Company Registration No. 04135486 (England and Wales)
E. J. Stone Limited
Unaudited accounts
for the year ended 31 December 2023
E. J. Stone Limited
Unaudited accounts
Contents
E. J. Stone Limited
Statement of financial position
as at 31 December 2023
Tangible assets
61,856
35,812
Investment property
3,510,000
3,510,000
Cash at bank and in hand
26,737
34,051
Creditors: amounts falling due within one year
(822,147)
(815,471)
Net current liabilities
(253,910)
(370,787)
Total assets less current liabilities
3,317,947
3,175,026
Provisions for liabilities
Deferred tax
(130,700)
(123,300)
Net assets
3,187,247
3,051,726
Called up share capital
335,000
335,000
Fair value reserve
983,937
983,937
Capital redemption reserve
70,000
70,000
Profit and loss account
1,798,310
1,662,789
Shareholders' funds
3,187,247
3,051,726
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by
Conor Celton Clippingdale
Director
Company Registration No. 04135486
E. J. Stone Limited
Notes to the Accounts
for the year ended 31 December 2023
E. J. Stone Limited is a private company, limited by shares, registered in England and Wales, registration number 04135486. The registered office is c/o Nicholson & Morgan, Solicitors, 14 Bell Villas, Ponteland, Newcastle upon Tyne, NE20 9BE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% on cost
Fixtures & fittings
20% on cost
Computer equipment
33.3% on cost
Investment property, which is properly held to earn rentals and/or for capital appreciation, is included at market fair value. The surplus or deficit on revaluation is recognised in profit or loss.
Deferred taxation is provided on any surpluses at the rate expected to apply when the property is sold.
Where market fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.
E. J. Stone Limited
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts and on investment property revaluation surpluses. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
68,272
224
1,182
69,678
Additions
32,239
-
-
32,239
At 31 December 2023
100,511
224
970
101,705
At 1 January 2023
32,614
160
1,092
33,866
Charge for the year
6,069
45
78
6,192
On disposals
-
-
(209)
(209)
At 31 December 2023
38,683
205
961
39,849
At 31 December 2023
61,828
19
9
61,856
At 31 December 2022
35,658
64
90
35,812
Fair value at 1 January 2023
3,510,000
At 31 December 2023
3,510,000
Investment property comprises land and buildings known as Waterside Court and Wansbeck Garden Centre, both situated on North Seaton Industrial Estate, Ashington, Northumberland. The fair value of the investment property has been arrived at on the basis of valuations carried out on both properties by Lambert Smith Hampton, Chartered Surveyors, who are not connected with the company, on 23 May 2023 in respect of Waterside Court, and 26 May 2023 in respect of Wansbeck Garden Centre.
The valuations were made on an open market value basis by reference to an expected initial yield of 7.46% and an equivalent yield of 9.25% in respect of Waterside Court and an expected initial yield of 5.95% and an equivalent yield of 9.01% in respect of Wansbeck Garden Centre.
The directors are of the opinion that the open market value of the investment properties as at the year-end had not materially changed.
E. J. Stone Limited
Notes to the Accounts
for the year ended 31 December 2023
6
Investments
Subsidiary undertakings
Valuation at 1 January 2023
1
Valuation at 31 December 2023
1
The investment relates to a wholly owned subsidiary undertaking, Northumberland Luxury Lodges Limited, which was incorporated on 15 February 2021. As at 31 December 2023, Northumberland Luxury Lodges Limited had not commenced trading activities.
Amounts falling due within one year
Accrued income and prepayments
1,500
1,428
Other debtors
514,455
358,509
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
141,931
Trade creditors
9,549
6,454
Taxes and social security
34,857
27,675
Other creditors
748,586
597,543
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Deferred taxation
2023
2022
Accelerated capital allowances
77,900
70,500
Revaluation of investment property
52,800
52,800
Provision at start of year
123,300
54,400
Charged to the profit and loss account
7,400
68,900
Provision at end of year
130,700
123,300
Allotted, called up and fully paid:
335,000 Ordinary shares of £1 each
335,000
335,000
E. J. Stone Limited
Notes to the Accounts
for the year ended 31 December 2023
11
Transactions with related parties
During the year the company made loans totalling £78,000 to a company under the control of an investor in the company. At the year-end, loans to that company, which are interest-free and have no fixed repayment date, totalled £238,694.
During the year the company made loans totalling £78,000 to a company under the control of key management personnel. At the year-end, loans to that company, which are interest-free and have no fixed repayment date, totalled £261,694.
During the year the company received loans totalling £151,000 from a company under the control of investors in the company. At the year-end, loans from that company, which are interest-free and have no fixed repayment date, totalled £687,498.
During the year the company received consultancy services totalling £5,000 from a company under the control of an investor in the company.
12
Post balance sheet events
On 20 May 2024, Michael Charles Clippingdale resigned as a director and Conor Celton Clippingdale and Richard Forbes Barltrop were appointed directors in his place.
13
Average number of employees
During the year the average number of employees was 3 (2022: 4).