REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
The Stone Worktop Company Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
The Stone Worktop Company Ltd |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Contents of the Financial Statements |
for the year ended 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Stone Worktop Company Ltd |
Company Information |
for the year ended 28 February 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Balance Sheet - continued |
28 February 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Notes to the Financial Statements |
for the year ended 28 February 2023 |
1. | STATUTORY INFORMATION |
The Stone Worktop Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and equipment - 25% straight line |
Computer equipment - 33% straight line |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
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 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they ae no longer at the discretion of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Hire purchase and leasing commitments |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Pension costs and other post-retirement benefits |
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. |
Cash and cash equivalents |
In the company's financial statements, cash and cash equivalents includes cash on hand and deposits held with banks. |
Trade and other debtors |
Trade and other debtors are measured at transaction price less any impairment. |
Trade and other creditors |
Trade and other creditors are obligations to pay for services that have been acquired in the ordinary course of business and are measured at historical cost. Accrued expenses are recognised when the amount can be measured reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Total fixed asset investment comprise investments in Stones Kitchens LLP |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Trade debtors |
Other debtors |
The Stone Worktop Company Ltd (Registered number: 08402665) |
Notes to the Financial Statements - continued |
for the year ended 28 February 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Hire purchase contracts |
Other creditors |
9. | RELATED PARTY DISCLOSURES |
At the balance sheet date, a balance of £126,404 (2022: £126,404) was owed from SMD Projects Limited, a balance of £177,996 (2022: £177,996) was owed from Dynamic Property Solutions Limited, a balance of £1,200 (2022: £1,200) was owed from Arthur Street Property Limited, a balance of £3,000 (2022: £3,000) was owed from Gordon Road Developments Limited, a balance of £35,000 (2022: £35,000) was owed from Alderman Properties Limited, and a balance of £2,270 (2022: Nil) was owed by LTS Stone Limited. All of these parties are related by virtue of common control. |
At the balance sheet date, a balance of £Nil (2022: £Nil) was owed from Mr G J Stone, and a balance of £Nil (2022: £Nil) was owed from L T Stone, both directors of the company. |
In 2018, the company entered into a draw-down agreement with directors Mr G J Stone and Mr L T Stone. The directors each paid an arrangement fee of £1,000 to the company, and may draw down an unsecured loan from the company at any time over the succeeding 10 years of an amount of £156,500 each, increasing by £1,000 increments for £165,500 during the 10th year of the facility. When drawn, the loan will be for a term of 20 years, repayable early only at the borrower's option, with yearly interest set at the prevailing HM Revenue & Customs 'official rate'. The value of the outstanding commitment at the balance sheet date was £284,765 (2022: £282,996). |
10. | ULTIMATE CONTROLLING PARTY |
The company is under the control of both directors Mr G Stone and Mr L Stone by virtue of their joint shareholding in the company. |