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REGISTERED NUMBER: 10900736 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2024

FOR

STEWART BROTHERS CONCRETE LIMITED

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STEWART BROTHERS CONCRETE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: Mr R Stewart
Mr P Stewart





REGISTERED OFFICE: Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP





REGISTERED NUMBER: 10900736 (England and Wales)





ACCOUNTANTS: Honey Barrett Limited
Chartered Accountants
Pharmacy Chambers
High Street
Wadhurst
East Sussex
TN5 6AP

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 522,649 294,521

CURRENT ASSETS
Stocks 6 133,636 61,489
Debtors 7 1,735,724 1,109,182
Cash at bank 147,604 101,904
2,016,964 1,272,575
CREDITORS
Amounts falling due within one year 8 2,189,231 1,379,907
NET CURRENT LIABILITIES (172,267 ) (107,332 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

350,382

187,189

CREDITORS
Amounts falling due after more than one
year

9

(228,744

)

(80,972

)

PROVISIONS FOR LIABILITIES 11 (105,470 ) (63,015 )
NET ASSETS 16,168 43,202

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

BALANCE SHEET - continued
31 AUGUST 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 16,068 43,102
SHAREHOLDERS' FUNDS 16,168 43,202

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2025 and were signed on its behalf by:





Mr R Stewart - Director


STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Stewart Brothers Concrete 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Equipment - 33% on cost

All fixed assets are initially recorded at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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 applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period 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.

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. ACCOUNTING POLICIES - continued

Going concern
The Directors have reviewed the company's financial position, including net current liabilities as at 31 August 2024. A material part of other creditors relates to factoring finance arrangements, which are rarely repayable in full within 12 months and are continuously refinanced against trade debtors.

The company remains profitable and cash flow forecasts indicate it can meet its obligations as they fall due. Based on this, the Directors believe the company has sufficient resources to continue trading for the foreseeable future and have prepared the financial statements on a going concern basis. The Directors will support the company in the foreseeable future.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 25 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2023 61,929 538,204 15,004
Additions - 327,820 1,000
Disposals - (22,800 ) -
At 31 August 2024 61,929 843,224 16,004
DEPRECIATION
At 1 September 2023 19,468 304,390 6,849
Charge for year 6,193 84,017 1,731
Eliminated on disposal - (16,823 ) -
At 31 August 2024 25,661 371,584 8,580
NET BOOK VALUE
At 31 August 2024 36,268 471,640 7,424
At 31 August 2023 42,461 233,814 8,155

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. TANGIBLE FIXED ASSETS - continued

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 September 2023 11,900 9,415 636,452
Additions - 620 329,440
Disposals - - (22,800 )
At 31 August 2024 11,900 10,035 943,092
DEPRECIATION
At 1 September 2023 5,169 6,055 341,931
Charge for year 1,346 2,048 95,335
Eliminated on disposal - - (16,823 )
At 31 August 2024 6,515 8,103 420,443
NET BOOK VALUE
At 31 August 2024 5,385 1,932 522,649
At 31 August 2023 6,731 3,360 294,521

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 September 2023 313,550
Additions 142,320
Transfer to ownership (166,050 )
At 31 August 2024 289,820
DEPRECIATION
At 1 September 2023 185,855
Charge for year 33,642
Transfer to ownership (122,520 )
At 31 August 2024 96,977
NET BOOK VALUE
At 31 August 2024 192,843
At 31 August 2023 127,695

6. STOCKS
2024 2023
£    £   
Stocks 133,636 61,489

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,547,691 971,230
Other debtors 70,179 58,179
Tax recoverable 19,445 -
Prepayments and accrued income 98,409 79,773
1,735,724 1,109,182

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 21,085 19,646
Hire purchase contracts (see note 10) 76,468 39,883
Trade creditors 1,248,273 594,403
Corporation tax - 19,445
PAYE and social security 15,732 13,524
VAT 57,807 70,698
Other creditors 767,185 599,339
Directors' current accounts 31 20,469
Accruals and deferred income 2,650 2,500
2,189,231 1,379,907

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 19,174 19,646
Bank loans - 2-5 years 13,478 35,531
Hire purchase contracts (see note 10) 196,092 25,795
228,744 80,972

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 76,468 39,883
Between one and five years 196,092 25,795
272,560 65,678

STEWART BROTHERS CONCRETE LIMITED (REGISTERED NUMBER: 10900736)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,060 -
Between one and five years 20,240 -
In more than five years 5,060 -
30,360 -

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 121,595 63,015
Tax losses carried forward (16,125 ) -
105,470 63,015

Deferred
tax
£   
Balance at 1 September 2023 63,015
Provided during year 42,455
Balance at 31 August 2024 105,470

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100

13. CONTINGENT LIABILITIES

Within creditors is a contingent VAT liability of £9,697 (2023: £9,697), relating to transactions currently in dispute.