2023-01-012023-12-312023-12-31false04399842HOOKED ON GRANITE 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HOOKED ON GRANITE LIMITED

Registered Number
04399842
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

HOOKED ON GRANITE LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CASEY, Catherine Louise
CASEY, Paul

Company Secretary

GIBBINS, Raymond James

Registered Address

Menai Hall High Street
Llanberis
Caernarfon
LL55 4HA

Registered Number

04399842 (England and Wales)
HOOKED ON GRANITE LIMITED
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets462,38978,048
Investments511
62,39078,049
Current assets
Stocks6584,223509,635
Debtors716,03519,238
Cash at bank and on hand283,416569,168
883,6741,098,041
Creditors amounts falling due within one year8(480,278)(619,328)
Net current assets (liabilities)403,396478,713
Total assets less current liabilities465,786556,762
Creditors amounts falling due after one year9(41,764)(76,910)
Net assets424,022479,852
Capital and reserves
Called up share capital3,8425,552
Share premium39,53639,536
Profit and loss account380,644434,764
Shareholders' funds424,022479,852
The financial statements were approved and authorised for issue by the Board of Directors on 10 April 2024, and are signed on its behalf by:
CASEY, Paul
Director
Registered Company No. 04399842
HOOKED ON GRANITE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Interest income
Interest income is recognised using the effective interest rate method.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Intangible assets
Goodwill has been full amortised in prior years
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-12.5
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Office Equipment-5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other 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.
2.Average number of employees

20232022
Average number of employees during the year3949
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 January 2327,34727,347
At 31 December 2327,34727,347
Amortisation and impairment
At 01 January 2327,34727,347
At 31 December 2327,34727,347
Net book value
At 31 December 23--
At 31 December 22--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 January 2344,64290,74529,06058,38753,872276,706
Additions----3,8053,805
Disposals----(37,207)(37,207)
At 31 December 2344,64290,74529,06058,38720,470243,304
Depreciation and impairment
At 01 January 2324,25870,02211,30749,07243,999198,658
Charge for year4,6105,1854,4392,7212,42719,382
On disposals----(37,125)(37,125)
At 31 December 2328,86875,20715,74651,7939,301180,915
Net book value
At 31 December 2315,77415,53813,3146,59411,16962,389
At 31 December 2220,38420,72317,7539,3159,87378,048
5.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 2311
At 31 December 2311
Net book value
At 31 December 2311
At 31 December 2211

Notes

1Investments in group undertakings and participating interests
6.Stocks

2023

2022

££
Other stocks584,223509,635
Total584,223509,635
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables1,3434,448
Prepayments and accrued income14,69214,790
Total16,03519,238
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables338,976455,101
Bank borrowings and overdrafts30,00030,000
Taxation and social security79,29291,134
Finance lease and HP contracts5,6075,536
Other creditors16,21310,952
Accrued liabilities and deferred income10,19026,605
Total480,278619,328
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. Bank loans are secured on the assets of the company.
9.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts40,00070,000
Other creditors1,7646,910
Total41,76476,910
Bank loans are secured on the assets of the company.
10.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts1,7646,910
11.Other commitments
At the balance sheet date the company had financial commitments under non-cancellable operating leases of £103,504 (2022 :£122,125).