Registered number
03912476
Stone Technical Services Group Limited
Filleted Accounts
30 November 2023
Stone Technical Services Group Limited
Registered number: 03912476
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 747,547 651,300
Investments 5 400 400
747,947 651,700
Current assets
Stocks 113,000 108,000
Debtors 6 610,524 659,042
Cash at bank and in hand 262,238 182,561
985,762 949,603
Creditors: amounts falling due within one year 7 (426,131) (559,235)
Net current assets 559,631 390,368
Total assets less current liabilities 1,307,578 1,042,068
Creditors: amounts falling due after more than one year 8 (299,481) (183,330)
Provisions for liabilities (55,584) (35,701)
Net assets 952,513 823,037
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 59,312 60,624
Profit and loss account 893,101 762,313
Shareholders' funds 952,513 823,037
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.
D Stone
Director
Approved by the board on 21 August 2024
Stone Technical Services Group Limited
Notes to the Accounts
for the year ended 30 November 2023
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:
Freehold buildings 2% Straight Line
Plant and machinery 20% Straight Line
Fixtures, fittings, tools and equipment 25% Straight Line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. 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 profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 46 47
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 93,664
At 30 November 2023 93,664
Amortisation
At 1 December 2022 93,664
At 30 November 2023 93,664
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 600,000 235,490 338,061 1,173,551
Additions - 1,848 161,983 163,831
At 30 November 2023 600,000 237,338 500,044 1,337,382
Depreciation
At 1 December 2022 136,600 190,214 195,437 522,251
Charge for the year 8,400 6,958 52,226 67,584
At 30 November 2023 145,000 197,172 247,663 589,835
Net book value
At 30 November 2023 455,000 40,166 252,381 747,547
At 30 November 2022 463,400 45,276 142,624 651,300
Freehold land and buildings: 2023 2022
£ £
Historical cost 534,417 534,417
Cumulative depreciation based on historical cost 160,198 149,510
374,219 384,907
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2022 400
At 30 November 2023 400
6 Debtors 2023 2022
£ £
Trade debtors 474,927 490,548
Other debtors 135,597 168,494
610,524 659,042
Amounts due after more than one year included above 129,849 149,998
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,523 22,523
Obligations under finance lease and hire purchase contracts 13,554 20,860
Trade creditors 106,840 226,891
Taxation and social security costs 215,354 246,127
Other creditors 67,860 42,834
426,131 559,235
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 107,326 127,475
Obligations under finance lease and hire purchase contracts 192,155 55,855
299,481 183,330
9 Revaluation reserve 2023 2022
£ £
At 1 December 2022 60,624 61,936
Loss on revaluation of land and buildings (1,312) (1,312)
At 30 November 2023 59,312 60,624
10 Other information
Stone Technical Services Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kellaw Road
Darlington
Durham
DL1 4YA
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