Caseware UK (AP4) 2024.0.164 2024.0.164 2024-04-302024-04-30falseNo description of principal activity2023-05-01false77trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03111924 2023-05-01 2024-04-30 03111924 2022-05-01 2023-04-30 03111924 2024-04-30 03111924 2023-04-30 03111924 2022-05-01 03111924 c:Director1 2023-05-01 2024-04-30 03111924 d:PlantMachinery 2023-05-01 2024-04-30 03111924 d:PlantMachinery 2024-04-30 03111924 d:PlantMachinery 2023-04-30 03111924 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03111924 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03111924 d:MotorVehicles 2023-05-01 2024-04-30 03111924 d:MotorVehicles 2024-04-30 03111924 d:MotorVehicles 2023-04-30 03111924 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03111924 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03111924 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03111924 d:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 03111924 d:FreeholdInvestmentProperty 2024-04-30 03111924 d:FreeholdInvestmentProperty 2023-04-30 03111924 d:CurrentFinancialInstruments 2024-04-30 03111924 d:CurrentFinancialInstruments 2023-04-30 03111924 d:Non-currentFinancialInstruments 2024-04-30 03111924 d:Non-currentFinancialInstruments 2023-04-30 03111924 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03111924 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03111924 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 03111924 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 03111924 d:ShareCapital 2024-04-30 03111924 d:ShareCapital 2023-04-30 03111924 d:RevaluationReserve 2024-04-30 03111924 d:RevaluationReserve 2023-04-30 03111924 d:RetainedEarningsAccumulatedLosses 2024-04-30 03111924 d:RetainedEarningsAccumulatedLosses 2023-04-30 03111924 d:OtherDeferredTax 2024-04-30 03111924 d:OtherDeferredTax 2023-04-30 03111924 c:OrdinaryShareClass1 2023-05-01 2024-04-30 03111924 c:OrdinaryShareClass1 2024-04-30 03111924 c:FRS102 2023-05-01 2024-04-30 03111924 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03111924 c:FullAccounts 2023-05-01 2024-04-30 03111924 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03111924 2 2023-05-01 2024-04-30 03111924 6 2023-05-01 2024-04-30 03111924 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-04-30 03111924 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-30 03111924 d:LeasedAssetsHeldAsLessee 2024-04-30 03111924 d:LeasedAssetsHeldAsLessee 2023-04-30 03111924 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03111924









STEALTH DEVELOPMENTS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
STEALTH DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03111924

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
                                                                  Note
£
£

Fixed assets
  

Tangible assets
 4 
31,134
41,512

Investments
 5 
240,727
242,609

Investment property
 6 
5,380,000
5,380,000

  
5,651,861
5,664,121

Current assets
  

Debtors: amounts falling due within one year
 7 
1,372,784
1,324,679

Cash at bank and in hand
 9 
57,055
29,024

  
1,429,839
1,353,703

Creditors: amounts falling due within one year
 10 
(500,388)
(466,507)

Net current assets
  
 
 
929,451
 
 
887,196

Total assets less current liabilities
  
6,581,312
6,551,317

Creditors: amounts falling due after more than one year
 11 
(1,994,567)
(2,076,090)

Provisions for liabilities
  

Deferred tax
  
(744,439)
(744,439)

Net assets
  
3,842,306
3,730,788


Capital and reserves
  

Called up share capital 
 13 
100
100

Revaluation reserve
  
2,233,316
2,233,316

Profit and loss account
  
1,608,890
1,497,372

  
3,842,306
3,730,788


Page 1

 
STEALTH DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03111924
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.




V Khatri
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Stealth Developments Limited ("the company") is a company limited by shares, incorporated in England and Wales. Its registered office is 74 Leytonstone Road, Stratford, E15 1SQ. 
The principal activity of the company continued to be that of investment and trading in properties.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the statement of financial position.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt nstrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 6

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 May 2023
7,569
112,871
120,440



At 30 April 2024

7,569
112,871
120,440



Depreciation


At 1 May 2023
6,265
72,663
78,928


Charge for the year on owned assets
326
-
326


Charge for the year on financed assets
-
10,052
10,052



At 30 April 2024

6,591
82,715
89,306



Net book value



At 30 April 2024
978
30,156
31,134



At 30 April 2023
1,304
40,208
41,512

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
30,156
40,208

30,156
40,208

Page 7

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 May 2023
242,609


Additions
7,288


Disposals
(9,170)



At 30 April 2024
240,727





6.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
5,380,000



At 30 April 2024
5,380,000

The 2024 valuations were made by the director, on an open market value for existing use basis.




7.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,194,905
1,105,548

Other debtors
177,606
217,192

Prepayments and accrued income
273
1,939

1,372,784
1,324,679



8.


Current asset investments




Page 8

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
57,055
29,024

Less: bank overdrafts
(918)
(918)

56,137
28,106



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
918
918

Bank loans
104,351
118,374

Trade creditors
17,430
-

Other taxation and social security
12,602
3,030

Obligations under finance lease and hire purchase contracts
57,521
61,799

Other creditors
303,846
275,006

Accruals and deferred income
3,720
7,380

500,388
466,507


Bank loans are secured by a fixed and floating charge over the assets of the company.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,975,660
2,029,912

Net obligations under finance leases and hire purchase contracts
18,907
46,178

1,994,567
2,076,090


Bank loans are secured by a fixed and floating charge over the assets of the company. 

Page 9

 
STEALTH DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(744,439)
(565,773)


Charged to the profit or loss
-
(178,666)



At end of year
(744,439)
(744,439)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(744,439)
(744,439)

(744,439)
(744,439)


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



14.


Related party transactions

At the year end amounts due to the director from the company totalled £196,194 (2023 - £121,922).
At the year end amounts due from connected companies by virtue of the directors shareholding totalled £1,194,905 
(2023 - £1,105,548).

 
Page 10