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Company No: 03977421 (England and Wales)

ARCHSTONE LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

ARCHSTONE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

ARCHSTONE LIMITED

BALANCE SHEET

As at 30 June 2024
ARCHSTONE LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,444 2,835
Tangible assets 4 88,796 102,473
91,240 105,308
Current assets
Stocks 162,633 188,106
Debtors 5 374,318 238,464
Cash at bank and in hand 264,568 238,952
801,519 665,522
Creditors: amounts falling due within one year 6 ( 365,638) ( 323,632)
Net current assets 435,881 341,890
Total assets less current liabilities 527,121 447,198
Creditors: amounts falling due after more than one year 7 ( 52,140) ( 116,667)
Provision for liabilities ( 8,363) ( 17,499)
Net assets 466,618 313,032
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 466,616 313,030
Total shareholder's funds 466,618 313,032

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Archstone Limited (registered number: 03977421) were approved and authorised for issue by the Board of Directors on 18 February 2025. They were signed on its behalf by:

H H Quinlan
Director
ARCHSTONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
ARCHSTONE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Archstone Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Ground Floor, Blackbrook Gate 1, Blackbrook Business Park, Taunton, TA1 2PX, United Kingdom. The Company's business address is 45 High Street, Glastonbury, BA6 9DS.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Revenue is recognised at point of sale to the customer within stores or upon delivery in respect of online sales.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 15 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 45 45

3. Intangible assets

Goodwill Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 July 2023 110,001 3,910 113,911
At 30 June 2024 110,001 3,910 113,911
Accumulated amortisation
At 01 July 2023 110,001 1,075 111,076
Charge for the financial year 0 391 391
At 30 June 2024 110,001 1,466 111,467
Net book value
At 30 June 2024 0 2,444 2,444
At 30 June 2023 0 2,835 2,835

4. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 100,048 26,832 159,368 66,396 352,644
Additions 23,966 0 8,672 496 33,134
At 30 June 2024 124,014 26,832 168,040 66,892 385,778
Accumulated depreciation
At 01 July 2023 62,235 1,677 125,252 61,007 250,171
Charge for the financial year 7,903 6,289 27,548 5,071 46,811
At 30 June 2024 70,138 7,966 152,800 66,078 296,982
Net book value
At 30 June 2024 53,876 18,866 15,240 814 88,796
At 30 June 2023 37,813 25,155 34,116 5,389 102,473

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 359,557 207,322
Prepayments 13,302 15,884
Other debtors 1,459 15,258
374,318 238,464

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 38,177 50,000
Trade creditors 215,365 198,892
Amounts owed to directors 0 1,901
Accruals 1,564 10,219
Corporation tax 89,042 11,873
Other taxation and social security 15,917 18,034
Obligations under finance leases and hire purchase contracts 0 18,498
Other creditors 5,573 14,215
365,638 323,632

Finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 52,140 116,667

Finance leases and hire purchase contracts are secured against the assets to which they relate.

Bank borrowings are secured by way of a fixed and floating charge over the assets of the company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 30,000
between one and five years 0 120,000
after five years 0 30,000
0 180,000

The total amount of guarantees not included in the balance sheet is £560,000 (2023 - £560,000). The company is acting as guarantor to the immediate and ultimate parent company, registered in England and Wales, in respect of a £560,000 debenture granted during March 2022. The guarantees are secured by way of fixed charge and floating charge over the assets of the company.

10. Related party transactions

The company has taken advantage of the exemption provided from disclosing transactions with its parent on the grounds that it is a wholly owned subsidiary.

During the year the directors and other connected parties were paid rent of £2,250 (2023: £nil)