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Registration number: 05291462

Stonehaven Residential Home Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Stonehaven Residential Home Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Stonehaven Residential Home Limited

Company Information

Director

Mr C D Stevens

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified AccountantsAlbion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Stonehaven Residential Home Limited

(Registration number: 05291462)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

5

132,504

92,834

Current assets

 

Debtors

6

132,412

170,241

Cash at bank and in hand

 

72,285

57,538

 

204,697

227,779

Creditors: Amounts falling due within one year

7

(78,948)

(111,226)

Net current assets

 

125,749

116,553

Total assets less current liabilities

 

258,253

209,387

Creditors: Amounts falling due after more than one year

7

(68,376)

(26,988)

Provisions for liabilities

(11,098)

(11,694)

Net assets

 

178,779

170,705

Capital and Reserves

 

Called up share capital

8

71

71

Capital redemption reserve

30

30

Retained Earnings

178,678

170,604

Shareholders' funds

 

178,779

170,705

For the financial year ending 31 December 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 11 April 2025
 

.........................................
Mr C D Stevens
Director

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the director on 11 April 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. 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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% Straight line

Fixtures and fittings

10-33% Straight line

Buildings

10% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

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.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 (including the director) during the year, was 31 (2023 - 31).

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

100,000

100,000

At 31 December 2024

100,000

100,000

Amortisation

At 1 January 2024

100,000

100,000

At 31 December 2024

100,000

100,000

Carrying amount

At 31 December 2024

-

-

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

53,862

206,568

45,836

306,266

Additions

-

7,840

78,821

86,661

Disposals

-

-

(45,835)

(45,835)

At 31 December 2024

53,862

214,408

78,822

347,092

Depreciation

At 1 January 2024

23,152

174,237

16,043

213,432

Charge for the year

-

6,689

10,510

17,199

Eliminated on disposal

-

-

(16,043)

(16,043)

At 31 December 2024

23,152

180,926

10,510

214,588

Carrying amount

At 31 December 2024

30,710

33,482

68,312

132,504

At 31 December 2023

30,710

32,331

29,793

92,834

Included within the net book value of land and buildings above is £30,710 (2023 - £30,710) in respect of freehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Prepayments

567

1,482

Other debtors

131,845

168,759

 

132,412

170,241

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

51,055

78,753

Trade Creditors

 

5,838

1,937

Taxation and social security

 

19,961

29,969

Other creditors

 

2,094

567

 

78,948

111,226

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

68,376

26,988

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

70

70

70

70

Ordinary B of £1 each

1

1

1

1

71

71

71

71

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

61,343

8,681

Other borrowings

7,033

18,307

68,376

26,988

Current loans and borrowings

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Loans and borrowings (continued)

2024
£

2023
£

Bank borrowings

15,657

25,786

Hire purchase contracts

11,586

21,399

Other borrowings

23,812

31,568

51,055

78,753

10

Related party transactions

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10

Related party transactions (continued)

Transactions with the director

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr C D Stevens

58,263

49,883

(224)

107,922

-

-

-

-

58,263

49,883

(224)

107,922

2023

At 1 January 2023
£

Repayments by director
£

At 31 December 2023
£

Mr C D Stevens

58,558

(295)

58,263

-

-

-

58,558

(295)

58,263

 

Stonehaven Residential Home Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

4,500

1,500