Company Registration No. 04939065 (England and Wales)
Natural Stone and Timber Ltd
Unaudited accounts
for the year ended 31 October 2023
Natural Stone and Timber Ltd
Unaudited accounts
Contents
Natural Stone and Timber Ltd
Company Information
for the year ended 31 October 2023
Directors
Mr B E Taylor
Mr B A Taylor
Company Number
04939065 (England and Wales)
Registered Office
Voyager Park North
Portfield Road
Portsmouth
Hampshire
PO3 5FX
Accountants
Babcock Tax & Accountancy Services Ltd
The Florins, 8 Lulworth Close
Hayling Island
Hampshire
PO11 0NY
Natural Stone and Timber Ltd
Statement of financial position
as at 31 October 2023
Intangible assets
409,749
439,199
Tangible assets
399,778
501,558
Inventories
1,276,498
1,231,194
Cash at bank and in hand
570,609
557,778
Creditors: amounts falling due within one year
(524,205)
(639,800)
Net current assets
1,577,825
1,461,547
Total assets less current liabilities
2,387,352
2,402,304
Creditors: amounts falling due after more than one year
(78,049)
(174,636)
Provisions for liabilities
Deferred tax
(73,465)
(79,570)
Net assets
2,235,838
2,148,098
Called up share capital
100
100
Profit and loss account
2,235,738
2,147,998
Shareholders' funds
2,235,838
2,148,098
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 March 2024 and were signed on its behalf by
Mr B E Taylor
Director
Company Registration No. 04939065
Natural Stone and Timber Ltd
Notes to the Accounts
for the year ended 31 October 2023
Natural Stone and Timber Ltd is a private company, limited by shares, registered in England and Wales, registration number 04939065. The registered office is Voyager Park North, Portfield Road, Portsmouth, Hampshire, PO3 5FX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Short leasehold - in accordance with the property
Improvements to leasehold property - in accordance with the property
Plant & machinery - 10% on reducing balance
Fixtures & fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Natural Stone and Timber Ltd
Notes to the Accounts
for the year ended 31 October 2023
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of twenty years.
Hire purchase and leasing committments
Assets obtained under hire purchase contracts or finance leases are capitalised. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
4
Intangible fixed assets
Goodwill
At 1 November 2022
588,999
At 31 October 2023
588,999
At 1 November 2022
149,800
Charge for the year
29,450
At 31 October 2023
179,250
At 31 October 2023
409,749
At 31 October 2022
439,199
Natural Stone and Timber Ltd
Notes to the Accounts
for the year ended 31 October 2023
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 November 2022
187,954
319,139
741,618
61,487
25,256
1,335,454
Additions
-
1,594
-
2,171
-
3,765
Disposals
-
-
(69,784)
-
-
(69,784)
At 31 October 2023
187,954
320,733
671,834
63,658
25,256
1,269,435
At 1 November 2022
105,185
151,009
499,749
53,265
24,688
833,896
Charge for the year
9,273
16,845
56,623
3,432
368
86,541
On disposals
-
-
(50,780)
-
-
(50,780)
At 31 October 2023
114,458
167,854
505,592
56,697
25,056
869,657
At 31 October 2023
73,496
152,879
166,242
6,961
200
399,778
At 31 October 2022
82,769
168,130
241,869
8,222
568
501,558
Amounts falling due within one year
Trade debtors
217,600
282,570
Accrued income and prepayments
15,576
15,055
Other debtors
21,747
14,750
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
15,752
15,752
Trade creditors
165,613
226,167
Taxes and social security
111,991
98,341
Other creditors
82,361
117,500
Loans from directors
-
1,424
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
20,758
36,510
Other creditors
57,291
138,126
The ultimate controlling party is B E Taylor
Natural Stone and Timber Ltd
Notes to the Accounts
for the year ended 31 October 2023
10
Average number of employees
During the year the average number of employees was 32 (2022: 26).