Silverfin false 28/02/2023 01/03/2022 28/02/2023 James Grant Laird 07/02/2006 Hayden Robert Thomas 07/02/2006 Anna Stewart Thomas 07/02/2006 29 September 2023 The principal activity of the Company during the financial year continued to be Sands and Aggregates. SC296727 2023-02-28 SC296727 bus:Director1 2023-02-28 SC296727 bus:Director2 2023-02-28 SC296727 bus:Director3 2023-02-28 SC296727 2022-02-28 SC296727 core:CurrentFinancialInstruments 2023-02-28 SC296727 core:CurrentFinancialInstruments 2022-02-28 SC296727 core:Non-currentFinancialInstruments 2023-02-28 SC296727 core:Non-currentFinancialInstruments 2022-02-28 SC296727 core:ShareCapital 2023-02-28 SC296727 core:ShareCapital 2022-02-28 SC296727 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC296727 core:RetainedEarningsAccumulatedLosses 2022-02-28 SC296727 core:LandBuildings 2022-02-28 SC296727 core:OtherPropertyPlantEquipment 2022-02-28 SC296727 core:LandBuildings 2023-02-28 SC296727 core:OtherPropertyPlantEquipment 2023-02-28 SC296727 bus:OrdinaryShareClass1 2023-02-28 SC296727 2022-03-01 2023-02-28 SC296727 bus:FullAccounts 2022-03-01 2023-02-28 SC296727 bus:SmallEntities 2022-03-01 2023-02-28 SC296727 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 SC296727 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC296727 bus:Director1 2022-03-01 2023-02-28 SC296727 bus:Director2 2022-03-01 2023-02-28 SC296727 bus:Director3 2022-03-01 2023-02-28 SC296727 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-03-01 2023-02-28 SC296727 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-03-01 2023-02-28 SC296727 2021-03-01 2022-02-28 SC296727 core:LandBuildings 2022-03-01 2023-02-28 SC296727 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 SC296727 core:CurrentFinancialInstruments 2022-03-01 2023-02-28 SC296727 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 SC296727 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC296727 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC296727 (Scotland)

STONEPACK LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

STONEPACK LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023

Contents

STONEPACK LTD

BALANCE SHEET

AS AT 28 FEBRUARY 2023
STONEPACK LTD

BALANCE SHEET (continued)

AS AT 28 FEBRUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,146,213 963,226
1,146,213 963,226
Current assets
Stocks 1,133,763 1,290,239
Debtors 4 2,150,603 1,863,989
Cash at bank and in hand 1,492,680 815,466
4,777,046 3,969,694
Creditors: amounts falling due within one year 5 ( 1,205,869) ( 1,276,306)
Net current assets 3,571,177 2,693,388
Total assets less current liabilities 4,717,390 3,656,614
Creditors: amounts falling due after more than one year 6 ( 41,645) ( 71,017)
Provision for liabilities ( 169,998) ( 118,634)
Net assets 4,505,747 3,466,963
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 4,505,647 3,466,863
Total shareholders' funds 4,505,747 3,466,963

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stonepack Ltd (registered number: SC296727) were approved and authorised for issue by the Director on 29 September 2023. They were signed on its behalf by:

Hayden Robert Thomas
Director
Anna Stewart Thomas
Director
STONEPACK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
STONEPACK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 28 FEBRUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stonepack Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Whinneyknowe, Old Brechin Road, Forfar, DD8 3DX, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for provision of aggregate supplies net of VAT and trade discounts. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 3 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments 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. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 34

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 March 2022 429,034 2,077,412 2,506,446
Additions 85,896 373,349 459,245
Disposals 0 ( 837) ( 837)
At 28 February 2023 514,930 2,449,924 2,964,854
Accumulated depreciation
At 01 March 2022 0 1,543,220 1,543,220
Charge for the financial year 0 276,258 276,258
Disposals 0 ( 837) ( 837)
At 28 February 2023 0 1,818,641 1,818,641
Net book value
At 28 February 2023 514,930 631,283 1,146,213
At 28 February 2022 429,034 534,192 963,226

4. Debtors

2023 2022
£ £
Trade debtors 2,091,627 1,822,143
Other debtors 58,976 41,846
2,150,603 1,863,989

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 887,264 672,423
Taxation and social security 221,167 414,709
Obligations under finance leases and hire purchase contracts (secured) 29,371 117,773
Other creditors 68,067 71,401
1,205,869 1,276,306

Obligations under finance leases and hire purchase contracts are secured over the related assets.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 41,645 71,017

Obligations under finance leases and hire purchase contracts are secured over the related assets.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by directors 55,697 35,958

Advances were made in this period totalling £72,413 and £53,673 was repaid. Interest of £999 was charged at HMRC's official interest rate of 2% on these advances. This loan is unsecured and has been repaid within nine months of the balance sheet date.