IRIS Accounts Production v24.2.0.383 01627562 Board of Directors 1.1.23 31.12.23 31.12.23 29.8.24 false true false false false true true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh016275622022-12-31016275622023-12-31016275622023-01-012023-12-31016275622021-12-31016275622022-01-012022-12-31016275622022-12-3101627562ns15:EnglandWales2023-01-012023-12-3101627562ns14:PoundSterling2023-01-012023-12-3101627562ns10:Director12023-01-012023-12-3101627562ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101627562ns10:SmallEntities2023-01-012023-12-3101627562ns10:Audited2023-01-012023-12-3101627562ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3101627562ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101627562ns10:FullAccounts2023-01-012023-12-3101627562ns10:OrdinaryShareClass12023-01-012023-12-3101627562ns10:Director22023-01-012023-12-3101627562ns10:Director32023-01-012023-12-3101627562ns10:CompanySecretary12023-01-012023-12-3101627562ns10:RegisteredOffice2023-01-012023-12-3101627562ns5:CurrentFinancialInstruments2023-12-3101627562ns5:CurrentFinancialInstruments2022-12-3101627562ns5:ShareCapital2023-12-3101627562ns5:ShareCapital2022-12-3101627562ns5:RetainedEarningsAccumulatedLosses2023-12-3101627562ns5:RetainedEarningsAccumulatedLosses2022-12-3101627562ns5:PlantMachinery2022-12-3101627562ns5:PlantMachinery2023-01-012023-12-3101627562ns5:PlantMachinery2023-12-3101627562ns5:PlantMachinery2022-12-3101627562ns5:UnlistedNon-exchangeTradedns5:CostValuation2022-12-3101627562ns5:UnlistedNon-exchangeTraded2023-12-3101627562ns5:UnlistedNon-exchangeTraded2022-12-3101627562ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101627562ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101627562ns10:OrdinaryShareClass12023-12-310162756212023-01-012023-12-31
REGISTERED NUMBER: 01627562 (England and Wales)















STONE FOUNDRIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






STONE FOUNDRIES LIMITED (REGISTERED NUMBER: 01627562)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


STONE FOUNDRIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Langham
J Townsend
A D Deves



SECRETARY: A D Deves



REGISTERED OFFICE: Binghams Melcombe
Dorchester
Dorset
DT2 7PZ



REGISTERED NUMBER: 01627562 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

STONE FOUNDRIES LIMITED (REGISTERED NUMBER: 01627562)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 13,459 19,044
Investments 4 330,000 330,000
343,459 349,044

CURRENT ASSETS
Debtors 5 262,419 980,548
Cash at bank 284,872 31,553
547,291 1,012,101
CREDITORS
Amounts falling due within one year 6 499,694 131,846
NET CURRENT ASSETS 47,597 880,255
TOTAL ASSETS LESS CURRENT LIABILITIES 391,056 1,229,299

CAPITAL AND RESERVES
Called up share capital 7 250,000 1,250,000
Retained earnings 141,056 (20,701 )
SHAREHOLDERS' FUNDS 391,056 1,229,299

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





J C Langham - Director


STONE FOUNDRIES LIMITED (REGISTERED NUMBER: 01627562)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is subsidiary of Langham Industries Limited. Consolidated financial statements of Langham Industries Limited can be obtained from:

Companies House
Crown Way
Cardiff
CF14 3UZ

Revenue
Revenue represents sales at invoice value less trade discounts allowed and excluding value added tax. Revenue is recognised upon despatch of goods.

Property, plant and equipment
Property, plant and equipment assets are held at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life.

Leasehold improvements- 10% on cost
Plant and equipment- 10% to 20% on cost
Vehicles- 20% on cost

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. The estimated useful lives, residual values and depreciation methods are reviewed, and adjustment as appropriate, at the end of each financial year.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


STONE FOUNDRIES LIMITED (REGISTERED NUMBER: 01627562)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the financial reporting date. Transactions in foreign currencies are converted to sterling at the exchange rates ruling at the date of transaction. Gains and losses arising in the normal course of trade are included in the income statement.

Pension costs and other post-retirement benefits
The company is a member of the Langham Industries Group Personal Pension Plan. This Plan is a money purchase scheme and contributions payable for the year are charged to the income statement. Assets for the Plan are held in separate trustee administered funds.

Investments
Fixed asset investments are stated at cost less impairment. Entities are not consolidated where the company does not have control.

Amounts recoverable on contract
Revenue is recognised on contracts when the company has obtained a right to consideration. Revenue recognised in this manner is based on an assessment of the fair value of the goods and services provided at the financial reporting date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those contracts where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 6 ) .

STONE FOUNDRIES LIMITED (REGISTERED NUMBER: 01627562)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 January 2023 29,214
Additions 332
At 31 December 2023 29,546
DEPRECIATION
At 1 January 2023 10,170
Charge for year 5,917
At 31 December 2023 16,087
NET BOOK VALUE
At 31 December 2023 13,459
At 31 December 2022 19,044

4. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 330,000
NET BOOK VALUE
At 31 December 2023 330,000
At 31 December 2022 330,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 187,947 279,805
Other debtors and prepayments 35,765 71,549
Amounts owed by group undertakings - 584,084
Amounts owed by related undertakings 5,578 5,791
Deferred tax asset 33,129 39,319
262,419 980,548

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 608 878
Amounts owed to group undertakings 406,111 -
Amounts owed to related undertakings 42,100 87,590
Corporation tax 11,709 -
Other taxes and social security 16,154 12,975
Other creditors and accruals 23,012 30,403
499,694 131,846

STONE FOUNDRIES LIMITED (REGISTERED NUMBER: 01627562)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary £1 250,000 1,250,000
(2022 - 1,250,000 )

On 17 May 2023, a special resolution was passed to reduce the share capital of the company from 1,250,000 shares to 250,000 shares.

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

9. CONTINGENT LIABILITIES

There are unlimited inter-company guarantees given by the company, thirteen fellow subsidiary companies and the parent company, in favour of Barclays plc. The total amount secured in respect of fellow group companies as at 31 December 2023, excluding this company, was £124,578 (2022 - £183,827).

There is a contingent liability in respect of warranty claims arising in the normal course of business.

CONTINGENT ASSETS

The disposal of the aerospace trade on 15 March 2018 is subject to possible additional consideration contingent upon future trading performance but at this stage it is not possible to quantify that effect.

10. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments as shown below.

Minimum lease payments under non-cancellable operating leases fall due as follows :

20232022
££
Within one year18,00018,000
Between two and five year41,94059,940
In more than five years--
139,860181,860

11. RELATED PARTY DISCLOSURES

During the year Stone Foundries Limited made sales of £63,066 (2022 - £72,248) to a company in which they have a significant interest and made purchases from this company of £653,125 (2022 - £666,826). Stone Foundries Limited received dividends of £100,000 (2022 - £60,000) from the company. At the year end £36,522 (2022 - £81,799) was due to the related company. The balance due is unsecured and repayable on demand.

12. EVENTS AFTER THE REPORTING PERIOD

A dividend of 40p per Ordinary A share (totalling £100,000) was declared on 25 April 2024. These financial statements do not reflect the dividends payable, which will be accounted for in shareholder's equity as an appropriation of retained earnings in the year ended 31 December 2024.

STONE FOUNDRIES LIMITED (REGISTERED NUMBER: 01627562)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. ULTIMATE PARENT COMPANY

The ultimate parent company is Langham Industries Limited which is registered in England and Wales. The ultimate parent company's registered office is the same as that shown on the company information page.

The ultimate controlling party of Langham Industries Limited is the Langham family.