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COMPANY REGISTRATION NUMBER: 03005647
Minsterstone Limited
Filleted Unaudited Financial Statements
29 February 2024
Minsterstone Limited
Officers and Professional Advisers
The board of directors
Varyl M H Chamberlain
Anthony M Orange
Registered office
Unit 4
Canal Wharf Industrial Units
Harts Close
Ilminster
Somerset
UK
TA19 9DJ
Accountants
Chalmers & Co (SW) Limited
Chartered accountants
Trading as Chalmers & Co.
6 The Linen Yard
South Street
Crewkerne
Somerset
TA18 8AB
Bankers
Lloyds Bank
37 Market Square
Crewkerne
Somerset
TA18 7LR
Minsterstone Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
399,142
365,137
Investments
6
31,742
19,672
---------
---------
430,884
384,809
Current assets
Stocks
70,004
73,472
Debtors
7
386,459
615,141
Cash at bank and in hand
58,072
40,981
---------
---------
514,535
729,594
Creditors: amounts falling due within one year
8
282,834
495,182
---------
---------
Net current assets
231,701
234,412
---------
---------
Total assets less current liabilities
662,585
619,221
Creditors: amounts falling due after more than one year
9
13,584
26,591
Provisions
Taxation including deferred tax
109,231
77,400
---------
---------
Net assets
539,770
515,230
---------
---------
Capital and reserves
Called up share capital
10
15,000
15,000
Revaluation reserve
204,948
204,948
Profit and loss account
319,822
295,282
---------
---------
Shareholder funds
539,770
515,230
---------
---------
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the financial year ended 28 February 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006 . The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Minsterstone Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 18 July 2024 , and are signed on behalf of the board by:
Anthony M Orange
Director
Company registration number: 03005647
Minsterstone Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is limited by shares, registered in England and Wales . The address of the registered office is Unit 4, Canal Wharf Industrial Units, Harts Close, Ilminster, Somerset, TA19 9DJ, UK. The principal place of business is Unit 4, Canal Wharf Industrial Units, Harts Close, Ilminster, Somerset, TA19 9DJ, UK.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS102 taking advantage of the disclosure exemptions of FRS102.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% straight line
Solar Panels
-
3% straight line
Moulds & Patterns
-
5 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest charged to the statement of income on a straight line basis.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The pension costs charged in the year represent the contributions payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 23 ).
5. Tangible assets
Land and buildings
Plant and machinery
Equipment
Moulds & Patterns
Total
£
£
£
£
£
Cost
At 1 March 2023
55,237
288,842
54,804
279,685
678,568
Additions
43,164
24,656
2,004
69,824
--------
---------
--------
---------
---------
At 29 February 2024
98,401
313,498
56,808
279,685
748,392
--------
---------
--------
---------
---------
Depreciation
At 1 March 2023
150,865
50,694
111,872
313,431
Charge for the year
19,250
2,585
13,984
35,819
--------
---------
--------
---------
---------
At 29 February 2024
170,115
53,279
125,856
349,250
--------
---------
--------
---------
---------
Carrying amount
At 29 February 2024
98,401
143,383
3,529
153,829
399,142
--------
---------
--------
---------
---------
At 28 February 2023
55,237
137,977
4,110
167,813
365,137
--------
---------
--------
---------
---------
Tangible assets held at valuation
Revaluations The moulds and patterns used in the business were revalued at 28 February 2015 by Marlin Moulds Limited, Timber Mould Manufacturers who are independent from the company. The basis of valuation was depreciated replacement cost in accordance with guidance on the value of plant and machinery to the business as set out in Practice Statement 4 of the RICS Appraisal and Valuation Manual. This class of assets has a current net written down value of £153,829 and a historical cost of £23,500. The carrying amount that would have been recognised at 29 February 2024 had the moulds and patterns not been revalued would have amounted to nil (historical cost of £23,500, accumulated depreciation of £23,500). Deferred taxation provided on the revaluation of the moulds and patterns amounted to £67,890 (2023 £48,675). A marginal corporation tax rate of 26.5% is assumed.
6. Investments
Other investments other than loans
£
Cost
At 1 March 2023
19,672
Revaluations
12,070
--------
At 29 February 2024
31,742
--------
Impairment
At 1 March 2023 and 29 February 2024
--------
Carrying amount
At 29 February 2024
31,742
--------
At 28 February 2023
19,672
--------
The accumulated cost of the investment, after disposals, is £30,988. The fair value of this investment is equal to the market value of the shares at 29 February 2024, based on the portfolio summary at the year end.
7. Debtors
2024
2023
£
£
Trade debtors
281,114
503,941
Other debtors
105,345
111,200
---------
---------
386,459
615,141
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
152,264
295,865
Corporation tax
9,275
14,711
Social security and other taxes
14,670
3,095
Other creditors
96,625
171,511
---------
---------
282,834
495,182
---------
---------
Included in creditors due within one year is the current proportion of a Corona Virus Bounce Back loan which is secured under the Government Scheme. The loan for £50,000 was taken out in July 2020 and is repayable over 72 months. Interest is charged at 2.5% on the outstanding balance.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,333
23,333
Other creditors
251
3,258
--------
--------
13,584
26,591
--------
--------
Included in creditors due after more than one year is the balance of a Corona Virus Bounce Back loan which is secured under the Government Scheme. The loan for £50,000 was taken out in July 2020 and is repayable over 72 months. Interest is charged at 2.5% on the outstanding balance.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
15,000
15,000
15,000
15,000
--------
--------
--------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Later than 5 years
79,250
----
--------
12. Events after the end of the reporting period
An adjustment has been made for an R&D Tax Relief claim that has now been made for the year ended 29 February 2023. The R&D Tax Relief claim resulted in an over provision of tax of £54,958. A current year claim for the year ended 29 February 2024 is expected. The current year claim has not yet been quantified and therefore no adjustment has been made.
13. Related party transactions
The company was under the control of Varyl M H Chamberlain throughout the current and previous year by virtue of the fact that Mr Chamberlain is the majority shareholder . The company paid rent of £83,590 (2023 - £79,250) for the use of a factory under a formal 5 year rolling lease with Minsterstone Ltd Retirement Fund as administrators of a pension fund for Mr Chamberlain. The company owed £nil to the pension fund at 29 February 2024 (2023 - £nil).