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REGISTERED NUMBER: 02171820 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

STONE HARDY LIMITED

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Notes to the Financial Statements 12


STONE HARDY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: John Edward Ratcliff
Michael John Samuel
Freddy Thomas Ronald Boxall


SECRETARY: Mark Ivinson


REGISTERED OFFICE: 38 The Maltings
Stanstead Abbotts
Hertfordshire
SG12 8HG


REGISTERED NUMBER: 02171820 (England and Wales)


SENIOR STATUTORY AUDITOR: Jeffrey Oliver


AUDITORS: Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP


BANKERS: The Royal Bank of Scotland
Corporate Banking
152 Silbury Boulevard
Central Milton Keynes
MK9 1LT


SOLICITORS: Gisby Harrison
Goffs Oak House
Goffs Lane
Cheshunt
Herts
EN7 5HG

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF THE BUSINESS

The results for the financial year ended 31 December 2023 are shown in the annexed financial statements.

The directors have reported an operating profit before tax for the year of £607,574 (2022: £198,178). Turnover has increased by 7.09%, this has been achieved in a competitive market place and further increases are expected in 2024. The cost saving measures and policies introduced by the directors last year along side the improvements of systems have once again led to a growth in profit before tax in the year.

Forecasts for the year ending 31 December 2024 are looking positive and maintain a profit position.

Debtor days at the balance sheet date were 59.24 days (2022: 55.24)

Other than as mentioned above, the directors do not consider it necessary, for an understanding of the development, performance, or position of the business, for the company to provide any further detailed financial key performance indicators, including information relating to environmental and employee matters.


PRINCIPAL RISKS AND UNCERTAINTIES

The company uses various financial instruments these include cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. The directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Liquidity Risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved by overdraft facilities.

The company policy throughout the year has been to ensure continuity of funding which is achieved through The Ratcliff Group Limited resources which allows the company to meet medium and long term funding requirements.

Interest Rate Risk

The company finances its operations through a mixture of bank overdraft facilities and inter-company loans. The company's exposure to interest rate fluctuations on its borrowings is managed through floating inter-company facilities. Currently the finance is provided by a government backed banker.

Currency Risk

The company is exposed to low level transaction foreign exchange risk on purchases. This is offset by commission paid on the sale of lifts within the UK by Italian lift manufacturers.


STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


Credit Risk

The company's principal financial assets are cash and trade debtors; the principal risk arises therefore from its trade debtors. The impact associated with trade debtor risk is reduced through a broad customer base and significant management focus on aged debt.

In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit control department on a regular basis in conjunction with debt ageing and collection history.

ON BEHALF OF THE BOARD:





Mark Ivinson - Secretary


17th September 2024

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

John Edward Ratcliff
Michael John Samuel

Other changes in directors holding office are as follows:

Freddy Thomas Ronald Boxall - appointed 1st November 2023

FINANCIAL INSTRUMENTS
The company entered into an agreement with RBS Invoice finance limited for a debt purchase facility for funding of up to £600,000, secured against debtors and guaranteed by the parent company, The Ratcliff Group Limited.
At the year end the balance of which was £439,737 (2022: 292,983) in other creditors.

DONATIONS
Donations of £4,841 (2022: £4,021) were made during the year all to charity and none political.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


AUDITORS
The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Mark Ivinson - Secretary


17th September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STONE HARDY LIMITED

Opinion
We have audited the financial statements of Stone Hardy Limited (the 'company') for the year ended 31st December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STONE HARDY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STONE HARDY LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including Fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity. The following laws and regulations are considered to be significant to the entity:

>Financial reporting Standard 102
>Companies Act 2006
>UK General Data Protection Regulation

We assessed the risks of material misstatement in respect of fraud as follows:

>Discussed the risk of material misstatement due to irregularities, including fraud with management at the planning stage to confirm that risks had been adequately identified and that the controls in place are sufficient for the size and nature of the business to reduce those risks to an acceptably low level.

>Undertook an initial analytical review of the financial statements to identify any potentially unusual or unexpected relationships or high risk audit areas.

>Completed a risk assessment checklist to aid in the identification of Risks for a company of this size and nature.

>We considered the risk of fraud through management override of controls, a common risk in a company of this size and nature, in response; we incorporated testing of manual journal entries into our audit approach and undertook a purely substantive approach to the audit with no reliance placed on controls.

>Accounting policies were reviewed at the planning stage to identify any subjective measurements or complex transactions where management would have the potential to show bias.

>Ensured during the audit planning meeting that all in the audit team are aware of the risks identified and particular areas that were susceptible to misstatement,

>Throughout the audit additional substantive testing was undertaken in areas where there was perceived to be a medium or high risk of misstatement.

>Audit testing was undertaken in a manner that was unpredictable in nature, selection and timing when compared to the previous years work.

>The engagement partners final review of the audit file and financial statements included a detailed review of all areas of medium or high risk identified at the planning stage of the audit.

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above:


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STONE HARDY LIMITED

>Financial reporting Standard 102, Companies Act 2006 and UK General Data Protection Regulation. The audit team all have a good understanding of the requirements under these laws and regulations common to most trading businesses and were alert throughout the audit to any potential instances of non-compliance.

>Further, at both the planning and completion stage of the audit enquiries where made of management regarding any known instances of fraud or non-compliance with laws and regulations

>These representations were corroborated where possible through the review of board minutes. No contradictory evidence was noted.

We consider that the work detailed above has ensured that the likelihood of detection of irregularities including fraud is considered to be high both at management level and during our audit approach. It is however worth noting that there is an inherent difficulty in detecting irregularities and there is no guarantee that all irregularities have been identified.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jeffrey Oliver (Senior Statutory Auditor)
for and on behalf of Cook & Partners Limited
Statutory Auditor
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

17th September 2024

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31ST DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 11,212,796 10,470,653

Cost of sales 8,872,097 8,753,821
GROSS PROFIT 2,340,699 1,716,832

Administrative expenses 1,709,694 1,515,724
OPERATING PROFIT 6 631,005 201,108


Interest payable and similar expenses 7 23,431 2,930
PROFIT BEFORE TAXATION 607,574 198,178

Tax on profit 8 40,709 31,694
PROFIT FOR THE FINANCIAL YEAR 566,865 166,484

Retained earnings at beginning of year (143,222 ) (309,706 )

RETAINED EARNINGS AT END OF
YEAR

423,643

(143,222

)

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 252,047 295,551

CURRENT ASSETS
Stocks 10 1,058,809 988,592
Debtors 11 2,453,437 2,048,500
Cash at bank and in hand 55,839 93,967
3,568,085 3,131,059
CREDITORS
Amounts falling due within one year 12 2,286,725 2,426,451
NET CURRENT ASSETS 1,281,360 704,608
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,533,407

1,000,159

CREDITORS
Amounts falling due after more than one
year

13

(104,685

)

(143,381

)

PROVISIONS FOR LIABILITIES 16 (5,079 ) -
NET ASSETS 1,423,643 856,778

CAPITAL AND RESERVES
Called up share capital 17 1,000,000 1,000,000
Retained earnings 18 423,643 (143,222 )
SHAREHOLDERS' FUNDS 1,423,643 856,778

The financial statements were approved by the Board of Directors and authorised for issue on 17th September 2024 and were signed on its behalf by:





Michael John Samuel - Director


STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

1. STATUTORY INFORMATION

Stone Hardy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. They have not identified any material uncertainties or risks related to events or conditions that could cast significant doubt about the company's ability to continue as a going concern and therefore the financial statements for the year ended 31st December 2023 have been prepared using the going concern basis of accounting.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which have been applied consistently (except as otherwise stated).

Turnover
Turnover is the total amount, excluding value added tax, for the rendering of services and supply of goods used in services, recognised once work is completed and invoiced by the company to third parties during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Over the term of the lease
Plant and machinery - at varying rates on cost
Motor vehicles - at varying rates on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks consist of goods for resale, which are valued at cost, computed on a first in first out basis, after making due allowance for obsolete and slow moving items.

Where the net realisable value of individual stock items is less than cost, the net realisable value has been adopted.

During the year the FIFO basis has been used to measure the cost of stock.

The change in accounting policy has no material impact on opening equity and profit for the comparative period.


STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

The costs of funding the defined benefit pension scheme operated by the ultimate holding company, The Ratcliff Group, are charged to the profit and loss account in the period to which they relate.

3. TURNOVER

Turnover is the total amount, excluding value added tax, of sales of goods and services invoiced by the company to third parties during the year.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,420,345 4,342,118
Social security costs 435,291 458,938
Other pension costs 131,270 124,643
4,986,906 4,925,699

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Production staff 115 116
Administration 9 10
124 126

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 84,143 63,162
Directors' pension contributions to money purchase schemes 4,220 3,356

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 38,183 60,586
Depreciation - assets on hire purchase contracts 12,722 2,120
Profit on disposal of fixed assets (5,630 ) -
Auditors' remuneration 14,400 14,400
Operating lease rentals - plant and machinery 441,510 454,797
Operating lease rentals - property 460,774 517,794

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 23,431 2,930

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Deferred tax:
Origination and reversal of timing differences 40,709 31,694
Tax on profit 40,709 31,694

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 607,574 198,178
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

151,894

37,654

Effects of:
Expenses not deductible for tax purposes 6,497 458
Capital allowances in excess of depreciation - (1,909 )
differences
Change in marginal rate of tax (11,198 ) (4,509 )
Group Relief (106,484 ) -
Total tax charge 40,709 31,694

9. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st January 2023 741,321 660,697 113,980 1,515,998
Additions - 14,042 - 14,042
Disposals (346,136 ) (234,168 ) (8,854 ) (589,158 )
At 31st December 2023 395,185 440,571 105,126 940,882
DEPRECIATION
At 1st January 2023 526,766 592,044 101,637 1,220,447
Charge for year 22,179 25,027 3,699 50,905
Eliminated on disposal (345,659 ) (231,544 ) (5,314 ) (582,517 )
At 31st December 2023 203,286 385,527 100,022 688,835
NET BOOK VALUE
At 31st December 2023 191,899 55,044 5,104 252,047
At 31st December 2022 214,555 68,653 12,343 295,551

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Improvements
to
property
£   
COST
At 1st January 2023
and 31st December 2023 190,824
DEPRECIATION
At 1st January 2023 2,120
Charge for year 12,722
At 31st December 2023 14,842
NET BOOK VALUE
At 31st December 2023 175,982
At 31st December 2022 188,704

10. STOCKS
2023 2022
£    £   
Finished goods and goods for resale 1,058,809 988,592

In the opinion of the directors, the replacement cost of stock is not materially different to the amounts at which it is stated in the accounts.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,835,960 1,584,636
Amounts owed by group undertakings 286,941 -
Deferred tax asset - 35,630
Prepayments and other debtors 330,536 428,234
2,453,437 2,048,500

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 38,696 38,696
Trade creditors 902,669 896,767
Amounts owed to group undertakings - 176,796
Social security and other taxes 316,341 398,181
Other creditors 29,445 26,167
Factoring account 439,737 292,983
Accruals and deferred income 559,837 596,861
2,286,725 2,426,451

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) 104,685 143,381

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 38,696 38,696
Between one and five years 104,685 143,381
143,381 182,077

Non-cancellable operating leases
2023 2022
£    £   
Within one year 682,013 779,157
Between one and five years 1,703,607 1,662,162
In more than five years 1,501,793 1,550,199
3,887,413 3,991,518

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Overdraft - 1,126
Debt purchase facility 439,737 292,983
439,737 294,109

There is a Debenture dated 08 February 1999 in favour of Royal Bank of Scotland Plc (the Bank) over the assets of the company.

Additionally, there is a cross guarantee of unlimited amount in favour of the Bank given by this company's parent and fellow subsidiary company.

The company entered into an agreement with RBS Invoice Financing on 31 October 2022 for a Debt purchase facility of up to £600,000 secured over the assets of the company and guaranteed by the parent company The Ratcliff Group Limited

16. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 5,079

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

16. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st January 2023 (35,630 )
Provided during year 40,709
Change in rate of tax
Balance at 31st December 2023 5,079

The deferred tax (liability)/asset is made up as follows:



20232022
££


Accelerated capital allowances(12,440)(10,652)
Other timing differences7,3614,972
Carried forward tax losses-41,310
(5,079)35,629

The above provisions have not been discounted.

Deferred tax has been calculated at a rate of 25% (2022: 19%) in line with the changes in rate of corporation tax in future periods.

17. CALLED UP SHARE CAPITAL

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

18. RESERVES
Retained
earnings
£   

At 1st January 2023 (143,222 )
Profit for the year 566,865
At 31st December 2023 423,643

STONE HARDY LIMITED (REGISTERED NUMBER: 02171820)

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

19. PENSION COMMITMENTS

Defined benefits and money purchase schemes:

20232022
££

Contributions payable by the company172,396124,643

The company operates a defined contribution pension scheme on behalf of certain employees and directors and pays contributions to a defined benefit scheme operated by the ultimate parent company, The Ratcliff Group Limited, on behalf of certain directors.

The assets of the schemes are held separately from those of the company in independently administered funds.

At the balance sheet date contributions of £29,445 (2022: £26,167) were outstanding.

20. ULTIMATE PARENT COMPANY

The ultimate parent company is The Ratcliff Group Limited, a company registered in England and Wales.

The Ratcliff Group Limited prepares group financial statements and copies can be obtained from its registered office.

21. CONTINGENT LIABILITIES

There exists a cross composite guarantee between the company, a fellow subsidiary undertaking and the ultimate parent company in favour of The Royal Bank of Scotland Plc. At the balance sheet date the potential commitment under this guarantee was £1,044,486 (2022: £162,995).

During the year the company entered into an agreement with RBS Invoice finance limited for a debt purchase facility for funding of up to £600,000, secured against debtors and guaranteed by The Ratcliff Group Limited, the parent company.

At the year end the balance of which was £439,737 (2022: £292,983) included in other creditors.

22. RELATED PARTY DISCLOSURES

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.

During the year the company paid rent of £66,000 (2022: £66,000) to JJ Property LLP a limited liability partnership in which the directors, John Ratcliff, has a material interest.

During the year the company paid rent of £60,000 (2022: £60,000) to Trustees of the Ratcliff Pension

23. ULTIMATE CONTROLLING PARTY

No one individual has control of the company or group.