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Registered number: 07263088
Field & Stone Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07263088
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 8,275
Tangible Assets 5 25,765 32,842
25,765 41,117
CURRENT ASSETS
Stocks 6 5,633 5,500
Debtors 7 42,714 112,912
Cash at bank and in hand 33,584 43,658
81,931 162,070
Creditors: Amounts Falling Due Within One Year 8 (162,334 ) (139,841 )
NET CURRENT ASSETS (LIABILITIES) (80,403 ) 22,229
TOTAL ASSETS LESS CURRENT LIABILITIES (54,638 ) 63,346
Creditors: Amounts Falling Due After More Than One Year 9 (119,614 ) (91,164 )
NET LIABILITIES (174,252 ) (27,818 )
CAPITAL AND RESERVES
Called up share capital 12 1 1
Profit and Loss Account (174,253 ) (27,819 )
SHAREHOLDERS' FUNDS (174,252) (27,818)
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Alberta Gaskin
Director
24th January 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Field & Stone Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07263088 . The registered office is Albion House, Albion Place, Ramsgate, Kent, CT11 8HQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Turnover is recognised on presentation of a customer's Bill, usually upon check-out or otherwise else once the contract for services is deemed complete.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Assets which are considered to depreciate fully in their first year of acquisition are depreciated completely in the first year. Each Asset in accordance with the Depreciation policy has been considered for it’s own individual useful/estimated life and is depreciated accordingly.
Depreciation is calculated on an actual days basis up to the date of disposal.
Leasehold 10 years
Plant & Machinery 20% - 80% on a varying basis
Motor Vehicles 20% Reducing Balance
Computer Equipment 25% - 33% Striaght Line basis
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. 
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
2.7. Taxation
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2023: 26)
27 26
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 June 2023 10,717
Disposals (10,717 )
As at 31 May 2024 -
Amortisation
As at 1 June 2023 2,442
Disposals (2,442)
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 -
As at 1 June 2023 8,275
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 11,087 279,680 26,374 317,141
Additions - 2,622 4,771 7,393
Disposals - (78,521 ) (22,984 ) (101,505 )
As at 31 May 2024 11,087 203,781 8,161 223,029
Depreciation
As at 1 June 2023 13,122 248,140 23,037 284,299
Provided during the period 4,096 6,646 3,219 13,961
Disposals (6,131 ) (73,093 ) (21,772 ) (100,996 )
As at 31 May 2024 11,087 181,693 4,484 197,264
Net Book Value
As at 31 May 2024 - 22,088 3,677 25,765
As at 1 June 2023 (2,035 ) 31,540 3,337 32,842
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6. Stocks
2024 2023
£ £
Stock - Food and Drink 5,633 5,500
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 42,714 112,912
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 46,904 1
Bank loans and overdrafts 4,987 4,864
Other creditors 91,910 106,433
Taxation and social security 18,533 28,543
162,334 139,841
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 26,890 29,005
Other creditors 92,724 62,159
119,614 91,164
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 5,674 8,318
10. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Other Creditors 62,159 62,159
11. Deferred Taxation
The provision for deferred tax is made up as follows:
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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13. Pension Commitments
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of 2024 - £1,172 (2023 - £1,541) were due to the fund. They are included in Other Creditors.
14. Controlling Party Not Known
The company's controlling party is unknown.
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