Company Registration No. 06667017 (England and Wales)
CHANGE OF STYLE GRANITE AND STONE LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
CHANGE OF STYLE GRANITE AND STONE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CHANGE OF STYLE GRANITE AND STONE LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
173,395
234,137
Current assets
Stocks
12,554
12,326
Debtors
4
449,784
553,288
Cash at bank and in hand
314,899
427,497
777,237
993,111
Creditors: amounts falling due within one year
5
(601,877)
(646,737)
Net current assets
175,360
346,374
Total assets less current liabilities
348,755
580,511
Creditors: amounts falling due after more than one year
6
(168,296)
(270,558)
Provisions for liabilities
(41,078)
(56,149)
Net assets
139,381
253,804
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
139,281
253,704
Total equity
139,381
253,804
CHANGE OF STYLE GRANITE AND STONE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
2

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Mrs C Squires
Director
Company Registration No. 06667017
CHANGE OF STYLE GRANITE AND STONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
3
1
Accounting policies
Company information

Change of Style Granite and Stone Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 16, South Hants Industrial Park, Eddystone Road, Totton, Southampton, SO40 3SA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and trade discounts. Turnover is recognised at the point of sale.

1.3
Tangible fixed assets

Tangible fixed assets are capitalised for ongoing use within the company, where the individual cost of the asset exceeds £500. 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:

Land and buildings Leasehold
20% Straight line
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing balance

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.

CHANGE OF STYLE GRANITE AND STONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies (Continued)
4
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any

1.5
Financial instruments
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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

CHANGE OF STYLE GRANITE AND STONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
5
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
19
20
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2022
16,312
713,032
729,344
Additions
-
0
1,850
1,850
Disposals
-
0
(26,648)
(26,648)
At 31 August 2023
16,312
688,234
704,546
Depreciation and impairment
At 1 September 2022
16,312
478,895
495,207
Depreciation charged in the year
-
0
57,793
57,793
Eliminated in respect of disposals
-
0
(21,849)
(21,849)
At 31 August 2023
16,312
514,839
531,151
Carrying amount
At 31 August 2023
-
0
173,395
173,395
At 31 August 2022
-
0
234,137
234,137
CHANGE OF STYLE GRANITE AND STONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
6
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
171,363
315,920
Other debtors
278,421
237,368
449,784
553,288
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Trade creditors
225,234
282,753
Taxation and social security
38,772
53,464
Other creditors
287,871
260,520
601,877
646,737

Bank loans of £50,000 (2022: £50,000) are secured by fixed and floating charges over the assets of the company.

 

Other creditors includes £43,018 (2022: £44,565) in respect of obligations under finance lease and hire purchase contracts which are secured by fixed charges on the assets concerned.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
95,833
145,833
Other creditors
72,463
124,725
168,296
270,558

Bank loans of £95,833 (2022: £145,833) are secured by fixed and floating charges over the assets of the company.

 

Other creditors includes £72,463 (2022: £115,480) in respect of obligations under finance lease and hire purchase contracts which are secured by fixed charges on the assets concerned.

 

CHANGE OF STYLE GRANITE AND STONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
7
7
Financial commitments, guarantees and contingent liabilities

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £487,583 (2022: £552,183).

8
Directors' transactions

During the year, the company made advances totalling £194,075 (2022: £206,080) to directors. Repayments of £160,000 (2022: £140,459) were made in the year against advances. Total interest of £3,650 (2022: £2,951) was charged to the directors at 2.00% per annum to 5 April 2023 and 2.25% per annum thereafter (2022: 2.00% per annum) on the outstanding balances. Advances are repayable on demand. At the balance sheet date, the amount due to the company from the directors was £177,881 (2022: £140,156).

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