Registration number: 12561269

Stable London Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Stable London Limited

(Registration number: 12561269)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	-	15
Tangible assets	5	45,561	48,599
		45,561	48,614
Current assets
Debtors	6	561,967	209,456
Cash at bank and in hand		3,312,543	5,954,853
		3,874,510	6,164,309
Creditors: Amounts falling due within one year	7	(2,124,999)	(93,470)
Net current assets		1,749,511	6,070,839
Total assets less current liabilities		1,795,072	6,119,453
Creditors: Amounts falling due after more than one year	7	(15,794,998)	(17,290,094)
Net liabilities		(13,999,926)	(11,170,641)
Capital and reserves
Called up share capital	8	1	1
Retained earnings		(13,999,927)	(11,170,642)
Shareholders' deficit		(13,999,926)	(11,170,641)

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.

Stable London Limited

(Registration number: 12561269)
Balance Sheet as at 31 December 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2025
 

Mr R Counsell Director

Stable London 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:
Lower Stoke Farm Barrow Wood Lane
Rodney Stoke
Cheddar
BS27 3UF
England

These financial statements were authorised for issue by the director on 29 September 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.

The financial statements are prepared in sterling and rounded to the nearest £.

Whilst the presentational currency is in sterling as the accounts are prepared under UK GAAP and originally management resided in the United Kingdom, the functional currency is considered to be US dollars. This is because the group to which this company belongs mainly trade and receive investment in the United States of America and Bermuda, whose currency (Bermudan dollars) is pegged to the US dollar.

Going concern

The directors have assessed the company's ability to continue as a going concern. The company has plentiful cash resources to meet its current debts as they fall due. The parent company has confirmed that it will continue to provide financial and other support to the company in order for it to meet its debts as they fall due. The directors are satisfied that the parent company has adequate funds to continue providing this support for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

Stable London Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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
Leasehold improvements	50% straight line
Office equipment	20% straight line
Motor vehicles	20% straight line

Stable London Limited

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

Development costs

Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Any expenditure carried forward will be amortised in line with the useful life of the product. Amortisation commenced once the asset was ready for commercial production.

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
Development expenditure	20% 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.

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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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

The company has received a loan from its parent which does not have to be repaid until the company is consistently reporting profits and no longer has negative retained earnings. Due to these terms, this loan is included in creditors due after one year.

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.

Stable London Limited

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

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 19 (2023 - 18).

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	558	558
At 31 December 2024	558	558
Amortisation
At 1 January 2024	543	543
Amortisation charge	15	15
At 31 December 2024	558	558
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	15	15

The aggregate amount of research and development expenditure recognised as an expense during the period is £199,567 (2023 - £602,842).

Stable London Limited

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

5	Tangible assets

	Leasehold improvements £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	1,046	63,056	39,840	103,942
Additions	-	10,681	-	10,681
Disposals	-	-	(90)	(90)
At 31 December 2024	1,046	73,737	39,750	114,533
Depreciation
At 1 January 2024	1,046	43,077	11,220	55,343
Charge for the year	-	5,636	7,993	13,629
At 31 December 2024	1,046	48,713	19,213	68,972
Carrying amount
At 31 December 2024	-	25,024	20,537	45,561
At 31 December 2023	-	19,979	28,620	48,599

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

	Note	2024 £	2023 £
Trade debtors		-	50,047
Other debtors		69,871	100,316
Prepayments		66,998	59,093
Income tax asset		425,098	-
		561,967	209,456

Stable London Limited

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

7

Creditors

Due within one year	Note	2024 £	2023 £
Trade creditors		157,662	68,910
Amounts due to related parties	11	1,817,894	-
Social security and other taxes		104,805	-
Other creditors		14,225	16,560
Accruals		30,413	8,000
		2,124,999	93,470
Due after one year
Other non-current financial liabilities		15,794,998	17,290,094

Amounts due after one year relate to a loan from the parent company which is not due for repayment until this company is consistently profit making and the retained earnings are no longer negative. Therefore, this loan is disclosed as due after one year.