Stonehouse Commercial Estates Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Stonehouse Commercial Estates Limited

(Registration number: 12536526)
Statement of Financial Position as at 31 March 2025

	Note	2025 £	(As restated) 2024 £
Fixed assets
Tangible assets	4	51,152	940,891
Investment property	5	1,016,687	-
		1,067,839	940,891
Current assets
Debtors	6	583	27,470
Cash at bank and in hand		133,560	8,653
		134,143	36,123
Creditors: Amounts falling due within one year	7	(1,313,587)	(1,722,015)
Net current liabilities		(1,179,444)	(1,685,892)
Total assets less current liabilities		(111,605)	(745,001)
Creditors: Amounts falling due after more than one year	7	(617,051)	-
Net liabilities		(728,656)	(745,001)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(728,756)	(745,101)
Shareholders' deficit		(728,656)	(745,001)

For the financial year ending 31 March 2025 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 Statement of Comprehensive Income.

Approved and authorised by the director on 23 December 2025
 

Stonehouse Commercial Estates Limited

(Registration number: 12536526)
Statement of Financial Position as at 31 March 2025 (continued)

Mr T Barrow Director

Stonehouse Commercial Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
31-32 Emma Place
Plymouth
Devon
PL1 3QT

Principal activity

The principal activity of the company is that of the letting or operation of owned commercial property.

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 which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. At the year end the company had net liabilities of £729,532. The company is reliant on the support of its director and parent company for the continuation of the business.

Stonehouse Commercial Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

Prior period errors

Fixed asset additions totalling £288,103 were reclassified as repairs and professional fees following a review by an independent advisor of the available HMRC Capital Allowances. As a result of the revaluation of the property in the period, this has not impacted the overall reserves of the company in 2024, but has increased the operating loss before revaluation from £13,209, to £301,312.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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.

Page 4

Stonehouse Commercial Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2	Accounting policies (continued)

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	25% Reducing balance
Land and property	Not depreciated as development only finalised during this period.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 1).

Stonehouse Commercial Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4	Tangible assets

	Long leasehold property £	Office equipment £	Total £
Cost or valuation
At 1 April 2024	940,000	1,188	941,188
Additions	128,200	-	128,200
Transfers to/from investment property	(1,016,686)	-	(1,016,686)
At 31 March 2025	51,514	1,188	52,702
Depreciation
At 1 April 2024	-	297	297
Charge for the year	1,030	223	1,253
At 31 March 2025	1,030	520	1,550
Carrying amount
At 31 March 2025	50,484	668	51,152
At 31 March 2024	940,000	891	940,891

5	Investment properties

	2025 £
Transfers to and from owner-occupied property	1,016,687
At 31 March	1,016,687

The fair value of the company's long leasehold investment property was revalued on 26 September 2024 by an independent valuer. The name and qualification of the independent valuer are A Woodward MRICS of Stratton Creber Commercial. There have been additions to this property since this valuations
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,768,319 (£2024: £1,665,945)

Carrying amount of investment property rented to another group entity

The carrying amount of investment property rented to another group entity was £ 1,042,375 (2024 - £Nil) .

The property was previously included under Long Leasehold fixed assets at £940,000.

Stonehouse Commercial Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

6

Debtors

	2025 £	2024 £
Other debtors	-	26,887
Prepayments	583	583
	583	27,470

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	26,282	-
Trade creditors		743	35,287
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	1,117,275	1,427,728
Taxation and social security		5,404	-
Accruals and deferred income		2,783	900
Other creditors		161,100	258,100
		1,313,587	1,722,015

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £26,282 (2024 - £nil).

Stonehouse Commercial Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7	Creditors (continued)

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	617,051	-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £617,051 (2024 - £nil).

Natwest has security over the investment property dated December 2024 to secure long term borrowings.

Creditors include bank loans repayable by instalments of £492,781 (2024 - £nil) due after more than five years.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	617,051	-

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	26,282	-

10	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

Stonehouse Commercial Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

10	Obligations under leases and hire purchase contracts (continued)

	2025 £	2024 £
Not later than one year	3,500	3,500
Later than one year and not later than five years	14,000	14,000
Later than five years	409,500	413,000
	427,000	430,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,500 (2024 - £3,500).

11	Related party transactions

During the year the director continued to loan the following amounts to the company:

Transactions with the director

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Director's loan account	(258,100)	(23,000)	120,000	(161,100)

2024	At 1 April 2023 £	Advances to director £	At 31 March 2024 £
Director's loan account	(98,100)	(160,000)	(258,100)

Loans from related parties

2025	Parent £	Total £
At start of period	1,013,827	1,013,827
Advanced	3,622	3,622
Repaid	(322,021)	(322,021)
At end of period	695,428	695,428

2024	Parent £	Total £
At start of period	453,827	453,827
Advanced	560,000	560,000
At end of period	1,013,827	1,013,827

Terms of loans from related parties

The loan from its parent company is interest free.