REGISTERED NUMBER: 09216376 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 MARCH 2025

FOR

SEWARDSTONE LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs Donna Penn

REGISTERED OFFICE:

6 Dell Close

Woodford Green

Essex

IG8 0QN

REGISTERED NUMBER:

09216376 (England and Wales)

ACCOUNTANTS:

Michael Filiou Ltd

Chartered Certified Accountants

www.michaelfiliou.com

Salisbury House

81 High Street

Potters Bar

Hertfordshire

EN6 5AS

FIXED ASSETS

Tangible assets

5

5,017

6,417

Investment property

6

6,482,340

6,482,340

6,487,357

6,488,757

CURRENT ASSETS

Debtors

438,301

214,975

Cash at bank and in hand

27,807

27,834

466,108

242,809

CREDITORS

Amounts falling due within one year

691,134

466,407

NET CURRENT LIABILITIES

(225,026

)

(223,598

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,262,331

6,265,159

CREDITORS

Amounts falling due after more than one year

7

(3,335,833

)

(3,366,134

)

PROVISIONS FOR LIABILITIES

10

(144,406

)

(144,406

)

NET ASSETS

2,782,092

2,754,619

CAPITAL AND RESERVES

Called up share capital

11

3,544

3,544

Share premium

2,087,695

2,087,695

Fair value reserve

12

652,783

652,783

Retained earnings

38,070

10,597

SHAREHOLDERS' FUNDS

2,782,092

2,754,619

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 27 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 June 2026 and were signed by:

Mrs Donna Penn - Director

1.	STATUTORY INFORMATION

Sewardstone Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The director has considered the company's financial position, including its net current liabilities, secured bank borrowings, outstanding corporation tax liabilities, and the events occurring after the balance sheet date as set out in the notes.

At the balance sheet date, the company had net current liabilities of £225,026, secured bank borrowings of £3,383,563, and corporation tax liabilities of £202,009. The company also held investment properties with a carrying value of £6,482,340.

Since the balance sheet date, a number of the company's investment properties have been disposed of or repossessed by the company's secured lender, with the proceeds being applied towards repayment of the company's secured bank borrowings. These disposals and repossessions are expected to give rise to significant additional corporation tax liabilities arising from chargeable gains.

The director has considered whether it remains appropriate to prepare the financial statements on a going concern basis. In view of the company's reduced property portfolio following the post year-end disposals and repossessions, the outstanding corporation tax liabilities, the expected additional tax liabilities arising from chargeable gains, and the possibility of enforcement action by HM Revenue & Customs, the director considers that the company is unlikely to be able to meet its liabilities as they fall due without further financial support or a formal insolvency process.

The director therefore considers that it is no longer appropriate to prepare the financial statements on a going concern basis. Accordingly, the financial statements have been prepared on a basis other than going concern.

No adjustments have been made to write down the company's assets to their recoverable amount, or to provide for additional liabilities that may arise as a result of the company ceasing to trade or entering liquidation, except where such adjustments are required by the applicable accounting standards and have been identified at the date of approval of these financial statements.

Turnover

Turnover is rental income measured at fair value of rent received or receivable, excluding refunds or rebates, from properties owned by the company.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment property is shown at most recent valuation and is held for long-term investment. Investment property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment property whose fair value can be measured reliably is carried at fair value. The surplus or deficit is recognised in the income statement accumulated in fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the income statement for the period. The company engages independent valuers to assist the directors in determining fair value. Deferred taxation is provided on these gains at the rate expected to apply until the property is disposed.

If a reliable measure of fair value is not available without incurring undue costs or effort it shall be transferred to property, plant and equipment and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.

Depreciation is not provided in respect of such property in accordance to FRS 102 Chapter 16 Investment Property.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 28 March 2024

and 27 March 2025

7,000

DEPRECIATION

At 28 March 2024

583

Charge for year

1,400

At 27 March 2025

1,983

NET BOOK VALUE

At 27 March 2025

5,017

At 27 March 2024

6,417

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 28 March 2024

and 27 March 2025

6,482,340

NET BOOK VALUE

At 27 March 2025

6,482,340

At 27 March 2024

6,482,340

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2025

2024

£

£

Repayable by instalments

Bank loans more than 5 years

3,335,833

3,366,134

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Loan account

47,730

45,976

Amounts falling due in more than five years:

2025

2024

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

3,335,833

3,366,134

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

3,383,563

3,412,110

Bank loan is secured against the properties of the company in favour of Cynergy Bank.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

144,406

144,406

Deferred

tax

£

Balance at 28 March 2024

144,406

Balance at 27 March 2025

144,406

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

3,544

Ordinary

£1

3,544

3,544

12.

RESERVES

Fair

value

reserve

£

At 28 March 2024

and 27 March 2025

652,783

13.	RELATED PARTY DISCLOSURES

Grove Garage (Chingford) Limited

Grove Garage (Chingford) Limited is a related company incorporated in England and Wales in which Mrs Donna Penn is the director. At the year end, the company owed Grove Garage (Chingford) Limited £26,014 (2024 - £26,014).

Nerd Sisters Limited

Nerd Sisters Limited is a related company incorporated in England and Wales in which Mrs Donna Penn is the director. At the year end, the company owed Nerd Sisters Limited £371,932 (2024 - £229,194).

14.	POST BALANCE SHEET EVENTS

After the balance sheet date, a number of the company's investment properties were disposed of or repossessed by the company's secured lender. The proceeds of those disposals and repossessions were applied towards repayment of the company's secured bank borrowings, which amounted to £3,383,563 at the balance sheet date.

The disposals and repossessions are expected to give rise to significant corporation tax liabilities arising from chargeable gains. These liabilities have not been provided for in these financial statements as the relevant disposals and repossessions occurred after the balance sheet date. The precise amount of the additional corporation tax liability had not been finalised at the date of approval of these financial statements.

The company also had corporation tax liabilities of £202,009 at the balance sheet date and net current liabilities of £225,026.

The post year-end disposals and repossessions have significantly affected the company's financial position and future prospects. Following these events, the company's remaining assets may be insufficient to meet all outstanding liabilities, including existing and anticipated corporation tax liabilities. The director therefore considers that the company may need to enter liquidation during the course of the year ending 27 March 2026 or shortly thereafter.

As a result, the director has concluded that it is not appropriate to prepare the financial statements on a going concern basis. The financial statements have therefore been prepared on a basis other than going concern.

15.	ULTIMATE CONTROLLING PARTY

The is no one single ultimate controlling party.