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Registration number: 07073177

Stories Mews Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Stories Mews Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Stories Mews Limited

Company Information

Director

G F Sollof

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Stories Mews Limited

Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

320

478

Investment property

5

2,930,000

231,167

 

2,930,320

231,645

Current assets

 

Stocks

6

-

699,127

Debtors

7

9,371

3,449

Cash at bank and in hand

 

370,649

380

 

380,020

702,956

Creditors: Amounts falling due within one year

8

(726,193)

(812,259)

Net current liabilities

 

(346,173)

(109,303)

Total assets less current liabilities

 

2,584,147

122,342

Creditors: Amounts falling due after more than one year

8

(1,212,631)

(95,378)

Provisions for liabilities - deferred tax

(314,322)

(120)

Net assets

 

1,057,194

26,844

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

1,057,193

26,843

Total equity

 

1,057,194

26,844

For the financial year ending 30 September 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.

 

Stories Mews Limited

Statement of Financial Position as at 30 September 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

The directors of Practice UK FRS102 Master have elected not to include a copy of the Income Statement within the financial statements, in accordance with the special provisions relating to companies subject to the small companies regime within the Companies Act 2006, s444.

Approved and authorised by the director on 20 August 2025
 

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

G F Sollof

Director

Company registration number: 07073177

 

Stories Mews Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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

The principal activity of the company is the development of building projects.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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 made a profit for the year and had net assets at the year end of £1,057,194 including cash at bank of £370,649.

The company's investment properties remain fully occupied and the director is confident that the company will remain profitable for the foreseeable future.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 

Stories Mews Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tax

The tax expense for the period comprises current and deferred 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.

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.

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 statement of financial position 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

Office equipment

33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. 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.

 

Stories Mews Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Stories Mews Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

1,635

1,635

At 30 September 2024

1,635

1,635

Depreciation

At 1 October 2023

1,157

1,157

Charge for the year

158

158

At 30 September 2024

1,315

1,315

Carrying amount

At 30 September 2024

320

320

At 30 September 2023

478

478

5

Investment properties

2024
£

At 1 October 2023

231,167

Transfers from work in progress

1,285,600

Additions

5,355

Fair value adjustments

1,407,878

At 30 September 2024

2,930,000

The freehold investment property is included at open market value, as valued by the director at the year end.

6

Stocks

2024
£

2023
£

Work in progress

-

699,127

7

Debtors

2024
£

2023
£

Other debtors

9,371

3,449

9,371

3,449

 

Stories Mews Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

9,180

-

Taxation and social security

-

1,572

Other creditors

717,013

810,687

726,193

812,259

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

9

1,212,631

95,378

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

1,212,631

95,378

Other borrowings are repayable on 18 September 2043 and are secured by fixed charges held over investment properties owned by the company.

10

Reserves

Profit and loss account - this reserves records retained earnings and accumulated losses. Of the amounts standing to the credit of the profit and loss account an amount of £985,077 (2023 - £94,442 - Deficit) relates to unrealised revaluation surpluses and is therefore non-distributable.