Cornerstone Traditional Masonry Ltd SC693723 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is masonry Digita Accounts Production Advanced 6.30.9574.0 true SC693723 2023-04-01 2024-03-31 SC693723 2024-03-31 SC693723 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-03-31 SC693723 core:CurrentFinancialInstruments 2024-03-31 SC693723 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC693723 core:FurnitureFittingsToolsEquipment 2024-03-31 SC693723 core:MotorVehicles 2024-03-31 SC693723 core:OtherPropertyPlantEquipment 2024-03-31 SC693723 bus:SmallEntities 2023-04-01 2024-03-31 SC693723 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC693723 bus:FullAccounts 2023-04-01 2024-03-31 SC693723 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC693723 bus:RegisteredOffice 2023-04-01 2024-03-31 SC693723 bus:Director1 2023-04-01 2024-03-31 SC693723 bus:Director2 2023-04-01 2024-03-31 SC693723 bus:Director3 2023-04-01 2024-03-31 SC693723 bus:Director4 2023-04-01 2024-03-31 SC693723 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-01 2024-03-31 SC693723 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC693723 core:CommercialMotorVehicles 2023-04-01 2024-03-31 SC693723 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 SC693723 core:MotorVehicles 2023-04-01 2024-03-31 SC693723 core:OfficeEquipment 2023-04-01 2024-03-31 SC693723 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC693723 countries:Scotland 2023-04-01 2024-03-31 SC693723 2023-03-31 SC693723 core:FurnitureFittingsToolsEquipment 2023-03-31 SC693723 core:MotorVehicles 2023-03-31 SC693723 core:OtherPropertyPlantEquipment 2023-03-31 SC693723 2022-04-01 2023-03-31 SC693723 2023-03-31 SC693723 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-31 SC693723 core:CurrentFinancialInstruments 2023-03-31 SC693723 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC693723 core:FurnitureFittingsToolsEquipment 2023-03-31 SC693723 core:MotorVehicles 2023-03-31 SC693723 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC693723

Cornerstone Traditional Masonry Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Cornerstone Traditional Masonry Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cornerstone Traditional Masonry Ltd

Company Information

Directors

Mr Stephen Brian Illand

Mr Sean Murphy

Mr Neil Freel

Ms Jean McInally

Registered office

159 King Street
Rutherglen
Glasgow
Lanarkshire
G73 1BZ

Accountants

Clyde Business Services
159 King Street
Glasgow
Lanarkshire
G73 1BZ

 

Cornerstone Traditional Masonry Ltd

(Registration number: SC693723)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

39,696

24,770

Current assets

 

Debtors

5

5,623

14,444

Cash at bank and in hand

 

296,708

165,040

 

302,331

179,484

Creditors: Amounts falling due within one year

6

(90,041)

(90,276)

Net current assets

 

212,290

89,208

Net assets

 

251,986

113,978

Capital and reserves

 

Called up share capital

7

35

35

Retained earnings

251,951

113,943

Shareholders' funds

 

251,986

113,978

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 May 2024 and signed on its behalf by:
 

 

Cornerstone Traditional Masonry Ltd

(Registration number: SC693723)
Balance Sheet as at 31 March 2024

.........................................
Mr Neil Freel
Director

.........................................
Ms Jean McInally
Director

 

Cornerstone Traditional Masonry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
159 King Street
Rutherglen
Glasgow
Lanarkshire
G73 1BZ
United Kingdom

These financial statements were authorised for issue by the Board on 24 May 2024.

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.

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.

Tax

The tax expense for the period comprises current 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.

 

Cornerstone Traditional Masonry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

van

20% reducing balance

office equipment

20% reducing balance

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Cornerstone Traditional Masonry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 directors) during the year, was 10 (2023 - 4).

 

Cornerstone Traditional Masonry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

953

26,885

2,795

30,633

Additions

-

21,350

-

21,350

At 31 March 2024

953

48,235

2,795

51,983

Depreciation

At 1 April 2023

343

4,961

559

5,863

Charge for the year

122

5,855

447

6,424

At 31 March 2024

465

10,816

1,006

12,287

Carrying amount

At 31 March 2024

488

37,419

1,789

39,696

At 31 March 2023

610

21,924

2,236

24,770

5

Debtors

Current

2024
£

2023
£

Trade debtors

1,602

9,889

Other debtors

4,021

4,555

 

5,623

14,444

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,882

6,285

Taxation and social security

75,515

40,074

Other creditors

10,644

43,917

90,041

90,276

 

Cornerstone Traditional Masonry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

35

35

35

35

         

8

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £2,580.00 (2023 - £2,580.00) per ordinary share

 

90,300

 

90,300

         

9

Related party transactions

 

Cornerstone Traditional Masonry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

48,999

43,995