Stonebourne Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00600647 (England and Wales)

Financial Statements

for the Year Ended 31 March 2020

for

Stonebourne Properties Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G R Hirshman

R J Hirshman

SECRETARY:

Mrs A L Hirshman

REGISTERED OFFICE:

28 Church Road

Stanmore

Middlesex

HA7 4XR

REGISTERED NUMBER:

00600647 (England and Wales)

ACCOUNTANTS:

Parker Cavendish

Chartered Accountants

28 Church Road

Stanmore

Middlesex

HA7 4XR

FIXED ASSETS

Property, plant and equipment

4

-

-

Investments

5

125,625

125,625

Investment property

6

5,807,511

4,894,511

5,933,136

5,020,136

CURRENT ASSETS

Debtors

7

86,615

29,566

Cash at bank

355,754

343,191

442,369

372,757

CREDITORS

Amounts falling due within one year

8

113,350

108,918

NET CURRENT ASSETS

329,019

263,839

TOTAL ASSETS LESS CURRENT LIABILITIES

6,262,155

5,283,975

CREDITORS

Amounts falling due after more than one year

9

(208,978

)

(213,138

)

PROVISIONS FOR LIABILITIES

(472,342

)

(298,872

)

NET ASSETS

5,580,835

4,771,965

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Capital redemption reserve

5,000

5,000

Retained earnings

5,570,835

4,761,965

SHAREHOLDERS' FUNDS

5,580,835

4,771,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2021 and were signed on its behalf by:

G R Hirshman - Director

1.	STATUTORY INFORMATION

Stonebourne Properties Limited 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts receivable for rents and services net of VAT and trade discounts.

Tangible fixed assets and depreciation

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

Plant & machinery

-

25% on cost

Tangible fixed assets are stated at cost or valuation less depreciation.

Investment properties

Investment properties are included on the statement of financial position at their fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant &

machinery

£

COST

At 1 April 2019

and 31 March 2020

8,939

DEPRECIATION

At 1 April 2019

and 31 March 2020

8,939

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2019

and 31 March 2020

125,625

NET BOOK VALUE

At 31 March 2020

125,625

At 31 March 2019

125,625

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

4,894,511

Revaluations

913,000

At 31 March 2020

5,807,511

NET BOOK VALUE

At 31 March 2020

5,807,511

At 31 March 2019

4,894,511

Fair value at 31 March 2020 is represented by:

£

Valuation in 2014

2,065,585

Valuation in 2015

1,720,000

Valuation in 2020

913,000

Cost

1,108,926

5,807,511

If the investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

1,108,926

1,108,926

The investment properties were valued on an open market basis on 31 March 2020 by the directors .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

76,892

10,625

Directors' current accounts

9,723

18,941

86,615

29,566

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

24,605

22,820

Amounts owed to group undertakings

55,346

59,307

Tax

30,339

24,062

Accruals & deferred income

3,060

2,729

113,350

108,918

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans 1-2 years

24,605

22,820

Bank loans 2-5 years

98,419

91,279

Bank loans over 5 years

85,954

99,039

208,978

213,138

Amounts falling due in more than five years:

Repayable by instalments

Bank loans over 5 years

85,954

99,039

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

233,583

235,958

The bank loans are secured on the investment properties held by the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

G R Hirshman

Balance outstanding at start of year

18,941

10,117

Amounts advanced

-

8,824

Amounts repaid

(9,218

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,723

18,941

12.	RETAINED EARNINGS

The retained earnings of £5,570,835 (2019: £4,761,965) comprise of distributable reserves of £1,344,592 (2019: £1,164,139) and non-distributable reserves of £4,226,243 (2019: £3,597,826) which relate to property revaluations less related deferred tax provision.