the directors .

Included in other creditors is £406,662 (2023: £393,383) advanced by a company shareholder. Interest at the average rate of 4.8% (2023: 4%) is charged on the loan of £258,750 (2023 - £258,750) and the balance of £147,912 (2023: £134,633) is interest free and repayable on demand.

As at the year end, £1,019,438 (2023: £1,006,825) was owed to the company by its subsidiary. This amount is
repayable on demand and non interest bearing.

15. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr Y Yeghiazarian as director and major shareholder.