Company registration number 13180409 (England and Wales)
Stonier Property Ltd
Unaudited financial statements
For the year ended 31 March 2023
Stonier Property Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Stonier Property Ltd
Statement of financial position
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
304,834
304,834
Current assets
Debtors
4
352
328
Cash at bank and in hand
3,977
8,388
4,329
8,716
Creditors: amounts falling due within one year
5
(112,241)
(111,641)
Net current liabilities
(107,912)
(102,925)
Total assets less current liabilities
196,922
201,909
Creditors: amounts falling due after more than one year
6
(201,841)
(201,841)
Net (liabilities)/assets
(4,919)
68
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(5,019)
(32)
Total equity
(4,919)
68
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 year 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.
Stonier Property Ltd
Statement of financial position (continued)
As at 31 March 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
Mr J Stonier
Director
Company Registration No. 13180409
Stonier Property Ltd
Notes to the financial statements
For the year ended 31 March 2023
- 3 -
1
Accounting policies
Company information
Stonier Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Middle Hulme Grange, Meerbrook, Leek, Staffordshire, ST13 8SQ.
1.1
Reporting period
The comparative figures represent a 14 month period, due to the fact that the companies incorporation date was not in line with the proposed year-end, therefore the year was extended. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable due to this fact.
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
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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 statement of financial position 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 other debtors and 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.
Stonier Property Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
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 other 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.
1.6
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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Average employees
The average number of persons employed by the company during the year was Nil (2022 - Nil).
3
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
304,834
Investment property comprises commercial property. The fair value of the investment property has been arrived at on the basis of a previous year valuation, which the directors believe is still an accurate valuation of the property. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
352
328
Stonier Property Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
10,841
10,841
Other creditors
101,400
100,800
112,241
111,641
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
201,841
201,841