Registered number
07179240
STONE BLACK LIMITED
Report and Unaudited Accounts
22 December 2022
TEMPLETONS (UK) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
STONE BLACK LIMITED
Registered number: 07179240
Balance Sheet
as at 22 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 4,535 6,047
Current assets
Stocks 1,509,566 1,475,430
Debtors 4 471,390 532,611
Cash at bank and in hand 249,000 295,178
2,229,956 2,303,219
Creditors: amounts falling due within one year 5 (1,751,996) (1,845,929)
Net current assets 477,960 457,290
Total assets less current liabilities 482,495 463,337
Creditors: amounts falling due after more than one year 6 (37,083) (42,083)
Provisions for liabilities (1,417) (1,417)
Net assets 443,995 419,837
Capital and reserves
Called up share capital 999 999
Profit and loss account 442,996 418,838
Shareholder's funds 443,995 419,837
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Raisinghani
Director
Approved by the board on 7 March 2024
STONE BLACK LIMITED
Notes to the Accounts
for the period from 1 January 2022 to 22 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25 % reducing balance
Motor Vehicles 25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 8,364 14,938 23,302
At 22 December 2022 8,364 14,938 23,302
Depreciation
At 1 January 2022 5,567 11,688 17,255
Charge for the period 699 813 1,512
At 22 December 2022 6,266 12,501 18,767
Net book value
At 22 December 2022 2,098 2,437 4,535
At 31 December 2021 2,797 3,250 6,047
4 Debtors 2022 2021
£ £
Amounts owed by associated companies ( see note 8 below) 61,458 39,625
Other debtors 409,932 492,986
471,390 532,611
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank Loan & Credit card balances 207,974 129,212
Trade creditors 350,000 411,000
Amounts owed to associated companies ( see note 8 below) 69,600 46,732
Corporation tax 32,762 25,785
Other taxes and social security costs 174,611 359,125
Other creditors 917,049 874,075
1,751,996 1,845,929
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loan 37,083 42,083
The Bounce back loan is unsecured and is repayable over a period of 10 years. The interest rate payable on the loan is 2.5% annually
7 Loans to director
B/fwd Paid Repaid C/fwd
£ £ £ £
Mr S Raisinghani
Balance 112,415 31,450 143,865
112,415 31,450 - 143,865
The loan is included under other debtors in note 4 above and is repayable on demand. The
interest rate charged by the company is 3% annually.
8 Related party transactions
Stoneblack Developments Limited
At the year end, the inter-company balance with Stoneblack Developments Limited , a company
in which Mr S Raisinghani is also a shareholder and director was as follows:
2022 2021
£ £
Receivable from Stoneblack development Limited - 46,149 39,625
(disclosed under debtors in notes 4 above)
Stoneblack Management Limited
At the year end, the inter-company balance with Stoneblack Management Limited , a company
in which Mr S Raisinghani is also a shareholder and director was as follows:
2022 2021
£ £
Payable to Stoneblack Management Limited - 22,600 16,000
(disclosed under debtors in notes 5 above)
Related party transactions ( cont)
Futurecourt Developments Ltd
Both Futurecourt Developments Ltd and Stone Black Limited are under the control of Mr S Raisinghani, a Director and shareholder in both Companies.
2022 2021
£ £
Amount due to Futurecourt Developments Limited 8,731
Amount due from Futurecourt Developments Limited 15,268
(disclosed under debtors and creditors in notes 4 and 5 above)
Futurecourt Investments Ltd
Both Futurecourt Investments Ltd and Stone Black Limited are under the control of Mr S Raisinghani, a Director and shareholder in both Companies.
The inter company balances between the 2 companies are as follows:
2022 2021
£ £
Amount due to Futurecourt Investment Limited 47,000 22,000
(disclosed under creditors in note 5 above)
9 Controlling party
The company was under the control of Mr S Raisinghani, a Director throughout the year.
10 Other information
STONE BLACK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
309 Hoe Street
Walthamstow
London
E17 9BG
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