Company Registration No. 09223403 (England and Wales)
STONE HILL PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
STONE HILL PARK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
STONE HILL PARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,035
486
Investments
4
300
300
3,335
786
Current assets
Stocks
9,114,082
8,585,743
Debtors
5
245,720
330,819
Cash at bank and in hand
49,386
134,123
9,409,188
9,050,685
Creditors: amounts falling due within one year
6
(1,822,222)
(1,040,804)
Net current assets
7,586,966
8,009,881
Total assets less current liabilities
7,590,301
8,010,667
Creditors: amounts falling due after more than one year
7
(5,754,815)
(5,587,360)
Provisions for liabilities
-
(92)
Net assets
1,835,486
2,423,215
Capital and reserves
Called up share capital
8
100
100
Other reserves
1,245,185
1,412,640
Profit and loss reserves
590,201
1,010,475
Total equity
1,835,486
2,423,215
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 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 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.
STONE HILL PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2018 and are signed on its behalf by:
Mr J C Musgrave
Director
Company Registration No. 09223403
STONE HILL PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
Share capital
Capital contribution reserves
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 March 2017:
Balance at 1 April 2016
100
1,574,103
917,765
2,491,968
Year ended 31 March 2017:
Loss and total comprehensive income for the year
-
-
(68,753)
(68,753)
Reduction in capital contribution
-
(161,463)
161,463
-
Balance at 31 March 2017
100
1,412,640
1,010,475
2,423,215
Year ended 31 March 2018:
Loss and total comprehensive income for the year
-
-
(587,729)
(587,729)
Reduction in capital contribution
-
(167,455)
167,455
-
Balance at 31 March 2018
100
1,245,185
590,201
1,835,486
STONE HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information
Stone Hill Park Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Wynyard Park House, Wynyard Avenue, Wynyard, TS22 5TB.
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost
o
f assets less their residual values over their useful lives on the following bases:
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
STONE HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Work in progress which consists of development land and associated costs held for resale is valued at the lower of cost and net realisable value.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 balance sheet 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 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.
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 creditors,
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
STONE HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 0).
STONE HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
648
Additions
2,711
At 31 March 2018
3,359
Depreciation and impairment
At 1 April 2017
162
Depreciation charged in the year
162
At 31 March 2018
324
Carrying amount
At 31 March 2018
3,035
At 31 March 2017
486
4
Fixed asset investments
2018
2017
£
£
Investments
300
300
Investment are held at cost less impairment because their fair value cannot be measured reliably.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2017 & 31 March 2018
300
Carrying amount
At 31 March 2018
300
At 31 March 2017
300
STONE HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 8 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
2,653
114,423
Corporation tax recoverable
23,728
-
Other debtors
219,339
216,396
245,720
330,819
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
361,237
147,206
Amounts due to group undertakings
1,056,641
550,523
Corporation tax
-
23,728
Other creditors
404,344
319,347
1,822,222
1,040,804
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
5,754,815
5,587,360
£2,652,113 (2017 - £2,603,993) of other creditors are secured by the assets of the company.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable other than by instalments
5,754,815
5,587,360
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
80 A ordinary of £1 each
80
80
20 B ordinary of £1 each
20
20
100
100
STONE HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
9
Related party transactions
On 19 September 2014 the company issued 1% unsecured loan notes of £1 each amounting to £2,000,000 and on 19 September 2015 issued additional 1% unsecured loan notes of £1 each amounting to £2,000,000 to it's shareholder companies. The loan notes mature on 19 September 2024 and are disclosed in note 8 as other creditors.
During the period, interest accrued on these loan notes amounting to £40,000 (2017 - £40,000).
The company owes £1,056,641 (2017 - £550,223 to it's shareholder companies at the balance sheet date and was charged management charges of £149,118 (2017 - £52,500).
10
Parent company
The parent company is Invicta Asset Management Limited and it's registered office is Wynyard Park House, Wynyard Avenue, Wynyard TS22 5TB.