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Westcountry Stonemasons Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2022

Registration number: 02621824

 

Westcountry Stonemasons Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Westcountry Stonemasons Limited

Balance Sheet

31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

651,975

517,481

Current assets

 

Stocks

1,000

1,000

Debtors

6

12,059

9,326

Cash at bank and in hand

 

956,717

839,673

 

969,776

849,999

Creditors: Amounts falling due within one year

7

(294,725)

(238,761)

Net current assets

 

675,051

611,238

Total assets less current liabilities

 

1,327,026

1,128,719

Creditors: Amounts falling due after more than one year

7

(63,895)

(89,911)

Provisions for liabilities

(97,254)

(56,781)

Net assets

 

1,165,877

982,027

Capital and reserves

 

Called up share capital

9

34

34

Capital redemption reserve

66

66

Revaluation reserve

12,259

12,649

Profit and loss account

1,153,518

969,278

Total equity

 

1,165,877

982,027

 

Westcountry Stonemasons Limited

Balance Sheet

31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 August 2022 and signed on its behalf by:
 

.........................................
M J Johnson
Director

.........................................
M J Callender
Director

 
     

Company Registration Number: 02621824

 

Westcountry Stonemasons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 East Way
Lee Mill Industrial Estate
Ivybridge
Devon
PL21 9GE

These financial statements were authorised for issue by the Board on 8 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

The company recognises revenue when the value of goods and services provided to date can be reliably measured.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Westcountry Stonemasons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Over 50 years

Fixtures and fittings

15% reducing balance

Motor vehicles

20% reducing balance and 25% straight line

Plant and machinery

20% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Westcountry Stonemasons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Hire purchase and finance lease liabilities;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Government Grants

The amount of grants received during the year and recognised in the financial statements is £3,923 (2021 - £138,946), all being Coronavirus Job Retention Scheme monies.

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2021 - 19).

 

Westcountry Stonemasons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

5

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2021

296,953

55,149

311,446

208,742

872,290

Additions

-

1,514

96,478

132,900

230,892

Disposals

-

(2,332)

(76,496)

-

(78,828)

At 31 March 2022

296,953

54,331

331,428

341,642

1,024,354

Depreciation

At 1 April 2021

81,102

50,641

77,525

145,541

354,809

Charge for the year

5,940

869

46,818

12,638

66,265

Eliminated on disposal

-

(2,100)

(46,595)

-

(48,695)

At 31 March 2022

87,042

49,410

77,748

158,179

372,379

Carrying amount

At 31 March 2022

209,911

4,921

253,680

183,463

651,975

At 31 March 2021

215,851

4,508

233,921

63,201

517,481

Included within the net book value of land and buildings above is £209,911 (2021 - £215,851) in respect of freehold land and buildings.
 

 

Westcountry Stonemasons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

6

Debtors

2022
£

2021
£

Trade debtors

633

-

Prepayments

11,426

8,666

Other debtors

-

660

12,059

9,326

7

Creditors

Creditors: amounts falling due within one year

2022
 £

2021
 £

Due within one year

Loans and borrowings

21,115

21,901

Trade creditors

199,138

159,429

Corporation tax

21,899

16,043

Social security and other taxes

42,966

32,001

Accrued expenses

9,607

9,387

294,725

238,761

Creditors: amounts falling due after more than one year

2022
£

2021
£

Due after one year

Loans and borrowings

63,895

89,911

 

Westcountry Stonemasons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

8

Loans and borrowings

2022
£

2021
£

Loans and borrowings due after one year

Bank borrowings

34,167

44,167

Hire purchase and finance lease liabilities

29,728

45,744

63,895

89,911

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

5,834

Hire purchase and finance lease liabilities

11,115

16,067

21,115

21,901

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

34

34

34

34