REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
STONE HARDY LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
BANKERS: |
Corporate Banking |
152 Silbury Boulevard |
Central Milton Keynes |
MK9 1LT |
SOLICITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Statutory Auditor |
Manufactory House |
Bell Lane |
Hertford |
Hertfordshire |
SG14 1BP |
STONE HARDY LIMITED (REGISTERED NUMBER: 02171820) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
( |
) |
STONE HARDY LIMITED (REGISTERED NUMBER: 02171820) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
Social security costs |
Other pension costs |
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 |
5. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Operating lease rentals - plant and machinery |
Operating lease rentals - property |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
differences |
Change in marginal rate of tax | ( |
) | ( |
) |
Group Relief | ( |
) |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
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 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods and goods for resale |
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 |
Amounts owed by group undertakings |
Deferred tax asset |
Prepayments and other debtors |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Factoring account | 439,737 | 292,983 |
Accruals and deferred income |
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) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Overdraft | - | 1,126 |
Debt purchase facility | 439,737 | 292,983 |
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 | ( |
) |
Provided during year |
Change in rate of tax |
Balance at 31st December 2023 |
The deferred tax (liability)/asset is made up as follows: |
2023 | 2022 |
£ | £ |
Accelerated capital allowances | (12,440 | ) | (10,652 | ) |
Other timing differences | 7,361 | 4,972 |
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: | £ | £ |
Ordinary | 1 | 1,000,000 | 1,000,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1st January 2023 | ( |
) |
Profit for the year |
At 31st December 2023 |
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: |
2023 | 2022 |
£ | £ |
Contributions payable by the company | 172,396 | 124,643 |
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. |