77 29 November 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,950 5,400 10,350 2,063 962 3,025 7,325 2,887 xbrli:pure xbrli:shares iso4217:GBP 12200573 2023-01-01 2024-02-29 12200573 2024-02-29 12200573 2022-12-31 12200573 2022-01-01 2022-12-31 12200573 2022-12-31 12200573 2021-12-31 12200573 bus:Director1 2023-01-01 2024-02-29 12200573 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12200573 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 12200573 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12200573 core:PlantMachinery 2022-12-31 12200573 core:FurnitureFittings 2022-12-31 12200573 core:LandBuildings core:ShortLeaseholdAssets 2024-02-29 12200573 core:PlantMachinery 2024-02-29 12200573 core:FurnitureFittings 2024-02-29 12200573 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2024-02-29 12200573 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2024-02-29 12200573 core:PlantMachinery 2023-01-01 2024-02-29 12200573 core:FurnitureFittings 2023-01-01 2024-02-29 12200573 core:WithinOneYear 2024-02-29 12200573 core:WithinOneYear 2022-12-31 12200573 core:AfterOneYear 2024-02-29 12200573 core:AfterOneYear 2022-12-31 12200573 core:ShareCapital 2024-02-29 12200573 core:ShareCapital 2022-12-31 12200573 core:RevaluationReserve 2024-02-29 12200573 core:RevaluationReserve 2022-12-31 12200573 core:RetainedEarningsAccumulatedLosses 2024-02-29 12200573 core:RetainedEarningsAccumulatedLosses 2022-12-31 12200573 core:BetweenOneFiveYears 2024-02-29 12200573 core:BetweenOneFiveYears 2022-12-31 12200573 core:MoreThanFiveYears 2024-02-29 12200573 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 12200573 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 12200573 core:PlantMachinery 2022-12-31 12200573 core:FurnitureFittings 2022-12-31 12200573 bus:SmallEntities 2023-01-01 2024-02-29 12200573 bus:Audited 2023-01-01 2024-02-29 12200573 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-02-29 12200573 bus:PrivateLimitedCompanyLtd 2023-01-01 2024-02-29 12200573 bus:FullAccounts 2023-01-01 2024-02-29 12200573 core:ComputerEquipment 2022-12-31 12200573 core:ComputerEquipment 2023-01-01 2024-02-29 12200573 core:ComputerEquipment 2024-02-29 12200573 core:AfterOneYear 2023-01-01 2024-02-29
COMPANY REGISTRATION NUMBER: 12200573
AMBER VALLEY STONE LIMITED
FILLETED FINANCIAL STATEMENTS
29 February 2024
AMBER VALLEY STONE LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
29 Feb 24
31 Dec 22
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
7,325
2,887
Tangible assets
6
379,602
291,349
---------
---------
386,927
294,236
CURRENT ASSETS
Stocks
278,906
177,150
Debtors
7
905,729
893,529
Cash at bank and in hand
629,393
460,972
------------
------------
1,814,028
1,531,651
CREDITORS: amounts falling due within one year
8
916,772
1,054,532
------------
------------
NET CURRENT ASSETS
897,256
477,119
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,284,183
771,355
CREDITORS: amounts falling due after more than one year
9
34,555
33,750
PROVISIONS
94,901
------------
---------
NET ASSETS
1,154,727
737,605
------------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
200
200
Revaluation reserve
50,000
50,000
Profit and loss account
1,104,527
687,405
------------
---------
SHAREHOLDERS FUNDS
1,154,727
737,605
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
AMBER VALLEY STONE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 12200573
AMBER VALLEY STONE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 JANUARY 2023 TO 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is West Way, Somercotes, Alfreton, DE55 4QJ, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period, provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
33% Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
33% Straight Line
Plant and machinery
-
10% & 20% Straight Line
Fixtures and fittings
-
33% Straight Line
Equipment
-
33% Straight Line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 77 (2022: 55 ).
5. INTANGIBLE ASSETS
Development costs
£
Cost
At 1 January 2023
4,950
Additions
Additions from internal developments
5,400
--------
At 29 February 2024
10,350
--------
Amortisation
At 1 January 2023
2,063
Charge for the period
962
--------
At 29 February 2024
3,025
--------
Carrying amount
At 29 February 2024
7,325
--------
At 31 December 2022
2,887
--------
6. TANGIBLE ASSETS
Short leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
760
282,364
15,578
52,013
350,715
Additions
1,485
115,718
3,515
28,173
148,891
-------
---------
--------
--------
---------
At 29 February 2024
2,245
398,082
19,093
80,186
499,606
-------
---------
--------
--------
---------
Depreciation
At 1 January 2023
633
46,805
2,740
9,188
59,366
Charge for the period
127
39,118
6,221
15,172
60,638
-------
---------
--------
--------
---------
At 29 February 2024
760
85,923
8,961
24,360
120,004
-------
---------
--------
--------
---------
Carrying amount
At 29 February 2024
1,485
312,159
10,132
55,826
379,602
-------
---------
--------
--------
---------
At 31 December 2022
127
235,559
12,838
42,825
291,349
-------
---------
--------
--------
---------
7. DEBTORS
29 Feb 24
31 Dec 22
£
£
Trade debtors
740,505
774,589
Other debtors
165,224
118,940
---------
---------
905,729
893,529
---------
---------
8. CREDITORS: amounts falling due within one year
29 Feb 24
31 Dec 22
£
£
Trade creditors
500,959
530,800
Corporation tax
55,449
40,369
Social security and other taxes
150,841
275,367
Other creditors
209,523
207,996
---------
------------
916,772
1,054,532
---------
------------
Included within other creditors are amounts totalling £22,500 (2022 - £58,605) relating to hire purchase agreements. These amounts are secured against the assets to which they relate.
9. CREDITORS: amounts falling due after more than one year
29 Feb 24
31 Dec 22
£
£
Other creditors
34,555
33,750
--------
--------
Included within other creditors are amounts totalling £7,500 (2022 - £33,750) relating to hire purchase agreements. These amounts are secured against the assets to which they relate.
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
29 Feb 24
31 Dec 22
£
£
Not later than 1 year
320,502
215,502
Later than 1 year and not later than 5 years
697,757
493,258
Later than 5 years
514,501
------------
---------
1,532,760
708,760
------------
---------
11. SUMMARY AUDIT OPINION
The auditor's report dated 29 November 2024 was unqualified .
The senior statutory auditor was Gavin Snape ACA , for and on behalf of Meadows & Co Limited .
12. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: At 29 February 2024 the company was owed £50,000 (2022 - £50,000) by a company controlled by a director. During the year the directors have advanced monies to the company. At 29 February 2024 the amount due from the company was £100,000 (2022 - £Nil).