Registered number
04401722
Stone Age Limited
Filleted Accounts
31 March 2024
Stone Age Limited
Registered number: 04401722
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 17,917 22,917
Tangible assets 4 337,034 294,464
Investments 5 30,000 30,000
384,951 347,381
Current assets
Stocks 761,539 970,418
Debtors 6 221,834 297,520
Cash at bank and in hand 14,751 5,276
998,124 1,273,214
Creditors: amounts falling due within one year 7 (915,779) (1,066,539)
Net current assets 82,345 206,675
Total assets less current liabilities 467,296 554,056
Creditors: amounts falling due after more than one year 8 (204,607) (270,486)
Provisions for liabilities (42,851) (52,695)
Net assets 219,838 230,875
Capital and reserves
Called up share capital 3 3
Capital reserve 2 2
Profit and loss account 219,833 230,870
Shareholders' funds 219,838 230,875
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G M Walters
Director
Approved by the board on 3 July 2024
Stone Age Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% straight line
Plant and machinery 33% , 25% and 15% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 20 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 100,000
At 31 March 2024 100,000
Amortisation
At 1 April 2023 77,083
Provided during the year 5,000
At 31 March 2024 82,083
Net book value
At 31 March 2024 17,917
At 31 March 2023 22,917
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 244,304 1,006,100 87,394 1,337,798
Additions - 109,550 49,157 158,707
Disposals - - (7,600) (7,600)
At 31 March 2024 244,304 1,115,650 128,951 1,488,905
Depreciation
At 1 April 2023 240,197 733,593 69,544 1,043,334
Charge for the year 3,987 91,811 18,439 114,237
On disposals - - (5,700) (5,700)
At 31 March 2024 244,184 825,404 82,283 1,151,871
Net book value
At 31 March 2024 120 290,246 46,668 337,034
At 31 March 2023 4,107 272,507 17,850 294,464
5 Investments
Other
investments
£
Cost
At 1 April 2023 30,000
At 31 March 2024 30,000
6 Debtors 2024 2023
£ £
Trade debtors 139,089 140,392
Directors account 1,126 1,126
Other debtors 81,619 156,002
221,834 297,520
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 286,218 183,860
Obligations under finance lease and hire purchase contracts 77,153 92,556
Trade creditors 334,935 235,043
Taxation and social security costs (8,331) 31,923
Other creditors 225,804 523,157
915,779 1,066,539
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 30,402 61,918
Obligations under finance lease and hire purchase contracts 174,205 208,568
204,607 270,486
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 316,620 245,778
Bank Loans are secured jointly and separately in equal proportions by the directors.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 184,788 171,078
11 Other information
Stone Age Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 10 Boxted Farm
Berkhamsted Road
Hemel Hempstead
Hertfordshire
HP1 2SG
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