Company registration number 03299149 (England and Wales)
Stonevada Limited
Unaudited financial statements
For the period ended 29 January 2024
Stonevada Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Stonevada Limited
Statement of financial position
As at 29 January 2024
29 January 2024
- 1 -
29 January 2024
29 July 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
2
9,539,228
8,291,394
Current assets
Stocks
1,788,450
1,805,700
Debtors
3
3,844,436
4,403,180
Cash at bank and in hand
25,904
157,513
5,658,790
6,366,393
Creditors: amounts falling due within one year
4
(8,627,504)
(7,786,669)
Net current liabilities
(2,968,714)
(1,420,276)
Total assets less current liabilities
6,570,514
6,871,118
Creditors: amounts falling due after more than one year
5
(3,664,571)
(4,054,496)
Provisions for liabilities
(65,000)
(23,200)
Net assets
2,840,943
2,793,422
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,840,843
2,793,322
Total equity
2,840,943
2,793,422
Stonevada Limited
Statement of financial position (continued)
As at 29 January 2024
29 January 2024
- 2 -
For the financial period ended 29 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mrs L B Lomas
Director
Company registration number 03299149 (England and Wales)
Stonevada Limited
Notes to the financial statements
For the period ended 29 January 2024
- 3 -
1
Accounting policies
Company information
Stonevada Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Waterswallows Industrial Park, Waterswallows Road, Buxton, Derbyshire, England, SK17 7JB.
1.1
Reporting period
The current financial period is not entirely comparable with the prior, as the year end has been extended to fall inline with other related companies.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost and 1% on cost
Leasehold land and buildings
2% on cost
Plant and equipment
at varying rates on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stonevada Limited
Notes to the financial statements (continued)
For the period ended 29 January 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Stonevada Limited
Notes to the financial statements (continued)
For the period ended 29 January 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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. Amounts 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Stonevada Limited
Notes to the financial statements (continued)
For the period ended 29 January 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Stonevada Limited
Notes to the financial statements (continued)
For the period ended 29 January 2024
- 7 -
2
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Total
£
£
£
£
Cost
At 30 July 2022
2,729,081
3,457,453
7,155,506
13,342,040
Additions
2,025,177
2,025,177
Disposals
(79,779)
(79,779)
At 29 January 2024
4,754,258
3,457,453
7,075,727
15,287,438
Depreciation and impairment
At 30 July 2022
211,390
791,722
4,047,534
5,050,646
Depreciation charged in the period
26,547
79,391
671,405
777,343
Eliminated in respect of disposals
(79,779)
(79,779)
At 29 January 2024
237,937
871,113
4,639,160
5,748,210
Carrying amount
At 29 January 2024
4,516,321
2,586,340
2,436,567
9,539,228
At 29 July 2022
2,517,691
2,665,731
3,107,972
8,291,394
3
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
32,395
480
Other debtors
3,812,041
4,402,700
3,844,436
4,403,180
4
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
226,667
255,946
Trade creditors
71,542
58,944
Taxation and social security
(5,635)
(5,635)
Other creditors
8,334,930
7,477,414
8,627,504
7,786,669
Stonevada Limited
Notes to the financial statements (continued)
For the period ended 29 January 2024
4
Creditors: amounts falling due within one year
(Continued)
- 8 -
The bank loans are secured by way of legal charges held over land and buildings at Tongue Lane Industrial Estate, Waterswallows Lane, Bishops Lane and Town End Garage.
The directors have also given personal guarantees on these amounts up to £450,000 and there are cross guarantees in place with Lomas Distribution Limited.
Included within other creditors are amounts due on hire purchase contracts of £608,237 (2022 - £622,865) which are secured against the assets to which they relate.
5
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
2,921,944
2,380,564
Other creditors
742,627
1,673,932
3,664,571
4,054,496
The bank loans are secured by way of legal charges held over land and buildings at Tongue Lane Industrial Estate, Waterswallows Lane, Bishops Lane and Town End Garage.
The directors have also given personal guarantees on these amounts up to £450,000 and there are cross guarantees in place with Lomas Distribution Limited.
Included within other creditors are amounts due on hire purchase contracts of £742,627 (2022 - £1,673,932) which are secured against the assets to which they relate.
6
Directors' transactions
Since the financial year end, part of the directors loan account has been repaid.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
R & L Lomas
2.25
1,482,352
512,281
48,286
2,042,919
1,482,352
512,281
48,286
2,042,919