Company registration number 04534724 (England and Wales)
STONEMANOR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
STONEMANOR LIMITED
COMPANY INFORMATION
Directors
P M Chaimo
S Ciampa
Company number
04534724
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
STONEMANOR LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 34
STONEMANOR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 29 February 2024.

Review of Business

The group operates from its head office in London and has eighteen retail standalone shops across England, which are strategically located to be in the proximity of its core market segment. In addition, the company has several concessions in various high street outlets in the UK and internationally. It also has subsidiary companies trading in the US, Canada, Germany, Netherlands and the Republic of Ireland. The group trades under the name of 'Apricot’. 2023/24 saw a strong return to growth with a 6.8% rise in turnover to £90.3m and a 17.4% increase in profits before tax to £8.3m. The growth was fuelled by increased L/L sales in existing shops, concessions and digital, and entering new digital marketplaces both in the UK and Europe. The group acquired a warehouse fulfilment company in Germany to help facilitate European online sales.

Principal Risks and Uncertainties

The principal risks that impact the operations of the business and the actions taken in response to these risks are identified below.

 

1. Risk of failure to accurately predict consumer demand, and consequent poor buying decisions. Dynamic ongoing analysis is carried out to identify changes in consumer behaviour.

 

2. Macro-economic factors, i.e. cost of living crisis.

 

3. Risk of international supply from logistical issues.

 

The company addresses these issues by remaining agile, giving it the ability to respond as quickly as possible to changing circumstances.

Key Performance Indicators

The group uses a variety of criteria/indicators to track its financial and non-financial performances over a specified period of time i.e. on a monthly and yearly basis.

 

The main external comparison is in the form of competitive benchmarking with retailers of similar size, that operate in the same market segment with a similar customer base.

 

The key performance indicators that the directors consider of great importance and relevance to the nature of the business operations are as follows:

 

Gross Profit Margin - this stood at 63.9% (2023: 60.9%),

 

Current Ratio - this increased to 1.47x in 2024 from 1.20x in 2023.

 

Non-Financial Performance Indicators

 

Sales Returns - the company constantly monitors the level of sales returns in order to gauge customer satisfaction. A conscious and determined effort is made to keep sales returns to a minimum, by analysing and documenting the reason for each return and taking corrective and preventative measures when and if necessary.

 

Staff Turnover and Absenteeism - management is happy with the level of staff turnover and absenteeism. Management also aims to resolve staff issues in a timely and professional manner.

Future developments

The group has experienced healthy profitable growth. The group continues to seek further prudent growth opportunities, particularly through new online trading partners.

STONEMANOR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Section 172 statement
Section 172 of the Companies Act 2006 requires the directors of a company to act in a way they consider, in good faith, would be most likely to promote the success of the company and its group  for the benefit of its shareholders as a whole and, in doing so, have regard (among other matters) to:
a) the likely consequences of any decisions in the long term;
b) the interests of the group's employees;
c) the need to foster the group's business relationships with suppliers, customers and others;
d) the impact of the group's operations on the community and environment;
e) the desirability of the group maintaining a reputation for high standards of business conduct;
f) the need to act fairly as between shareholders of the company
Further details of how the directors have fulfilled their duties are set out below.
Risk management

The directors have deployed several initiatives across the group to manage risks posed to the business effectively.

As discussed elsewhere, there is considerable focus on analysing customer satisfaction, particularly as manifested by returns.

Business relationships

The group’s mission is to add value to businesses through providing innovative products and exceptional levels of service to meet our customers’ requirements. The group understands the value of maintaining and developing relationships with its customers and suppliers, as it is these relationships that underpin its current and future growth. Through these actions, the group’s relationships go from strength to strength as demonstrated by the group’s involvement with the same suppliers and customers for many years.

Community and environment

Environmentally, the group is assessing its practices, supply chain, services, and carbon emissions. The group is partnered with innovative companies who are minimising their impact to the environment whilst also increasing its range of recycled products and recycling across the life cycle of its machines.

The group is also actively exploring the option of solar power to provide energy to its warehouse in Biggleswade.

Employees
The company and its group are committed to being responsible employers and strive to create a working environment where their  employees are actively engaged and part of their success. The group's policy is to consult and discuss with employees, through  meetings, matters likely to affect employees' interests.Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Shareholders

The group has a small but effective management team, and its shareholders are also involved in an executive capacity in the group's day-to-day operations. Therefore the interests of management and shareholders are naturally aligned.

STONEMANOR LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

On behalf of the board

P M Chaimo
Director
27 November 2024
STONEMANOR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company and group continued to be that of clothing retailers.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £609,329. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P M Chaimo
S Ciampa
Financial instruments
Capital management policies

In managing its capital, the Group’s primary objective is to maintain a sufficient funding base to enable the Group to meet its working capital and strategic investment needs. Capital structure is managed mainly by the judicious use of debt. In managing its debt levels, the Group considers not only its short-term position but also its long-term operational and strategic objectives.

Liquidity risk

Liquidity risk arises from the Group management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. Refer to Note 1.3 of the financial statements for details of going concern considerations.

 

The Group policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances (or agreed facilities) to meet expected requirements for a period of at least 90 days.

Interest rate risk

The group borrows at variable rates of interest. It is therefore exposed to increases in interest rates. The group reviews market forecasts of future interest rates on a regularly basis and would consider the use of hedging instruments to mitigate such risk where appropriate. No hedging arrangements were in force at the balance sheet date.

Foreign currency risk

The group is exposed to currency risk in relation to purchases of raw materials and finished goods and the funding of overseas branches. Generally the exposures taken are kept within manageable ranges. In exceptional circumstances the group would consider the use of hedging instruments to manage risk, but no such instruments were in place at the balance sheet date.

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations. The Group is principally exposed to credit risk on cash and cash equivalents with banks and financial institutions, and trade receivables. For banks and financial institutions, only independently rated parties with an acceptable rating are utilised.

 

Credit risk in connection with trade receivables is managed by the use of credit control procedures, such as the maintenance of a credit control department, use of credit references and stop limits.

STONEMANOR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
Energy and carbon report

The company is required by the Companies Act 2006 to disclose the group's energy use. The figures include energy usage of subsidiaries, where the subsidiary would be obliged to disclose usage if reporting on its own.

 

Scope 1 and Scope 2 emissions have been included within this report. These emissions consist of gas and electricity usage from buildings respectively. The group leased multiple sites during the reporting period and the figures below represent usage across the group's activities in the UK.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,370,056
1,192,265
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
58.63
66.58
58.63
66.58
Scope 2 - indirect emissions
- Electricity purchased
223.77
171.52
Total gross emissions
282.40
238.10
Intensity ratio
Tonnes CO2e per full-time employee
0.76
0.73
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. Total electricity and gas usage has been obtained over a 12-month period from supplier invoices. The group has used the GHG Reporting Protocol – Corporate Standard and has used the 2024 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We are transitioning to a fleet of more fuel-efficient vehicles and implementing LED lighting solutions to enhance energy efficiency.

STONEMANOR LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of disclosure concerning employment etc of disabled persons and engagement with employees, suppliers, customers and others and future developments of the business.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
P M Chaimo
Director
27 November 2024
STONEMANOR LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -

The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STONEMANOR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STONEMANOR LIMITED
- 8 -
Opinion

We have audited the financial statements of Stonemanor Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

STONEMANOR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STONEMANOR LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

STONEMANOR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STONEMANOR LIMITED
- 10 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Richard Thacker (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Limited
27 November 2024
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
STONEMANOR LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
90,250,018
84,531,198
Cost of sales
(32,579,874)
(33,050,270)
Gross profit
57,670,144
51,480,928
Distribution costs
(2,283,723)
(2,365,378)
Administrative expenses
(46,925,026)
(43,259,460)
Other operating income
3
353,810
948,767
Exceptional item-gain on CVA
-
0
363,015
Operating profit
4
8,815,205
7,167,872
Interest receivable and similar income
8
183
267
Interest payable and similar expenses
9
(549,814)
(129,486)
Profit before taxation
8,265,574
7,038,653
Tax on profit
10
(1,928,641)
(1,748,997)
Profit for the financial year
6,336,933
5,289,656
Profit for the financial year is all attributable to the owners of the parent company.
STONEMANOR LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
2024
2023
£
£
Profit for the year
6,336,933
5,289,656
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(84,975)
88,291
Total comprehensive income for the year
6,251,958
5,377,947
Total comprehensive income for the year is all attributable to the owners of the parent company.
STONEMANOR LIMITED
GROUP BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 13 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
352,952
331,549
Tangible assets
14
16,685,752
17,190,915
17,038,704
17,522,464
Current assets
Stocks
17
26,709,202
24,048,506
Debtors
18
6,476,583
5,369,055
Cash at bank and in hand
798,604
360,159
33,984,389
29,777,720
Creditors: amounts falling due within one year
19
(23,101,056)
(25,067,241)
Net current assets
10,883,333
4,710,479
Total assets less current liabilities
27,922,037
22,232,943
Provisions for liabilities
Deferred tax liability
21
2,219,030
2,172,565
(2,219,030)
(2,172,565)
Net assets
25,703,007
20,060,378
Capital and reserves
Called up share capital
23
1,000
1,000
Revaluation reserve
7,100,025
7,100,025
Profit and loss reserves
18,601,982
12,959,353
Total equity
25,703,007
20,060,378
The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
27 November 2024
P M Chaimo
Director
Company registration number 04534724 (England and Wales)
STONEMANOR LIMITED
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 14 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
352,952
331,549
Tangible assets
14
16,616,312
17,149,544
Investments
15
21,404
21,404
16,990,668
17,502,497
Current assets
Stocks
17
18,135,399
16,740,209
Debtors
18
7,868,569
9,798,420
Cash at bank and in hand
459,426
61,176
26,463,394
26,599,805
Creditors: amounts falling due within one year
19
(21,630,983)
(25,125,136)
Net current assets
4,832,411
1,474,669
Total assets less current liabilities
21,823,079
18,977,166
Provisions for liabilities
Deferred tax liability
21
2,219,030
2,172,565
(2,219,030)
(2,172,565)
Net assets
19,604,049
16,804,601
Capital and reserves
Called up share capital
23
1,000
1,000
Revaluation reserve
7,100,025
7,100,025
Profit and loss reserves
12,503,024
9,703,576
Total equity
19,604,049
16,804,601

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,408,777 (2023 - £2,548,853 profit).

The financial statements were approved by the board of directors and authorised for issue on 27 November 2024 and are signed on its behalf by:
27 November 2024
P M Chaimo
Director
Company registration number 04534724 (England and Wales)
STONEMANOR LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
1,000
7,100,025
8,376,092
15,477,117
Year ended 28 February 2023:
Profit for the year
-
-
5,289,656
5,289,656
Other comprehensive income:
Currency translation differences
-
-
88,291
88,291
Total comprehensive income
-
-
5,377,947
5,377,947
Dividends
11
-
-
(794,686)
(794,686)
Balance at 28 February 2023
1,000
7,100,025
12,959,353
20,060,378
Year ended 29 February 2024:
Profit for the year
-
-
6,336,933
6,336,933
Other comprehensive income:
Currency translation differences
-
-
(84,975)
(84,975)
Total comprehensive income
-
-
6,251,958
6,251,958
Dividends
11
-
-
(609,329)
(609,329)
Balance at 29 February 2024
1,000
7,100,025
18,601,982
25,703,007
STONEMANOR LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
1,000
7,100,025
7,949,409
15,050,434
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
-
2,548,853
2,548,853
Dividends
11
-
-
(794,686)
(794,686)
Balance at 28 February 2023
1,000
7,100,025
9,703,576
16,804,601
Year ended 29 February 2024:
Profit and total comprehensive income
-
-
3,408,777
3,408,777
Dividends
11
-
-
(609,329)
(609,329)
Balance at 29 February 2024
1,000
7,100,025
12,503,024
19,604,049
STONEMANOR LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
5,144,147
1,255,539
Interest paid
(549,814)
(129,486)
Income taxes paid
(1,770,188)
(1,231,430)
Net cash inflow/(outflow) from operating activities
2,824,145
(105,377)
Investing activities
Purchase of intangible assets
(80,066)
(19,000)
Purchase of tangible fixed assets
(560,275)
(659,565)
Interest received
183
267
Net cash used in investing activities
(640,158)
(678,298)
Financing activities
Repayment of bank loans
(244,419)
(342,979)
Dividends paid to equity shareholders
(609,329)
(794,686)
Net cash used in financing activities
(853,748)
(1,137,665)
Net increase/(decrease) in cash and cash equivalents
1,330,239
(1,921,340)
Cash and cash equivalents at beginning of year
(3,147,260)
(1,314,210)
Effect of foreign exchange rates
(84,975)
88,290
Cash and cash equivalents at end of year
(1,901,996)
(3,147,260)
Relating to:
Cash at bank and in hand
798,604
360,159
Bank overdrafts included in creditors payable within one year
(2,700,600)
(3,507,419)
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
1
Accounting policies
Company information

Stonemanor Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

 

The group consists of Stonemanor Limited and all of its subsidiaries.

1.1
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.

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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Stonemanor Limited together with all entities controlled by the parent company (its subsidiaries). All financial statements are made up to 29 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Going concern

At the date of approval of these financial statements, the directors are not aware of any circumstances that might lead to the banking facilities being withdrawn.

In addition to its relationship with its bankers, the Company remains in close contact with its major suppliers, who continue to support the company and agree appropriate terms for the company to trade.

The directors therefore consider it appropriate to continue to prepare the financial statements on going concern basis.

1.4
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.

The company recognisees revenue when the amount of revenue can be measured reliably, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Company’s activities as described below:

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Patents & licences
straight-line over 15 years
1.6
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 buildings
straight-line over 25 years
Leasehold land and buildings
straight-line over the remaining life of the lease
Fixtures and fittings
straight-line over 6.67 years
Motor vehicles
straight-line over 4 years

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 recognised in the profit and loss account.

STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock comprises finished goods for sale and work in progress.

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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -
Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans,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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

 

Profits and losses of foreign operations are translated at average rates of exchange during the year, and net assets of foreign operations are translated at the closing rate. Translation differences are recognised in other comprehensive income.

STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions against stocks

The Group estimates a slow moving inventory provision based on prior stock performance and current market conditions. The estimates regarding the net realisable value of stock are considered to be significant.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
90,250,018
84,531,198
2024
2023
£
£
Turnover analysed by geographical market
UK
58,748,646
62,834,244
Europe
28,893,006
17,310,491
North America
2,608,366
4,386,463
90,250,018
84,531,198
2024
2023
£
£
Other revenue
Interest income
183
267
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences
(245,728)
532,657
Depreciation of owned tangible fixed assets
1,065,438
964,060
Amortisation of intangible assets
58,663
51,543
Stocks impairment losses recognised or reversed
3,002,070
289,356
Operating lease charges
1,882,862
2,141,390
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
63,000
58,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Director
2
2
2
2
Staff
371
323
371
311
Total
373
325
373
313

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
35,427,502
31,779,545
23,281,079
20,619,264
Social security costs
856,792
550,403
609,154
485,755
Pension costs
120,580
96,553
120,580
96,553
36,404,874
32,426,501
24,010,813
21,201,572
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
54,500
20,179

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9
267
Other interest income
174
-
Total income
183
267
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
546,936
129,486
Other interest
2,878
-
Total finance costs
549,814
129,486
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,319,205
721,041
Adjustments in respect of prior periods
22,089
-
0
Total UK current tax
1,341,294
721,041
Foreign current tax on profits for the current period
540,882
735,442
Total current tax
1,882,176
1,456,483
Deferred tax
Origination and reversal of timing differences
46,465
15,816
Adjustment in respect of prior periods
-
0
276,698
Total deferred tax
46,465
292,514
Total tax charge
1,928,641
1,748,997
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
10
Taxation
(Continued)
- 26 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
8,265,574
7,038,653
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
2,066,394
1,337,344
Tax effect of expenses that are not deductible in determining taxable profit
157,384
125,177
Tax effect of income not taxable in determining taxable profit
-
0
(68,974)
Adjustments in respect of prior years
27,797
-
0
Effect of change in corporation tax rate
(30,084)
-
Other permanent differences
944
3,780
Effect of overseas tax rates
(293,794)
74,972
Deferred tax adjustments in respect of prior years
-
0
276,698
Taxation charge
1,928,641
1,748,997
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
609,329
794,686
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Stocks
17
3,002,070
289,356
Recognised in:
Cost of sales
3,002,070
289,356
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
13
Intangible fixed assets
Group
Patents & licences
£
Cost
At 1 March 2023
480,403
Additions
80,066
At 29 February 2024
560,469
Amortisation and impairment
At 1 March 2023
148,854
Amortisation charged for the year
58,663
At 29 February 2024
207,517
Carrying amount
At 29 February 2024
352,952
At 28 February 2023
331,549
Company
Patents & licences
£
Cost
At 1 March 2023
480,403
Additions
80,066
At 29 February 2024
560,469
Amortisation and impairment
At 1 March 2023
148,854
Amortisation charged for the year
58,663
At 29 February 2024
207,517
Carrying amount
At 29 February 2024
352,952
At 28 February 2023
331,549
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 28 -
14
Tangible fixed assets
Group
Freehold buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2023
15,920,000
1,480,674
4,162,095
345,169
21,907,938
Additions
-
0
100,308
413,369
46,598
560,275
At 29 February 2024
15,920,000
1,580,982
4,575,464
391,767
22,468,213
Depreciation and impairment
At 1 March 2023
495,942
704,790
3,290,811
225,480
4,717,023
Depreciation charged in the year
602,402
153,433
269,342
40,261
1,065,438
At 29 February 2024
1,098,344
858,223
3,560,153
265,741
5,782,461
Carrying amount
At 29 February 2024
14,821,656
722,759
1,015,311
126,026
16,685,752
At 28 February 2023
15,424,058
775,884
871,284
119,689
17,190,915
Company
Freehold buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2023
15,920,000
1,480,674
4,118,332
345,169
21,864,175
Additions
-
0
100,308
373,744
46,598
520,650
At 29 February 2024
15,920,000
1,580,982
4,492,076
391,767
22,384,825
Depreciation and impairment
At 1 March 2023
495,942
704,790
3,288,419
225,480
4,714,631
Depreciation charged in the year
602,402
153,433
257,786
40,261
1,053,882
At 29 February 2024
1,098,344
858,223
3,546,205
265,741
5,768,513
Carrying amount
At 29 February 2024
14,821,656
722,759
945,871
126,026
16,616,312
At 28 February 2023
15,424,058
775,884
829,913
119,689
17,149,544

Freehold land and buildings have been pledged to secure borrowings of the group.

Land and buildings with a carrying amount of £14,821,656 were valued on 13 May 2022 on the basis of the market value calculated by independent chartered surveyors who are not connected with the company. The valuation conforms to International Valuation Standards and was based on an open market value by reference to market evidence of transaction prices for similar properties.

STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
14
Tangible fixed assets
(Continued)
- 29 -

The cost of fixed assets carried at revalued amounts was £7,394,840 (2023: £7,394,840). Accumulated depreciation charged on the historical cost basis was £1,135,832 (2023: £908,017).

2024
2023
£
£
Group
Cost
7,394,840
7,394,840
Accumulated depreciation
(1,135,832)
(908,017)
Carrying value
6,259,008
6,486,823
Company
Cost
7,394,840
7,394,840
Accumulated depreciation
(1,135,832)
(908,017)
Carrying value
6,259,008
6,486,823
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
21,404
21,404
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
21,404
Carrying amount
At 29 February 2024
21,404
At 28 February 2023
21,404
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
16
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Apricot Inc.
845 Third Avenue New York USA
Ordinary Shares
100.00
Apricot Collections Inc
1540-1050 Beaver Hall Hill Quebec Canada
Ordinary Shares
100.00
Apricot Collections LImited
Shannon Street Mountrath Co.Laois Republic of Ireland
Ordinary Shares
100.00
Aprit Gmbh
Mahdentalstrabe 112, HDK 3 2. Etage, 71065 Sindelfingen, Stuttgart. Germany.
Ordinary Shares
100.00
Abrikoos B.V
Keizersgracht 391 A, 1016EJ, Amsterdam, Netherlands
Ordinary Shares
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
607,049
273,721
607,049
222,037
Finished goods and goods for resale
26,102,153
23,774,785
17,528,350
16,518,172
26,709,202
24,048,506
18,135,399
16,740,209
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,741,838
3,474,701
2,343,836
2,547,348
Corporation tax recoverable
1,043,573
514,448
-
0
5,848
Amounts owed by group undertakings
-
-
3,922,041
5,954,232
Other debtors
852,709
789,646
850,395
714,493
Prepayments and accrued income
838,463
590,260
752,297
576,499
6,476,583
5,369,055
7,868,569
9,798,420
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 31 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
5,980,241
7,031,479
5,980,241
7,031,479
Trade creditors
11,558,303
13,151,553
7,538,593
8,596,077
Amounts owed to group undertakings
-
0
-
0
3,947,692
5,612,260
Corporation tax payable
2,062,967
1,421,854
2,040,246
1,212,351
Other taxation and social security
2,536,653
2,545,246
1,163,082
1,802,813
Other creditors
374,959
56
374,959
-
0
Accruals and deferred income
587,933
917,053
586,170
870,156
23,101,056
25,067,241
21,630,983
25,125,136
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,279,641
3,524,060
3,279,641
3,524,060
Bank overdrafts
2,700,600
3,507,419
2,700,600
3,507,419
5,980,241
7,031,479
5,980,241
7,031,479
Payable within one year
5,980,241
7,031,479
5,980,241
7,031,479

The long-term loan and overdraft with Barclays were secured by fixed and floating charges over the parent company's assets. Additionally a further guarantee of £1.25 million was provided by P.M. Chaimo. The bank loan was repayable by instalments with final repayment due in May 2024.

 

In July 2024 the company refinanced the loan and overdraft with HSBC. The loan and overdraft are secured by fixed and floating charges over the parent company's assets.The bank loan is repayable by instalments with final repayment due in July 2026.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
87,741
41,276
Revaluations
2,131,289
2,131,289
2,219,030
2,172,565
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
21
Deferred taxation
(Continued)
- 32 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
87,741
41,276
Revaluations
2,131,289
2,131,289
2,219,030
2,172,565
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 March 2023
2,172,565
2,172,565
Charge to profit or loss
46,465
46,465
Liability at 29 February 2024
2,219,030
2,219,030
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
120,580
96,553

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 33 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,430,765
1,484,780
1,430,765
1,484,780
Between two and five years
3,105,086
3,289,646
3,105,086
3,289,646
4,535,851
4,774,426
4,535,851
4,774,426
25
Related party transactions
Transactions with related parties
Other information

Balances with companies controlled by the company are disclosed within debtors and creditors notes. Advantage has been taken of the exemption with section 33 of FRS 102 not to disclose transactions with wholly-owned subsidiary undertakings.

26
Directors' transactions

Advances made to directors during the year totalled £609,329 (2023: £794,686). Balances owed by directors at 28 February 2024 were £nil (2023: £nil).

Dividends totalling £609,329 (2023: £794,686) were paid in the year in respect of shares held by the company's directors.

At 28 February 2024 £850,395 (2023: £678,868) was due from a company controlled by the directors.

27
Controlling party

The ultimate controlling party is P. M. Chaimo.

STONEMANOR LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 34 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
6,336,933
5,289,656
Adjustments for:
Taxation charged
1,928,641
1,748,997
Finance costs
549,814
129,486
Investment income
(183)
(267)
Amortisation and impairment of intangible assets
58,663
51,543
Depreciation and impairment of tangible fixed assets
1,065,438
964,060
Movements in working capital:
Increase in stocks
(2,660,696)
(7,624,217)
Increase in debtors
(578,403)
(1,948,411)
(Decrease)/increase in creditors
(1,556,060)
2,644,692
Cash generated from operations
5,144,147
1,255,539
29
Analysis of changes in net debt - group
1 March 2023
Cash flows
Exchange rate movements
29 February 2024
£
£
£
£
Cash at bank and in hand
360,159
523,420
(84,975)
798,604
Bank overdrafts
(3,507,419)
806,819
-
(2,700,600)
(3,147,260)
1,330,239
(84,975)
(1,901,996)
Borrowings excluding overdrafts
(3,524,060)
244,419
-
(3,279,641)
(6,671,320)
1,574,658
(84,975)
(5,181,637)
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