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Registration number: 03766148

Wolff Stone Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Wolff Stone Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Wolff Stone Limited

Company Information

Directors

S.D. Wolff

D J Hill

Company secretary

J.D. Wilcox

Registered office

Cooper House
Lower Charlton Estate
Shepton Mallet
BA4 5QE

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Wolff Stone Limited

(Registration number: 03766148)
Balance Sheet
31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

151,039

177,714

Other financial assets

6

13,050

7,275

 

164,089

184,989

Current assets

 

Stocks

7

109,855

158,250

Debtors

8

506,633

424,603

Cash at bank and in hand

 

122,152

86,103

 

738,640

668,956

Creditors: Amounts falling due within one year

9

(165,019)

(163,208)

Net current assets

 

573,621

505,748

Total assets less current liabilities

 

737,710

690,737

Creditors: Amounts falling due after more than one year

9

(3,194)

(15,577)

Provisions for liabilities

(33,568)

(33,568)

Net assets

 

700,948

641,592

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

5,500

-

Retained earnings

695,446

641,590

Shareholders' funds

 

700,948

641,592

 

Wolff Stone Limited

(Registration number: 03766148)
Balance Sheet
31 May 2023

For the financial year ending 31 May 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 



S.D. Wolff
Director

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 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:
Cooper House
Lower Charlton Estate
Shepton Mallet
BA4 5QE

These financial statements were authorised for issue by the Board on 17 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.

Revenue recognition

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

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.

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

The tax expense for the period comprises current 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.

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 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% per annum reducing balance

Fixtures and fittings

20% per annum reducing balance

Motor vehicles

20% per annum reducing balance

Equipment

20% per annum reducing balance

Solar panels

4% per annum straight line

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.Trade debtors are recognised at transaction price. 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 and are recognised at transaction prive. 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.

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 fair value at inception of the lease. 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.

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

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 14 (2022 - 15).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

28,219

33,940

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

685,173

132,750

817,923

Additions

1,544

-

1,544

Disposals

(410)

-

(410)

At 31 May 2023

686,307

132,750

819,057

Depreciation

At 1 June 2022

572,673

67,536

640,209

Charge for the year

15,177

13,042

28,219

Eliminated on disposal

(410)

-

(410)

At 31 May 2023

587,440

80,578

668,018

Carrying amount

At 31 May 2023

98,867

52,172

151,039

At 31 May 2022

112,500

65,214

177,714

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2022

7,275

7,275

At 31 May 2023

7,275

7,275

Impairment

Fair value adjustment

(5,775)

(5,775)

At 31 May 2023

(5,775)

(5,775)

Carrying amount

At 31 May 2023

13,050

13,050

7

Stocks

2023
£

2022
£

Other inventories

109,855

158,250

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

8

Debtors

2023
£

2022
£

Trade debtors

489,681

402,975

Prepayments

14,640

14,721

Other debtors

2,312

6,907

506,633

424,603

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

13,500

29,919

Trade creditors

 

73,667

23,582

Taxation and social security

 

71,437

101,342

Other creditors

 

6,415

8,365

 

165,019

163,208

Due after one year

 

Loans and borrowings

10

3,194

15,577

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

3,194

15,577

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

3,194

15,577

 

Wolff Stone Limited

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

11,135

Hire purchase contracts

13,500

18,784

13,500

29,919