Registered number
NI048873
Leestone Sand & Gravel Limited
Filleted Accounts
31 March 2024
Leestone Sand & Gravel Limited
Registered number: NI048873
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 348,768 351,123
Current assets
Debtors 4 86,988 14,542
Cash at bank and in hand 41,439 49,327
128,427 63,869
Creditors: amounts falling due within one year 5 (322,961) (346,664)
Net current liabilities (194,534) (282,795)
Total assets less current liabilities 154,234 68,328
Provisions for liabilities (1,432) (1,432)
Net assets 152,802 66,896
Capital and reserves
Called up share capital 100 100
Profit and loss account 152,702 66,796
Shareholders' funds 152,802 66,896
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
David Campbell
Director
Approved by the board on 18 July 2024
Leestone Sand & Gravel Limited
Notes to the Accounts
for the period from 6 April 2023 to 31 March 2024
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 received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from 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.
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
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 6 April 2023 318,547 238,504 16,660 573,711
Additions - 5,790 - 5,790
At 31 March 2024 318,547 244,294 16,660 579,501
Depreciation
At 6 April 2023 - 215,299 7,289 222,588
Charge for the period - 5,802 2,343 8,145
At 31 March 2024 - 221,101 9,632 230,733
Net book value
At 31 March 2024 318,547 23,193 7,028 348,768
At 5 April 2023 318,547 23,205 9,371 351,123
4 Debtors 2024 2023
£ £
Trade debtors 86,988 9,554
Other debtors - 4,988
86,988 14,542
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11 -
Trade creditors 13,169 6,600
Amounts owed to group undertakings and undertakings in which the company has a participating interest 268,588 326,473
Corporation tax 29,271 6,953
Other taxes and social security costs 7,451 2,209
Other creditors 4,471 4,429
322,961 346,664
6 Related party transactions
There were no transactions with directors outside the normal course of business.
7 Controlling party
The Ultimate controlling party has been identified as David Campbell the managing director.
8 Other information
Leestone Sand & Gravel Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
10c Marcus Square
Newry
Co. Down
BT34 1AE
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