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Company Registration number: 05955585

ASKINS & LITTLE STONEMASONRY SPECIALISTS
LIMITED

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Askins & Little Stonemasonry Specialists Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Askins & Little Stonemasonry Specialists Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

64,140

22,634

Investment property

6

209,652

209,652

 

273,792

232,286

Current assets

 

Stocks

7

202,329

82,050

Debtors

8

21,325

8,434

Cash at bank and in hand

 

463,772

597,474

 

687,426

687,958

Creditors: Amounts falling due within one year

9

(184,969)

(77,423)

Net current assets

 

502,457

610,535

Net assets

 

776,249

842,821

Capital and reserves

 

Called up share capital

500

500

Capital redemption reserve

500

500

Retained earnings

775,249

841,821

Shareholders' funds

 

776,249

842,821

 

Askins & Little Stonemasonry Specialists Limited

Balance Sheet as at 31 December 2023 (continued)

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

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 05955585

Approved and authorised by the director on 26 March 2024
 

.........................................
Mr I T Askins
Director

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 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:
Roma House
Fell Lane
Penrith
CA11 8AQ

These financial statements were authorised for issue by the director on 26 March 2024.

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 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.

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

No depreciation has been provided for on the freehold property as this is kept in a sound state of repair and in the opinion of the directors the residual value is so high and the useful economic life so long that the depreciation charge would be immaterial. This is not in accordance with FRS 102 however this is required in order to give a true and fair view.
 

Asset class

Depreciation method and rate

Tools and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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:

Asset class

Amortisation method and rate

Goodwill

14 years straight line

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.

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

140,000

140,000

At 31 December 2023

140,000

140,000

Amortisation

At 1 January 2023

140,000

140,000

At 31 December 2023

140,000

140,000

Carrying amount

At 31 December 2023

-

-

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

TANGIBLE ASSETS

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Tools and equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,610

26,041

30,964

42,369

100,984

Additions

-

46,233

2,253

9,156

57,642

At 31 December 2023

1,610

72,274

33,217

51,525

158,626

Depreciation

At 1 January 2023

896

21,373

26,579

29,501

78,349

Charge for the year

107

10,799

2,831

2,400

16,137

At 31 December 2023

1,003

32,172

29,410

31,901

94,486

Carrying amount

At 31 December 2023

607

40,102

3,807

19,624

64,140

At 31 December 2022

714

4,668

4,385

12,867

22,634

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

6

INVESTMENT PROPERTIES

2023
£

At 1 January

209,652

At 31 December

209,652

7

STOCKS

2023
£

2022
£

Work in progress

81,274

81,045

Other inventories

121,055

1,005

202,329

82,050

8

DEBTORS

Current

2023
£

2022
£

Trade debtors

16,657

1,836

Prepayments

1,012

2,994

Other debtors

3,656

3,604

 

21,325

8,434

9

CREDITORS

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

8,732

10,473

Taxation and social security

18,780

5,591

Accruals and deferred income

6,756

5,605

Other creditors

150,701

55,754

184,969

77,423