Stonegate Land and Estates Limited
Stonegate Land and Estates Limited
Registered number: NI646651
Unaudited Financial Statements
For The Year Ended
28 February 2020
RWCA LTD
158 Upper Newtownards Road
Belfast
Co Antrim
BT4 3EQ
Stonegate Land and Estates Limited
Unaudited Financial Statements
For The Year Ended
28 February 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—4 |
Stonegate Land and Estates Limited
Balance Sheet
As at
28 February 2020
Balance Sheet
Registered number:
NI646651
For the year ending 28 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
( |
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| NET LIABILITIES |
( |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | (486,702) | (579,563) | |||
Page 1
Stonegate Land and Estates Limited
Balance Sheet (continued)
As at
28 February 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Stonegate Land and Estates Limited
Notes to the Financial Statements
For The Year Ended
28 February 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
Whilst the balance sheet is overdrawn at the year end by £486,702 (2019 £579,563), the directors are owed £2,900,000 (2019 £5,100,00) and will not demand full repayment until circumstances allow.
1.3.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Current tax for the year is recognised in profit or loss, except when it relatsd to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
|---|---|---|---|
| Office and administration |
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4.
Stocks
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Stock - materials and work in progress | 15,267,516 | 12,791,146 | |
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5.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Corporation tax recoverable assets |
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| VAT |
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Page 3
Stonegate Land and Estates Limited
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2020
6.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Other creditors |
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| Loans |
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| Directors' loan accounts |
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8.
Related Party Transactions
At the year end the company owed its directors £2,900,000 (2019 - £5,100,000).
9.
Charges
Loans were secured by charges over the land amd property of the company.
10.
General Information
Stonegate Land and Estates Limited
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI646651
. The registered office is 32 Cultra Avenue, Holywood, Down, BT18 0AZ.
Page 4