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REGISTERED NUMBER: 02758479 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

LANDFORD STONE LIMITED

LANDFORD STONE LIMITED (REGISTERED NUMBER: 02758479)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 8

LANDFORD STONE LIMITED

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: Mrs M I Fisher
Mr D J Sayer
Mr P Rae
Mr C R Rae
Miss R I Rae



REGISTERED OFFICE: 10 St. Ann Street
Salisbury
Wiltshire
SP1 2DN



REGISTERED NUMBER: 02758479 (England and Wales)



ACCOUNTANTS: Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



BANKERS: National Westminster
48-49 Blue Boar Row
Salisbury
Wiltshire
SP1 1DF

LANDFORD STONE LIMITED (REGISTERED NUMBER: 02758479)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 465,252 647,239

CURRENT ASSETS
Stocks 808,685 682,767
Debtors 5 378,773 389,378
Cash at bank and in hand 532,744 544,905
1,720,202 1,617,050
CREDITORS
Amounts falling due within one year 6 649,903 436,691
NET CURRENT ASSETS 1,070,299 1,180,359
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,535,551

1,827,598

CREDITORS
Amounts falling due after more than one
year

7

(6,376

)

(27,988

)

PROVISIONS FOR LIABILITIES (105,740 ) (145,792 )
NET ASSETS 1,423,435 1,653,818

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 9 21,875 21,875
Capital redemption reserve 9 5,625 5,625
Retained earnings 9 1,385,935 1,616,318
SHAREHOLDERS' FUNDS 1,423,435 1,653,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Comprehensive Income has not been delivered.

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:



Mrs M I Fisher - Director


LANDFORD STONE LIMITED (REGISTERED NUMBER: 02758479)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Landford Stone 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 as modified by the revaluation of certain assets.

Parent company
Landford Stone Ltd is a wholly owned subsidiary of Landford Stone (Holdings) Ltd whose registered office is 10 St Ann Street, Salisbury, Wiltshire, SP1 2DN.

Revenue recognition
Revenue is measured at the fair value received or receivable for the supply and installation of natural stone and ceramic worktops.

Revenue is recognised on the sale of goods when the goods are delivered to or collected by the customer at which time the significant risks and rewards of ownership are transferred to the customer.

Revenue is recognised on the installation of goods when the works are completed and approved by the customer, at which time the significant risks and rewards of ownership are transferred to the customer.

Profit is recognised on long term contracts when the final outcome can be assessed with reasonable certainty by including turnover and related costs within the profit and loss account dependent upon the stage of completion of the contract at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 20% on cost
Plant and machinery etc - 33% on cost and at varying rates on cost

The asset residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks
The company holds a stock of natural stone and ceramics, together with consumables associated with the manufacturing and installation processes that it undertakes.

As materials are subject to physical obsolescence and changes in consumer tastes, they are valued at the lower of cost and net realisable value. As the company holds a wide range of natural stone and ceramics and provides a bespoke manufacturing service, materials are issued to production as required.

Consumables, which are issued to production on a first in first out basis, are valued at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


LANDFORD STONE LIMITED (REGISTERED NUMBER: 02758479)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Rentals payable under operating leases are charged in the profit and loss account over the term of the lease.

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.

Debtors
Debtors do not carry any right to interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

Cash
There comprise cash at bank and other short-term highly liquid bank balances.

Creditors

Creditors are not interest bearing and are stated at their nominal value.

Reserves
The movement in the fair value of plant & equipment to open market value at the balance sheet date is recognised in a non-distributable reserve. This reserve, which also contains appropriate depreciation and deferred tax provisions, may not be distributed to the shareholders.

Any movements in the reserve are not liable to corporation tax and an appropriate deferred tax provision is provided within the reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 41 ) .

LANDFORD STONE LIMITED (REGISTERED NUMBER: 02758479)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 99,103 1,588,381 209,602 212,428 2,109,514
Additions - 10,055 17,664 - 27,719
Disposals - - (16,000 ) (4,507 ) (20,507 )
At 31 March 2024 99,103 1,598,436 211,266 207,921 2,116,726
DEPRECIATION
At 1 April 2023 91,473 1,024,719 143,300 202,783 1,462,275
Charge for year 2,430 160,630 29,548 4,298 196,906
Eliminated on disposal - - (3,200 ) (4,507 ) (7,707 )
At 31 March 2024 93,903 1,185,349 169,648 202,574 1,651,474
NET BOOK VALUE
At 31 March 2024 5,200 413,087 41,618 5,347 465,252
At 31 March 2023 7,630 563,662 66,302 9,645 647,239

Cost or valuation at 31 March 2024 is represented by:

Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2016 - 234,232 8,800 50,783 293,815
Valuation in 2022 - 95,000 - - 95,000
Valuation in 2023 - 193,162 - - 193,162
Cost 99,103 1,076,042 202,466 157,138 1,534,749
99,103 1,598,436 211,266 207,921 2,116,726

Tangible fixed assets have been uplifted to fair value. This value was adopted as deemed cost on transition to FRS 102. The comparable amounts for revalued assets at original cost were:

31.3.2431.3.23
£ £
Cost565,961 565,961
Depreciation (565,961)(565,961)
Net Book Value--


LANDFORD STONE LIMITED (REGISTERED NUMBER: 02758479)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 445,614
DEPRECIATION
At 1 April 2023 312,209
Charge for year 36,703
At 31 March 2024 348,912
NET BOOK VALUE
At 31 March 2024 96,702
At 31 March 2023 133,405

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 298,523 217,794
Recoverable on contracts 14,236 50,633
Other debtors 66,014 120,951
378,773 389,378

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Finance leases (see note 8) 18,385 14,042
Trade creditors 130,105 139,864
Taxation and social security 97,410 96,755
Other creditors 404,003 186,030
649,903 436,691

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Finance leases (see note 8) 6,376 27,988

8. LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 18,385 14,042
Between one and five years 6,376 27,988
24,761 42,030

LANDFORD STONE LIMITED (REGISTERED NUMBER: 02758479)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

9. RESERVES

31.3.2431.3.23
£ £

Distributable1,204,7931,411,832
Non - distributable 181,142204,486
1,385,9351,616,318

Movement in Non-distributable reserve31.3.2431.3.23
£ £

Balance brought forward 204,48681,464
Asset disposals(1,288)(65,995)
Fair value uplift-193,162
Movement in depreciation(31,074)44,454
Movement in deferred tax9,018(48,599)
Balance carried forward 181,142204,486

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
LANDFORD STONE LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Landford Stone Limited for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Landford Stone Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Landford Stone Limited and state those matters that we have agreed to state to the Board of Directors of Landford Stone Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Landford Stone Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Landford Stone Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Landford Stone Limited. You consider that Landford Stone Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Landford Stone Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


2 December 2024