REGISTERED NUMBER: |
STONE FOUNDRIES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
4. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
Amounts owed by group undertakings |
Amounts owed by related undertakings |
Deferred tax asset |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to related undertakings |
Corporation tax |
Other taxes and social security |
Other creditors and accruals |
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: | £ | £ |
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. |
for and on behalf of |
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 : |
2023 | 2022 |
£ | £ |
Within one year | 18,000 | 18,000 |
Between two and five year | 41,940 | 59,940 |
In more than five years | - | - |
139,860 | 181,860 |
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. |