Company registration number 14018975 (England and Wales)
STONEGATE HOMES (10 HAMPSTEAD RD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
STONEGATE HOMES (10 HAMPSTEAD RD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STONEGATE HOMES (10 HAMPSTEAD RD) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
Notes
£
£
Fixed assets
Investment property
3
1,120,000
Current assets
Cash at bank and in hand
2,326
Creditors: amounts falling due within one year
4
(294,338)
Net current liabilities
(292,012)
Total assets less current liabilities
827,988
Creditors: amounts falling due after more than one year
5
(882,900)
Net liabilities
(54,912)
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
(55,012)
Total equity
(54,912)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 4 August 2025
J N P Hinds
Director
Company registration number 14018975 (England and Wales)
STONEGATE HOMES (10 HAMPSTEAD RD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023
- 2 -
1
Accounting policies
Company information
Stonegate Homes (10 Hampstead Rd) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2000 Cathedral Square, Cathedral Hill, Guildford, GU2 7YL.
1.1
Reporting period
The company was incorporated on 1 April 2022 and as such the financial statements have been prepared for the period of more than one year from the date of incorporation to 30 April 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the director acknowledges the company's net current liabilities position, but notes that the company's bank loan is for a total term of 10 years and that, following the end of the financial period, the term of the company's other loan was extended until 2026. Consequently, the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
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 value added tax and other sales taxes.
Revenue comprises rental income from tenants of the Company's investment property. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
1.5
Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
STONEGATE HOMES (10 HAMPSTEAD RD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 3 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
STONEGATE HOMES (10 HAMPSTEAD RD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 April 2022
Additions
1,120,000
At 30 April 2023
1,120,000
The fair value of the freehold investment property has been arrived at on the basis of an informal valuation carried out by the company director as at 30 April 2023. The valuation was made on an open market value for existing use basis.
4
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
269,548
Other creditors
21,790
Accruals and deferred income
3,000
294,338
5
Creditors: amounts falling due after more than one year
2023
£
Bank loans
751,338
Other loans
131,562
882,900
Bank loans and other loans are secured against the investment property.
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100