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REGISTERED NUMBER: 03241163 (England and Wales)
















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

STABILISED PAVEMENTS LIMITED

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STABILISED PAVEMENTS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: G Howe
T Wilmot
W Smith





SECRETARY: G Howe





REGISTERED OFFICE: Ironstone House
High Street
Scaldwell
Northampton
Northamptonshire
NN6 9JS





REGISTERED NUMBER: 03241163 (England and Wales)





AUDITORS: SFB Group Limited
Chartered Accountants
Statutory Auditor
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 631,358 547,925

CURRENT ASSETS
Debtors 5 5,246,487 2,690,578
Cash at bank 644,213 1,121,868
5,890,700 3,812,446
CREDITORS
Amounts falling due within one year 6 1,608,425 424,791
NET CURRENT ASSETS 4,282,275 3,387,655
TOTAL ASSETS LESS CURRENT LIABILITIES 4,913,633 3,935,580

PROVISIONS FOR LIABILITIES 9 142,613 142,133
NET ASSETS 4,771,020 3,793,447

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Retained earnings 4,761,020 3,783,447
SHAREHOLDERS' FUNDS 4,771,020 3,793,447

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

BALANCE SHEET - continued
31 March 2024



The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





G Howe - Director


STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Stabilised Pavements 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The accounts have been prepared on a going concern basis.

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and remain in a profitable position. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements

Turnover
Turnover is recorded at the value of the sales invoiced less VAT and discounts.

For projects in progress at the year end, revenue is recognised according to an estimate of the work completed and expenses not billed by the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 33% on reducing balance and 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Leasing
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Holiday pay accrual
The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 34 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 11,920 102,737 21,669
Additions - 19,956 -
Disposals - - -
At 31 March 2024 11,920 122,693 21,669
DEPRECIATION
At 1 April 2023 238 58,983 900
Charge for year 1,428 16,465 49
Eliminated on disposal - - -
At 31 March 2024 1,666 75,448 949
NET BOOK VALUE
At 31 March 2024 10,254 47,245 20,720
At 31 March 2023 11,682 43,754 20,769

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 806,452 23,052 965,830
Additions 463,135 - 483,091
Disposals (416,218 ) - (416,218 )
At 31 March 2024 853,369 23,052 1,032,703
DEPRECIATION
At 1 April 2023 344,060 13,724 417,905
Charge for year 185,968 2,400 206,310
Eliminated on disposal (222,870 ) - (222,870 )
At 31 March 2024 307,158 16,124 401,345
NET BOOK VALUE
At 31 March 2024 546,211 6,928 631,358
At 31 March 2023 462,392 9,328 547,925

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 737,971 590,718
Retentions 13,963 5,149
Sundry debtors 2,203,702 265,458
Amounts owed by group undertakings 1,371,107 1,192,540
Other debtors - 2,000
Tax 269,995 236,908
VAT 143,277 86,366
Prepayments and accrued income 506,472 311,439
5,246,487 2,690,578

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,516,589 176,153
Social security and other taxes 47,852 37,258
Other creditors 15,339 8,665
Accrued expenses 28,645 202,715
1,608,425 424,791

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 6,000 14,400
Between one and five years - 6,000
6,000 20,400

STABILISED PAVEMENTS LIMITED (REGISTERED NUMBER: 03241163)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The company has provided a joint guarantee to secure loan facilities to group undertakings, which creates a fixed and floating charge over the assets of the company. The amounts outstanding under these facilities as at 31 March 2024 were £407,819 (2023: £415,601).

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions
Remedial provision 142,613 142,133

The directors are of the opinion that the remedial provision of £142,613 represents a true and fair view of the expected remedial costs as at the date of signing these accounts.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary A £1 10,000 10,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Carvell BFP FCA (Senior Statutory Auditor)
for and on behalf of SFB Group Limited

12. 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.

13. ULTIMATE CONTROLLING PARTY

The immediate parent company is Stabilised Pavements UK Limited, a company registered in England and Wales. Its parent company is Stabilisation Services Pty Limited, a company registered in Australia.

The address from which group accounts can be obtained is: Byrons, 62 Burwood Road, Burwood, NSW 2134, Australia.

The directors believe the controlling parties are Wilstar Pty Limited, Edinburgh Securities Pty Limited, companies registered in Australia and G. Howe, director, acting in concert.