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COMPANY REGISTRATION NUMBER: 03877699
Stoneleaf Building Materials Limited
Filleted Unaudited Financial Statements
31 December 2023
Stoneleaf Building Materials Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Stoneleaf Building Materials Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
701,269
745,576
Investments
6
200
200
---------
---------
701,469
745,776
Current assets
Stocks
1,072,491
932,031
Debtors
7
353,609
606,957
Cash at bank and in hand
3,990
69,150
------------
------------
1,430,090
1,608,138
Creditors: amounts falling due within one year
8
682,824
766,986
------------
------------
Net current assets
747,266
841,152
------------
------------
Total assets less current liabilities
1,448,735
1,586,928
Creditors: amounts falling due after more than one year
9
127,826
172,045
Provisions
Taxation including deferred tax
23,443
23,290
------------
------------
Net assets
1,297,466
1,391,593
------------
------------
Capital and reserves
Called up share capital
102
102
Profit and loss account
1,297,364
1,391,491
------------
------------
Shareholders funds
1,297,466
1,391,593
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Stoneleaf Building Materials Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 16 July 2024 , and are signed on behalf of the board by:
R M Curry
M Curry
Director
Director
Company registration number: 03877699
Stoneleaf Building Materials Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Leasehold Property
-
10% straight line
Plant and Machinery
-
10% straight line
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
20% reducing balance
Office Equipment
-
33 % straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 17 ).
5. Tangible assets
Freehold and leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
635,659
40,171
44,296
331,888
1,052,014
Additions
2,354
2,354
Disposals
( 38,380)
( 2,995)
( 27,887)
( 14,900)
( 84,162)
---------
--------
--------
---------
------------
At 31 December 2023
597,279
37,176
18,763
316,988
970,206
---------
--------
--------
---------
------------
Depreciation
At 1 January 2023
47,421
34,291
39,992
184,734
306,438
Charge for the year
5,791
1,346
2,318
29,357
38,812
Disposals
( 32,585)
( 2,489)
( 27,589)
( 13,650)
( 76,313)
---------
--------
--------
---------
------------
At 31 December 2023
20,627
33,148
14,721
200,441
268,937
---------
--------
--------
---------
------------
Carrying amount
At 31 December 2023
576,652
4,028
4,042
116,547
701,269
---------
--------
--------
---------
------------
At 31 December 2022
588,238
5,880
4,304
147,154
745,576
---------
--------
--------
---------
------------
Tangible assets held at valuation
The property was valued on an open market basis during October 2022. The directors are of the view that there has been no material change since in value since this date.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
69,578
--------
At 31 December 2022
103,622
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
200
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
200
----
At 31 December 2022
200
----
The company owns 100% of the issued share capital of Gordon H Richards Limited and Adlards Roofing Limited.
7. Debtors
2023
2022
£
£
Trade debtors
223,591
395,550
Amounts owed by group undertakings and undertakings in which the company has a participating interest
89,192
121,134
Other debtors
40,826
90,273
---------
---------
353,609
606,957
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,005
31,565
Trade creditors
447,700
431,603
Amounts owed to group undertakings and undertakings in which the company has a participating interest
100
100
Corporation tax
43,883
56,363
Social security and other taxes
98,543
165,630
Deposits
24,524
46,629
Other creditors
38,069
35,096
---------
---------
682,824
766,986
---------
---------
The bank loan is secured by a legal charge over certain assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
102,326
128,545
Other creditors
25,500
43,500
---------
---------
127,826
172,045
---------
---------
The bank loan is secured by a legal charge over certain assets of the company.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
4,021
-------
----
11. Directors' advances, credits and guarantees
At the year end R M Curry owed the company £47,998 (2022 - £58,202) by way of a directors loan account. At the year end the company owed M Curry £30,685 (2022 - M Curry owed the company £7,063) by way of a directors loan account.
12. Related party transactions
The company has taken advantage of the exemption granted under FRS 102 section 33.1A not to disclose transactions with group companies that are wholly owned.