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Registration number: 10123019

Sandstone Wirral Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Sandstone Wirral Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Sandstone Wirral Ltd

Company Information

Directors

F Jarad

K E Blundell

Registered office

102 Telegraph Road
Heswall
Wirral
CH60 0AQ

Accountants

Duncan Boxwell & Company Limited
Chartered Accountants
Bretton House
Bell Meadow Business Park
Park Lane
Pulford
Chester
CH4 9EP

 

Sandstone Wirral Ltd

(Registration number: 10123019)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

36,000

-

Tangible assets

5

47,493

71,496

Investments

6

100

-

 

83,593

71,496

Current assets

 

Stocks

7

49,500

41,850

Debtors

8

199,212

4,490

Cash at bank and in hand

 

43,779

357,670

 

292,491

404,010

Creditors: Amounts falling due within one year

9

(140,932)

(149,477)

Net current assets

 

151,559

254,533

Total assets less current liabilities

 

235,152

326,029

Creditors: Amounts falling due after more than one year

9

(44,310)

(63,685)

Provisions for liabilities

(5,065)

(13,584)

Net assets

 

185,777

248,760

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

185,677

248,660

Shareholders' funds

 

185,777

248,760

For the financial year ending 30 April 2023 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Sandstone Wirral Ltd

(Registration number: 10123019)
Balance Sheet as at 30 April 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

.........................................
F Jarad
Director

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:
102 Telegraph Road
Heswall
Wirral
CH60 0AQ

These financial statements were authorised for issue by the Board on 13 October 2023.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred 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.

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and Machinery

20% Reducing balance

Furniture & Fittings

25% Straight Line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Asset class

Amortisation method and rate

Goodwill

20% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 10).

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

42,681

42,681

Additions acquired separately

45,000

45,000

At 30 April 2023

87,681

87,681

Amortisation

At 1 May 2022

42,681

42,681

Amortisation charge

9,000

9,000

At 30 April 2023

51,681

51,681

Carrying amount

At 30 April 2023

36,000

36,000

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

49,381

123,298

172,679

Additions

2,119

-

2,119

At 30 April 2023

51,500

123,298

174,798

Depreciation

At 1 May 2022

28,018

73,165

101,183

Charge for the year

16,095

10,027

26,122

At 30 April 2023

44,113

83,192

127,305

Carrying amount

At 30 April 2023

7,387

40,106

47,493

At 30 April 2022

21,363

50,133

71,496

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

-

Subsidiaries

£

Cost or valuation

Additions

100

Provision

Carrying amount

At 30 April 2023

100

7

Stocks

2023
£

2022
£

Other inventories

49,500

41,850

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

12

33,712

-

Prepayments

 

2,500

-

Other debtors

 

163,000

4,490

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

18,692

18,692

Trade creditors

 

18,165

28,108

Taxation and social security

 

14,808

34,369

Accruals and deferred income

 

30,421

4,300

Other creditors

 

58,846

64,008

 

140,932

149,477

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

44,310

63,685

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

28,333

38,333

Hire purchase contracts

15,977

25,352

44,310

63,685

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

8,692

8,692

18,692

18,692

12

Related party transactions

The company was under the day to day control of the directors.

At the balance sheet date the company owed £58,846 (2022: £60,459) to the directors. The loan is interest free and does not have a set repayment date.

At the balance sheet date the company was owed £33,712.18 (2022: £4,490) by Wirral Specialist Dental Referrals Ltd, a wholly owned subsidiary company. The loan is interest free and does not have a set repayment date.

 

Sandstone Wirral Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Contributions paid to money purchase schemes

155,999

-