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Company registration number: 05497978
BELLAGIO STONE LIMITED
Filleted financial statements
30 November 2021
BELLAGIO STONE LIMITED
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
BELLAGIO STONE LIMITED
Statement of financial position
30 November 2021
30/11/21 31/12/20
Note £ £ £ £
Fixed assets
Tangible assets 5 2,728,960 2,549,318
_______ _______
2,728,960 2,549,318
Current assets
Stocks 422,737 340,114
Debtors 6 1,252,054 1,220,725
Cash at bank and in hand 25,578 15,517
_______ _______
1,700,369 1,576,356
Creditors: amounts falling due
within one year 7 ( 1,603,584) ( 1,264,579)
_______ _______
Net current assets 96,785 311,777
_______ _______
Total assets less current liabilities 2,825,745 2,861,095
Creditors: amounts falling due
after more than one year 8 ( 1,795,566) ( 1,721,134)
Provisions for liabilities ( 160,814) ( 89,753)
_______ _______
Net assets 869,365 1,050,208
_______ _______
Capital and reserves
Called up share capital 845 1,111
Share premium account 19,889 19,889
Capital redemption reserve 266 -
Profit and loss account 848,365 1,029,208
_______ _______
Shareholders funds 869,365 1,050,208
_______ _______
For the period ending 30 November 2021 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Mr R Wilkinson
Director
BELLAGIO STONE LIMITED
Statement of changes in equity
Period ended 30 November 2021
Called up share capital Share premium account Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1 January 2020 1,111 19,889 - 940,892 961,892
Profit for the period 225,816 225,816
_______ _______ _______ _______ _______
Total comprehensive income for the period - - - 225,816 225,816
Dividends paid and payable ( 137,500) ( 137,500)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 137,500) ( 137,500)
_______ _______ _______ _______ _______
At 31 December 2020 and 1 January 2021 1,111 19,889 - 1,029,208 1,050,208
Profit for the period 117,157 117,157
_______ _______ _______ _______ _______
Total comprehensive income for the period - - - 117,157 117,157
Dividends paid and payable ( 100,000) ( 100,000)
Purchase of own shares ( 266) - 266 ( 198,000) ( 198,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners ( 266) - 266 ( 298,000) ( 298,000)
_______ _______ _______ _______ _______
At 30 November 2021 845 19,889 266 848,365 869,365
_______ _______ _______ _______ _______
BELLAGIO STONE LIMITED
Notes to the financial statements
Period ended 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Heathcote Way, Heathcote Industrial Estate, Warwick, Warwickshire, CV34 6TE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 1 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 49 (2020: 46 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2021 1,715,515 1,411,463 58,732 109,792 3,295,502
Additions - 260,657 1,051 94,466 356,174
_______ _______ _______ _______ _______
At 30 November 2021 1,715,515 1,672,120 59,783 204,258 3,651,676
_______ _______ _______ _______ _______
Depreciation
At 1 January 2021 58,086 585,825 38,614 63,660 746,185
Charge for the year 15,726 123,598 10,501 26,706 176,531
_______ _______ _______ _______ _______
At 30 November 2021 73,812 709,423 49,115 90,366 922,716
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2021 1,641,703 962,697 10,668 113,892 2,728,960
_______ _______ _______ _______ _______
At 31 December 2020 1,657,429 825,638 20,118 46,132 2,549,317
_______ _______ _______ _______ _______
6. Debtors
30/11/21 31/12/20
£ £
Trade debtors 1,109,014 1,055,362
Other debtors 143,040 165,363
_______ _______
1,252,054 1,220,725
_______ _______
7. Creditors: amounts falling due within one year
30/11/21 31/12/20
£ £
Bank loans and overdrafts 370,231 174,825
Trade creditors 947,926 808,950
Corporation tax - 38,645
Social security and other taxes 44,124 39,554
Other creditors 241,303 202,605
_______ _______
1,603,584 1,264,579
_______ _______
Bank loans and overdrafts includes an invoice discounting loan of £237,542 (31 December 2020:£85, 318) and bank loans due for repayment within one year of £132,689 (31 December 2020:£89,507). The company has an invoice discounting facility with its bankers that provides for an advancement of the company's trade debtors. Drawdown up to a maximum of 80% of approved debtors is permitted subject to a cap of £850,000. Interest on the discounting loan is charged at 2% over bank base rate. Bank loans are secured by a first legal charge over the company's freehold premises.
8. Creditors: amounts falling due after more than one year
30/11/21 31/12/20
£ £
Bank loans and overdrafts 1,222,157 1,353,638
Other creditors 573,409 367,496
_______ _______
1,795,566 1,721,134
_______ _______
Bank loans due after more than one year are secured on the company's freehold premises.
Included within creditors amounts falling due after more than one year is an amount of £731,400 (31 December 2020:£862,279) in respect of liabilities payable by instalments which fall due for payment more than five years from the reporting date.
9. Events after the end of the reporting period
On 7 December 2021 the shares of Bellagio Stone Limited were acquired by Bellagio Marble Ideas Limited (company number 13645733) in exchange for a new issue of shares in Bellagio Marble Ideas Limited. This transaction formed part of a reorganisation in which Bellagio Stone Limited and Marble Ideas Limited (company number 02710610) were brought into a group under a newly formed company, Bellagio Marble Ideas Limited.
10. Directors advances, credits and guarantees
As at 30 November 2021 the company owed one of its directors, Mr Robert Wilkinson, an amount of £162,241 (31 December 2020:£7,156). This amount is included in creditors:amounts falling due after more than one year.