Patrick Townsend Stone Limited 05943940 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is retail and fitting of flooring and stone. Digita Accounts Production Advanced 6.30.9574.0 true true 05943940 2022-10-01 2023-09-30 05943940 2023-09-30 05943940 core:RetainedEarningsAccumulatedLosses 2023-09-30 05943940 core:ShareCapital 2023-09-30 05943940 core:SharePremium 2023-09-30 05943940 core:CurrentFinancialInstruments 2023-09-30 05943940 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 05943940 core:Non-currentFinancialInstruments 2023-09-30 05943940 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 05943940 core:FurnitureFittingsToolsEquipment 2023-09-30 05943940 core:MotorVehicles 2023-09-30 05943940 core:OtherPropertyPlantEquipment 2023-09-30 05943940 bus:SmallEntities 2022-10-01 2023-09-30 05943940 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 05943940 bus:FullAccounts 2022-10-01 2023-09-30 05943940 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 05943940 bus:RegisteredOffice 2022-10-01 2023-09-30 05943940 bus:CompanySecretary1 2022-10-01 2023-09-30 05943940 bus:Director1 2022-10-01 2023-09-30 05943940 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05943940 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 05943940 core:MotorVehicles 2022-10-01 2023-09-30 05943940 core:OfficeEquipment 2022-10-01 2023-09-30 05943940 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 05943940 core:PlantMachinery 2022-10-01 2023-09-30 05943940 countries:England 2022-10-01 2023-09-30 05943940 2022-09-30 05943940 core:FurnitureFittingsToolsEquipment 2022-09-30 05943940 core:MotorVehicles 2022-09-30 05943940 core:OtherPropertyPlantEquipment 2022-09-30 05943940 2021-10-01 2022-09-30 05943940 2022-09-30 05943940 core:RetainedEarningsAccumulatedLosses 2022-09-30 05943940 core:ShareCapital 2022-09-30 05943940 core:SharePremium 2022-09-30 05943940 core:CurrentFinancialInstruments 2022-09-30 05943940 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 05943940 core:Non-currentFinancialInstruments 2022-09-30 05943940 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 05943940 core:FurnitureFittingsToolsEquipment 2022-09-30 05943940 core:MotorVehicles 2022-09-30 05943940 core:OtherPropertyPlantEquipment 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 05943940

Patrick Townsend Stone Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Patrick Townsend Stone Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Patrick Townsend Stone Limited

Company Information

Director

P A Townsend

Company secretary

P Drummond

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
Chartered Accountants
39 High Street
Battle
East Sussex
TN33 0EE

 

Patrick Townsend Stone Limited

(Registration number: 05943940)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,298

18,142

Current assets

 

Stocks

5

19,200

14,500

Debtors

6

14,658

2,888

Cash at bank and in hand

 

223

6,144

 

34,081

23,532

Creditors: Amounts falling due within one year

7

(35,635)

(24,543)

Net current liabilities

 

(1,554)

(1,011)

Total assets less current liabilities

 

13,744

17,131

Creditors: Amounts falling due after more than one year

7

(22,905)

(26,371)

Net liabilities

 

(9,161)

(9,240)

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

39,975

39,975

Retained earnings

(49,236)

(49,315)

Shareholders' deficit

 

(9,161)

(9,240)

For the financial year ending 30 September 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.

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.

 

Patrick Townsend Stone Limited

(Registration number: 05943940)
Balance Sheet as at 30 September 2023

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.

Approved and authorised by the director on 18 April 2024

.........................................
P A Townsend
Director

 

Patrick Townsend Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
39 High Street
Battle
East Sussex
TN33 0EE
England

The principal place of business is:
Suite 5 Old Barn Offices
Salts Farm
Rye
East Sussex
TN31 7PA

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 presentation currency of the financial statements is the Pound Sterling (£).

Going concern

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

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.

 

Patrick Townsend Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

The tax expense for the period comprises corporation tax and Deferred 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 income 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

15% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. 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.

 

Patrick Townsend Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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. 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.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 3 (2022 - 3).

 

Patrick Townsend Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 October 2022

18,272

13,895

13,406

45,573

Additions

-

-

755

755

At 30 September 2023

18,272

13,895

14,161

46,328

Depreciation

At 1 October 2022

15,974

6,079

5,378

27,431

Charge for the year

390

1,954

1,255

3,599

At 30 September 2023

16,364

8,033

6,633

31,030

Carrying amount

At 30 September 2023

1,908

5,862

7,528

15,298

At 30 September 2022

2,298

7,816

8,028

18,142

5

Stocks

2023
£

2022
£

Other inventories

19,200

14,500

6

Debtors

2023
£

2022
£

Trade debtors

9,845

-

Prepayments

3,688

1,763

Other debtors

1,125

1,125

14,658

2,888

 

Patrick Townsend Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

3,066

3,300

Trade creditors

 

11,584

7,515

Taxation and social security

 

6,693

4,891

Accruals and deferred income

 

1,922

1,650

Other creditors

 

7,702

4,403

Director loan account

 

4,668

2,784

 

35,635

24,543

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,905

26,371

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,905

26,371

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,066

3,300