Company Registration No. SC563347 (Scotland)
STONE ACRE PROPERTY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
STONE ACRE PROPERTY GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
Notes
£
£
Current assets
Debtors
3
157
Cash at bank and in hand
514,769
514,926
Creditors: amounts falling due within one year
4
(108,127)
Net current assets
406,799
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
406,699
Total equity
406,799
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 30 April 2018 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.
T
he members have not required the company to obtain an audit of its financial statements for the period 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.
The financial statements were approved by the board of directors and authorised for issue on 9 January 2019 and are signed on its behalf by:
Mr Andrew Craig
Director
Company Registration No. SC563347
STONE ACRE PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2018
- 2 -
1
Accounting policies
Company information
Stone Acre Property Group Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
1.1
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
T
urnover comprises
income from sale of development projects.
1.3
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.4
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
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.
STONE ACRE PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2018
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
3
Debtors
2018
Amounts falling due within one year:
£
Other debtors
157
4
Creditors: amounts falling due within one year
2018
£
Trade creditors
941
Corporation tax
95,440
Other taxation and social security
11,746
108,127
5
Called up share capital
2018
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
During the period, the company issued 100 Ordinary shares of £1 each for a total consideration of £100. The purpose of this allotment was to raise the initial share capital of the company.