Registered number
06897377
Westmorland Stone Limited
Unaudited Filleted Accounts
For the Year Ended
31 May 2023
Westmorland Stone Limited
Registered number: 06897377
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 77,643 88,702
Current assets
Stocks 123,000 140,000
Debtors 4 37,443 29,440
160,443 169,440
Creditors: amounts falling due within one year 5 (170,368) (134,185)
Net current (liabilities)/assets (9,925) 35,255
Total assets less current liabilities 67,718 123,957
Creditors: amounts falling due after more than one year 6 (30,759) (40,247)
Provisions for liabilities (17,866) (17,866)
Net assets 19,093 65,844
Capital and reserves
Called up share capital 1 1
Profit and loss account 19,092 65,843
Shareholder's funds 19,093 65,844
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D J Graham
Director
Approved by the board on 22 November 2023
Westmorland Stone Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 10-33.3% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 174,922 27,300 202,222
Additions 2,234 - 2,234
Disposals (3,500) - (3,500)
At 31 May 2023 173,656 27,300 200,956
Depreciation
At 1 June 2022 92,599 20,921 113,520
Charge for the year 8,198 1,595 9,793
At 31 May 2023 100,797 22,516 123,313
Net book value
At 31 May 2023 72,859 4,784 77,643
At 31 May 2022 82,323 6,379 88,702
4 Debtors 2023 2022
£ £
Trade debtors 28,368 28,167
Other debtors 9,075 1,273
37,443 29,440
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,570 1,933
Trade creditors 21,576 26,212
Taxation and social security costs 25,170 26,305
Other creditors 110,052 79,735
170,368 134,185
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,759 40,247
7 Controlling party
The ultimate controlling party is D J Graham by virtue of his ownership of 100% of the issued share capital of the company.
8 Other information
Westmorland Stone Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7, Castle Mills Business Park
Aynam Road
Kendal
Cumbria
LA9 7DE
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