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REGISTERED NUMBER: 03241163 (England and Wales)
















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

STABILISED PAVEMENTS LIMITED

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STABILISED PAVEMENTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: G Howe
T Wilmot
W Smith





SECRETARY: G Howe





REGISTERED OFFICE: Ironstone House
High Street
Scaldwell
Northampton
Northamptonshire
NN6 9JS





REGISTERED NUMBER: 03241163 (England and Wales)





AUDITORS: SFB Group Limited
Chartered Accountants
Statutory Auditor
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 547,925 593,986

CURRENT ASSETS
Debtors 5 2,690,578 2,450,777
Cash at bank 1,121,868 1,701,346
3,812,446 4,152,123
CREDITORS
Amounts falling due within one year 6 424,791 550,130
NET CURRENT ASSETS 3,387,655 3,601,993
TOTAL ASSETS LESS CURRENT LIABILITIES 3,935,580 4,195,979

PROVISIONS FOR LIABILITIES 9 142,133 152,502
NET ASSETS 3,793,447 4,043,477

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 3,783,447 4,033,477
SHAREHOLDERS' FUNDS 3,793,447 4,043,477

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

BALANCE SHEET - continued
31 March 2023



The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2023 and were signed on its behalf by:





G Howe - Director


STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

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

Going concern
The accounts have been prepared on a going concern basis.

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and remain in a profitable position. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements

Turnover
Turnover is recorded at the value of the sales invoiced less VAT and discounts.

For projects in progress at the year end, revenue is recognised according to an estimate of the work completed and expenses not billed by the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 33% on reducing balance and 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Leasing
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Holiday pay accrual
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 11,920 102,737 21,669
Additions - - -
Disposals - - -
At 31 March 2023 11,920 102,737 21,669
DEPRECIATION
At 1 April 2022 238 42,679 835
Charge for year - 16,304 65
Eliminated on disposal - - -
At 31 March 2023 238 58,983 900
NET BOOK VALUE
At 31 March 2023 11,682 43,754 20,769
At 31 March 2022 11,682 60,058 20,834

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 757,826 22,428 916,580
Additions 269,154 624 269,778
Disposals (220,528 ) - (220,528 )
At 31 March 2023 806,452 23,052 965,830
DEPRECIATION
At 1 April 2022 268,217 10,625 322,594
Charge for year 178,595 3,099 198,063
Eliminated on disposal (102,752 ) - (102,752 )
At 31 March 2023 344,060 13,724 417,905
NET BOOK VALUE
At 31 March 2023 462,392 9,328 547,925
At 31 March 2022 489,609 11,803 593,986

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 590,718 607,045
Retentions 5,149 119,705
Sundry debtors 265,458 367,864
Amounts owed by group undertakings 1,192,540 1,172,614
Other debtors 2,000 -
Tax 236,908 -
VAT 86,366 94,512
Prepayments and accrued income 311,439 89,037
2,690,578 2,450,777

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 176,153 475,939
Social security and other taxes 37,258 33,829
Other creditors 8,665 18,073
Accrued expenses 202,715 22,289
424,791 550,130

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 14,400 14,400
Between one and five years 6,000 20,400
20,400 34,800

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

8. SECURED DEBTS

The company has provided a joint guarantee to secure loan facilities to group undertakings, which creates a fixed and floating charge over the assets of the company. The amounts outstanding under these facilities as at 31 March 2023 were £415,601 (2022: £429,225).

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Other provisions
Remedial provision 142,133 152,502

The directors are of the opinion that the remedial provision of £142,133 represents a true and fair view of the expected remedial costs as at the date of signing these accounts.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary A £1 10,000 10,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Carvell BFP FCA (Senior Statutory Auditor)
for and on behalf of SFB Group Limited

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The immediate parent company is Stabilised Pavements UK Limited, a company registered in England and Wales. Its parent company is Stabilisation Services Pty Limited, a company registered in Australia.

The address from which group accounts can be obtained is: Byrons, 62 Burwood Road, Burwood, NSW 2134, Australia.

The directors believe the controlling parties are Wilstar Pty Limited, Edinburgh Securities Pty Limited, companies registered in Australia and G. Howe, director, acting in concert.