Stonewater Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08087164 (England and Wales)

STONEWATER PROPERTIES LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

6

DIRECTORS:

M S Basra

L Kallar

REGISTERED OFFICE:

10 Station Road

Letchworth Garden City

Herts

SG6 3AU

REGISTERED NUMBER:

08087164 (England and Wales)

ACCOUNTANTS:

Jones Hunt

Chartered Certified Accountants and

Chartered Tax Advisers

Ickleford Manor

Turnpike Lane

Hitchin

Herts

SG5 3XE

FIXED ASSETS

Investment property

3

2,711,767

1,354,996

CURRENT ASSETS

Stocks

5,120,292

482,350

Debtors

737,101

834,982

Cash at bank

17,961

22,828

5,875,354

1,340,160

CREDITORS

Amounts falling due within one year

6,828

104,354

NET CURRENT ASSETS

5,868,526

1,235,806

TOTAL ASSETS LESS CURRENT LIABILITIES

8,580,293

2,590,802

CREDITORS

Amounts falling due after more than one year

8,367,894

2,214,022

NET ASSETS

212,399

376,780

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

5

212,299

376,680

SHAREHOLDERS' FUNDS

212,399

376,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 26 February 2018 and were signed on its behalf by:

M S Basra - Director

L Kallar - Director

1.	STATUTORY INFORMATION

Stonewater 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Turnover also represents rent receivable, excluding value added tax.

Investment property

In accordance with SSAP 19 no depreciation is provided in respect of the investment property. This represents a departure

from the Companies Act 2006 requirements to provide for the systematic annual depreciation of assets. However this

property is held for investment rather than consumption, and the directors consider that the adoption of the above policy is

necessary to give a true and fair view.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level activity. Provision

is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2016

1,354,996

Additions

1,356,771

At 31 May 2017

2,711,767

NET BOOK VALUE

At 31 May 2017

2,711,767

At 31 May 2016

1,354,996

The investment properties were valued by the directors' on an open market basis on the 31 May 2016 at an amount equal to

the original cost.

4.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

1,653,214

835,313

5.

RESERVES

Retained

earnings

£

At 1 June 2016

376,680

Deficit for the year

(164,381

)

At 31 May 2017

212,299

6.	RELATED PARTY DISCLOSURES

Moor Park Estates Limited

A company in which Mr M Basra and Mr L S Kallar are shareholders.

Amount due to related party at the balance sheet date £310,000 (2016: £(819,982)).

No interest is payable on the loan and there are no agreed repayment terms.

Kallar Investments Limited

A company in which Mr L Kallar is a director and shareholder.

Amount due to related party at the balance sheet date nil (2016: £796.430).

No interest is payable on the loan and there are no agreed repayment terms.

Stonewater Capital Limited

Company shareholder.

Amount due to related party at the balance sheet date £1,101,778 (2016: £305,348).

No interest is payable on the loan and there are no agreed repayment terms.

Asset Wealth Management LLP

A company in which Mr M Basra is a partner.

Amount due to related party at the balance sheet date £2,063 (2016: £2,063).

No interest is payable on the loan and there are no agreed repayment terms.

Kallarview Homes Limited

A company in which Mr L Kallar is a director and shareholder.

Amount due to related party at the balance sheet date £775,000 (2016: £Nil).

No interest is payable on the loan and there are no agreed repayment terms.

Greenman Homes Ltd

A company in which M S Basra and L Kallar are directors.

Amount due to related party at the balance sheet date £25,000 (2016: nil).

No interest is payable on the loan and there are no agreed repayment terms.

KS Construction Barton Ltd

A company in which K Singh is a shareholder and a director.

Amount due to related party at the balance sheet date £300,000 (2016: nil).

No interest is payable on the loan and there are no agreed repayment terms.

Basra Group Limited

A company in which M S Basra is a director.

Amount due to related party at the balance sheet date £30,840 (2016: nil).

No interest is payable on the loan and there are no agreed repayment terms.

7.	ULTIMATE CONTROLLING PARTY

Stonewater Capital Limited, Oakmont Estates Limited and Kallarview Homes Limited are the shareholders of the company.

No individual shareholder has overall control of the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the

Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Stonewater Properties Limited for the year ended 31 May 2017 which comprise the Abridged Income Statement,

Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Stonewater Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stonewater Properties Limited and state those matters that we have agreed to state to the Board of Directors of Stonewater Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Stonewater Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Stonewater Properties Limited. You consider that Stonewater Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Stonewater Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Jones Hunt

Chartered Certified Accountants and

Chartered Tax Advisers

Ickleford Manor

Turnpike Lane

Hitchin

Herts

SG5 3XE

26 February 2018