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Registered number: 00610499









STONPLAN LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
STONPLAN LIMITED
 
 
COMPANY INFORMATION


Director
J P Hallam MBA MSc MA (Oxon) 




Registered number
00610499



Registered office
4 The Deans
Bridge Road

Bagshot

Surrey

GU19 5AT




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors

3 Brook Business Centre

Cowley Mill Road

Uxbridge

Middlesex

UB8 2FX





 
STONPLAN LIMITED
 

CONTENTS



Page
Group strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 32


 
STONPLAN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
The director presents the Group strategic report for the year ended 30 June 2024.

Business review and future developments
 
The director considers the Company’s performance and financial position to be satisfactory.
Non-fuel selling prices at Truckhaven (Carnforth) Limited were increased proportionately in response to inflation and the competitive pricing of retail fuel led to a slight increase in volumes and corresponding profits. Capital investment was made during the year in refurbishing the restaurant servery, resulting in stronger financial performance within that department. 
There was also a rent review on 1 March 2024 on the House and Bungalow at Woodcote Stud in line with the Consumer Prices Index (from £84,000 up to £87,528 per annum).

Principal risks and uncertainties
 
The growth of the business and the execution of the Group’s strategy are subject to a number of risks. Many of these risks are common in other businesses. Careful risk management is fundamental to the ability of the business to execute its strategic objectives. These risks are discussed below.
Credit risk
The Group has no significant concentration of credit risk, with the exposure spread over many customers. All customers who trade on credit terms go through a credit vetting process and have a certain credit limit applied. In addition, all receivable balances are monitored daily reducing the exposure to bad debts.
Liquidity risk
Liquidity risk is managed by continuous monitoring of cashflow ensuring that income streams are maintained, and working capital is available to pay liabilities as they fall due.

Financial key performance indicators
 
The director monitors the progress of the Group with reference to the following financial key performance indicators -
The Group's gross profit margin was 12.94% 
(unaudited 2023 - 12.6%).
The Group's net profit margin was 4.48% 
(unaudited 2023 - 4.53%).
The Group had net assets of £11,692,750 
(unaudited 2023 - £7,205,924).


This report was approved by the board on 18 March 2025 and signed on its behalf.



J P Hallam MBA MSc MA (Oxon)
Director

Page 1

 
STONPLAN LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Going concern
The director notes that the Group and Company are trading adequately and have sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in his assessment of whether, the Group and Company are a going concern and therefore has prepared the accounts on a going concern basis.

Results and dividends

The profit for the year, after taxation, amounted to £639,317 (2023 - £649,527 unaudited).

During the year, the company paid dividends of £Nil (2023 - £Nil unaudited).
 
Director

The director who served during the year was:

J P Hallam MBA MSc MA (Oxon) 

Matters covered in the Group strategic report

The company has chosen in accordance with section 414C of the Companies Act 2006, to set out financial risk management objectives and policies within the Group strategic report.

Page 2

 
STONPLAN LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no subsequent events that require disclosure or adjustments to the financial statements.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 March 2025 and signed on its behalf.
 





J P Hallam MBA MSc MA (Oxon)
Director

Page 3

 
STONPLAN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STONPLAN LIMITED
 

Opinion


We have audited the financial statements of Stonplan Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 4

 
STONPLAN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STONPLAN LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
STONPLAN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STONPLAN LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
 
The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows:
 
      i) Companies Act 2006.
      ii) FRS 102.
      iii) Tax legislation.
      iv) Employment legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and reviewing supporting evidence where applicable; 
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of noncompliance throughout the audit; and
As auditors of all components, we were able to cover the above matters at a group and component  level and thereby ensure the audit team were aware of the above matters across all group companies.
 
Page 6

 
STONPLAN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STONPLAN LIMITED (CONTINUED)


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
 
Making enquiries of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.

The areas that we identified as being susceptible to misstatement through fraud were:
 
Management bias in the estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The year ended 30 June 2024 was the first year in which the financial statements were audited. The comparative figures in these financial statements are therefore unaudited.


Page 7

 
STONPLAN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STONPLAN LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Elliot S J Arwas (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditors
3 Brook Business Centre
Cowley Mill Road
Uxbridge
Middlesex
UB8 2FX

 
Date: 
18 March 2025
Page 8

 
STONPLAN LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
Unaudited
2023
Note
£
£

  

Turnover
 4 
14,279,515
14,326,411

Cost of sales
  
(12,431,724)
(12,520,621)

Gross profit
  
1,847,791
1,805,790

Administrative expenses
  
(1,002,163)
(1,004,730)

Other operating charges
  
(10,485)
(26,466)

Operating profit
 5 
835,143
774,594

Interest receivable and similar income
 9 
29,663
1,670

Interest payable and similar expenses
 10 
(867)
-

Profit before taxation
  
863,939
776,264

Tax on profit
 11 
(224,622)
(126,737)

Profit for the financial year
  
639,317
649,527

  

Unrealised surplus on revaluation of tangible fixed assets net of deferred tax
  
4,347,509
-

Other comprehensive income for the year
  
4,347,509
-

Total comprehensive income for the year
  
4,986,826
649,527

  



The notes on pages 17 to 32 form part of these financial statements.

Page 9

 
STONPLAN LIMITED
REGISTERED NUMBER: 00610499

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024


2024

Unaudited
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 12 
11,395,604
6,134,020

  
11,395,604
6,134,020

Current assets
  

Stocks
 14 
122,603
165,497

Debtors: amounts falling due within one year
 15 
375,063
332,418

Cash at bank and in hand
 16 
1,508,127
1,207,725

  
2,005,793
1,705,640

Creditors: amounts falling due within one year
 17 
(770,180)
(574,553)

Net current assets
  
 
 
1,235,613
 
 
1,131,087

Total assets less current liabilities
  
12,631,217
7,265,107

Provisions for liabilities
  

Deferred taxation
 18 
(938,467)
(59,183)

Net assets
  
11,692,750
7,205,924


Capital and reserves
  

Called up share capital 
 19 
5,525,000
6,025,000

Share premium account
 20 
2,635,000
2,635,000

Revaluation reserve
 20 
6,051,985
1,704,476

Profit and loss account
 20 
(2,519,235)
(3,158,552)

  
11,692,750
7,205,924

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2025.




J P Hallam MBA MSc MA (Oxon)
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 10

 
STONPLAN LIMITED
REGISTERED NUMBER: 00610499

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024


2024

Unaudited
2023
Note
£
£
£
£

Fixed assets
  

Investments
 13 
102
102

  
102
102

Current assets
  

Debtors: amounts falling due within one year
 15 
2,958,422
2,998,969

Cash at bank and in hand
 16 
921,037
454,672

  
3,879,459
3,453,641

Creditors: amounts falling due within one year
 17 
(47,649)
(136,681)

Net current assets
  
 
 
3,831,810
 
 
3,316,960

Net assets
  
3,831,912
3,317,062


Capital and reserves
  

Called up share capital 
 19 
5,525,000
6,025,000

Share premium account
 20 
2,635,000
2,635,000

Profit and loss account brought forward
  
(5,342,938)
3,947,722

Profit/(loss) for the year
  
1,014,850
(9,290,660)

Profit and loss account carried forward
 20 
(4,328,088)
(5,342,938)

  
3,831,912
3,317,062


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 March 2025.


J P Hallam MBA MSc MA (Oxon)
Director

The notes on pages 17 to 32 form part of these financial statements.

Page 11

 
STONPLAN LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2023 (unaudited)
6,025,000
2,635,000
1,704,476
(3,158,552)
7,205,924


Comprehensive income for the year

Profit for the year
-
-
-
639,317
639,317

Unrealised surplus on revaluation of freehold property net of deferred tax
-
-
4,347,509
-
4,347,509
Total comprehensive income for the year
-
-
4,347,509
639,317
4,986,826


Contributions by and distributions to owners

Shares redeemed during the year
(500,000)
-
-
-
(500,000)


Total transactions with owners
(500,000)
-
-
-
(500,000)


At 30 June 2024
5,525,000
2,635,000
6,051,985
(2,519,235)
11,692,750



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 July 2022 (unaudited)
6,025,000
2,635,000
1,704,476
(3,808,079)
6,556,397


Comprehensive income for the year

Profit for the year
-
-
-
649,527
649,527
Total comprehensive income for the year
-
-
-
649,527
649,527


Total transactions with owners
-
-
-
-
-


At 30 June 2023 (unaudited)
6,025,000
2,635,000
1,704,476
(3,158,552)
7,205,924


The notes on pages 17 to 32 form part of these financial statements.

Page 12

 
STONPLAN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023 (unaudited)
6,025,000
2,635,000
(5,342,938)
3,317,062


Comprehensive income for the year

Profit for the year
-
-
1,014,850
1,014,850
Total comprehensive income for the year
-
-
1,014,850
1,014,850


Contributions by and distributions to owners

Shares redeemed during the year
(500,000)
-
-
(500,000)


Total transactions with owners
(500,000)
-
-
(500,000)


At 30 June 2024
5,525,000
2,635,000
(4,328,088)
3,831,912



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022 (unaudited)
6,025,000
2,635,000
3,947,722
12,607,722


Comprehensive income for the year

Loss for the year
-
-
(9,290,660)
(9,290,660)
Total comprehensive income for the year
-
-
(9,290,660)
(9,290,660)


At 30 June 2023 (unaudited)
6,025,000
2,635,000
(5,342,938)
3,317,062


The notes on pages 17 to 32 form part of these financial statements.

Page 13

 
STONPLAN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
Unaudited
2023
£
£

Cash flows from operating activities

Profit for the financial year
639,317
649,527

Adjustments for:

Depreciation of tangible assets
57,639
40,040

Loss/(profit) on disposal of tangible assets
1,406
(36,500)

Interest payable
867
-

Interest receivable
(29,663)
(1,670)

Taxation charge
224,622
126,737

Decrease in stocks
42,894
29,631

(Increase)/decrease in debtors
(42,645)
8,076

Increase/(decrease) in creditors
202,176
(3,531)

Corporation tax paid
(203,891)
(100,000)

Net cash generated from operating activities

892,722
712,310


Cash flows from investing activities

Purchase of tangible fixed assets
(120,629)
(27,467)

Sale of tangible fixed assets
-
36,500

Interest received
29,663
1,670

Net cash (used in)/generated from investing activities

(90,966)
10,703
Page 14

 
STONPLAN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

Redemption of shares
(500,000)
-

Interest paid
(867)
-

Net cash (used in)/generated from financing activities
(500,867)
-

Net increase in cash and cash equivalents
300,889
723,013

Cash and cash equivalents at beginning of year
1,207,238
484,225

Cash and cash equivalents at the end of year
1,508,127
1,207,238


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,508,127
1,207,725

Bank overdrafts
-
(487)

1,508,127
1,207,238


The notes on pages 17 to 32 form part of these financial statements.

Page 15

 
STONPLAN LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023 (unaudited)
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

1,207,725

300,402

1,508,127

Bank overdrafts

(487)

487

-


1,207,238
300,889
1,508,127

The notes on pages 17 to 32 form part of these financial statements.

Page 16

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Stonplan Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 4 The Deans, Bridge Road, Bagshot, Surrey, GU19 5AT.
The principal activity of the company was that of a holding and management services company with subsidiary undertakings engaged in the provision of automotive related products and services, and renting property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The director notes that the Group and Company are trading adequately and have sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of approval of these financial statements. As such, the director believes that there are no significant uncertainties in his assessment of whether, the Group and Company are a going concern and therefore has prepared the accounts on a going concern basis.

Page 17

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 18

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
• Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 19

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Other fixed assets
-
25% reducing balance

Depreciation is not charged on freehold buildings as the director believes the long economic useful and high residual value would render any depreciation immaterial.
The treatment is contrary to the Companies Act 2006, which states that fixed assets should be depreciated. However it is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.
The assets' 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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of comprehensive income.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 20

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the Statement of comprehensive income.

Page 21

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The principle estimates and judgements that could have a significant effect upon the group's financial results relate to:
Estimation of useful lives of assets
The Group determines the estimated useful lives and related depreciation charges for its tangible fixed assets. The useful lives could change significantly as a result of technical innovations or some other event. The depreciation charge will increase where the useful lives are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
Fair value of freehold properties
The annual revaluation of freehold properties is sensitive to the changes in the rental market and the economic climate of the surrounding area. The properties are revalued at fair value by the director each year at the Statement of financial position date.
Provision for impairment of stock
The provision for impairment of stock assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the ageing of stock and other factors that affect stock obsolescence.


4.


Turnover

2024
Unaudited
2023
£
£



Automotive related products and services
14,194,084
14,298,431

Rent receivable
85,431
27,980

14,279,515
14,326,411

All turnover arose within the United Kingdom.

Page 22

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging/(crediting):

2024
Unaudited
2023
£
£

Depreciation
57,639
40,040

Loss/(profit) on sale of tangible assets
1,406
(36,500)


6.


Auditors' remuneration

Fees payable to the Group's auditor for the audit of the annual financial statements in respect of:


2024
Unaudited
2023
£
£

The audit of the Group's financial statements
6,000
-

The audit of subsidiaries' financial statements
17,700
-


7.


Employees

Staff costs were as follows:



Unaudited
2024
2023
£
£


Wages and salaries
964,759
852,873

Social security costs
3,154
3,597

Cost of defined contribution scheme
16,816
10,493

984,729
866,963


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
   Unaudited
2023
        2024
   Unaudited
2023
            No.
            No.
            No.
            No.









Director and administration
48
47
48
47

Page 23

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Director's remuneration

During the year, the director received no remuneration (2023 - £Nil unaudited).




9.


Interest receivable

2024
Unaudited
2023
£
£


Bank interest receivable
29,663
1,670

29,663
1,670


10.


Interest payable and similar expenses

2024
Unaudited
2023
£
£


Bank interest payable
1
-

Other loan interest payable
866
-

867
-

Page 24

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Taxation


2024
Unaudited
2023
£
£

Corporation tax


Current tax on profits for the year
197,829
128,317


197,829
128,317


Total current tax
197,829
128,317

Deferred tax


Origination and reversal of timing differences
26,793
(1,580)

Total deferred tax
26,793
(1,580)


Tax on profit
224,622
126,737

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
Unaudited
2023
£
£


Profit on ordinary activities before tax
863,939
776,264


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
215,985
147,490

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,884
3,967

Capital allowances for year in excess of depreciation
(18,942)
(32,506)

Deferred tax
26,793
(1,580)

Utilisation of losses
(9,098)
-

Difference in tax rates
-
9,366

Total tax charge for the year
224,622
126,737

Page 25

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

There are no significant factors that may affect future tax charges.


12.


Tangible fixed assets

Group






Freehold land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 July 2023 (unaudited)
6,217,471
281,460
21,517
6,520,448


Additions
-
118,629
2,000
120,629


Disposals
-
(170,226)
(2,500)
(172,726)


Revaluations
5,200,000
-
-
5,200,000



At 30 June 2024

11,417,471
229,863
21,017
11,668,351



Depreciation


At 1 July 2023 (unaudited)
167,471
209,996
8,961
386,428


Charge for the year 
-
54,500
3,139
57,639


Disposals
-
(170,226)
(1,094)
(171,320)



At 30 June 2024

167,471
94,270
11,006
272,747



Net book value



At 30 June 2024
11,250,000
135,593
10,011
11,395,604



At 30 June 2023 (unaudited)
6,050,000
71,464
12,556
6,134,020

Page 26

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Tangible fixed assets (continued)

Cost or valuation at 30 June 2024 is as follows:


Freehold land and buildings
£



At cost (unaudited)
At valuation:
4,295,376

30 June 2020 (unaudited)
1,922,095

30 June 2024
5,200,000

11,417,471

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:


2024
Unaudited
2023
£
£

Group


Cost
4,295,376
4,295,376

Net book value
4,295,376
4,295,376


13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023 (unaudited)
102



At 30 June 2024
102




Page 27

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Woodcote Stud Limited
4 The Deans, Bridge Road, Bagshot, Surrey, GU19 5AT
Property rental and storage
Ordinary
100%
Truckhaven (Carnforth) Limited
4 The Deans, Bridge Road, Bagshot, Surrey, GU19 5AT
Automotive related products and services
Ordinary
100%


14.


Stocks

Group
Unaudited
Group
2024
2023
£
£

Finished goods and goods for resale
122,603
165,497

122,603
165,497



15.


Debtors

Group
Unaudited
Group
Company
UnauditedCompany
2024
2023
2024
2023
£
£
£
£


Trade debtors
147,207
160,171
-
432

Amounts owed by group undertakings
-
-
2,954,175
2,992,452

Other debtors
194,061
135,060
2,452
-

Prepayments and accrued income
33,795
37,187
1,795
6,085

375,063
332,418
2,958,422
2,998,969


Page 28

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Cash and cash equivalents

Group
Unaudited
Group
Company
UnauditedCompany
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
1,508,127
1,207,725
921,037
454,672

Less: bank overdrafts
-
(487)
-
-

1,508,127
1,207,238
921,037
454,672


Included within cash at bank and in hand are rent deposits amounting to £17,171 (2023 - £16,800 unaudited). These monies are held in trust on behalf of tenants and as a result are not available for use by the company, except in accordance with the terms of their respective rent deposit deeds.


17.


Creditors: Amounts falling due within one year

Group
Unaudited
Group
Company
Unaudited
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
487
-
-

Trade creditors
370,541
202,660
32,372
-

Corporation tax
70,012
76,074
-
-

Other taxation and social security
151,473
149,842
-
130,381

Other creditors
17,893
17,510
722
710

Accruals and deferred income
160,261
127,980
14,555
5,590

770,180
574,553
47,649
136,681


Included within other creditors are rent deposits amounting to £17,171 (2023 - £16,800 unaudited). These monies are held in trust on behalf of tenants and as a result are not available for use by the company, except in accordance with the terms of their respective rent deposit deeds.

Page 29

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Deferred taxation


Group



2024
Unaudited
2023


£

£






At beginning of year
59,183
60,763


Charged/(credited) to the Statement of comprehensive income
26,793
(1,580)


Charged to Other comprehensive income
(852,491)
-



At end of year
938,467
59,183




The provision for deferred taxation is made up as follows:

Group
UnauditedGroup
2024
2023
£
£

Accelerated capital allowances
19,465
1,770

Potential capital gains tax
1,075,236
222,745

Tax losses carried forward
(156,234)
(165,332)

938,467
59,183


19.


Share capital

2024
Unaudited
2023
£
£
Allotted, called up and fully paid



25,000 Ordinary shares of £1 each
25,000
25,000
5,500,000 (2023 - 6,000,000 unaudited) Preference shares of £1 each
5,500,000
6,000,000

5,525,000

6,025,000

Page 30

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.Share capital (continued)

Holders of preference shares shall receive a fixed non-cumulative dividend at 5% per annum in priority to the ordinary shares. Such dividend shall be payable in a year when; distributable profits for that year are more than £250,000 and there are sufficient distributable profits for such purpose. No dividend or other distribution shall be paid in respect of ordinary shares until the preference shares have been redeemed in full by the company.
On a winding up, preference shareholders will be repaid, in priority to ordinary shareholders, an amount equal to the paid up value of the preference shares plus any arrears of dividends due to the preference shareholders.
The preference shares are redeemable in part or whole at the discretion of the company at par. Only ordinary shares shall confer voting rights.
Only ordinary shares shall confer voting rights.
During the year, 500,000 Preference shares of £1 each were redeemed at par.



20.


Reserves

Share premium account

Share premium includes excess amounts received by a company over the par value of its shares.

Revaluation reserve

This is a non-distributable reserve related to the revaluation of land and buildings included in fixed tangible assets.

Profit and loss account

Profit and loss account includes all current and prior year retained profits and losses.


21.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £16,816 (2023 - £10,493 unaudited). No contributions totaling were payable to the fund at the reporting date.

Page 31

 
STONPLAN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Commitments under operating leases

At 30 June 2024 the Group had future minimum lease receipts due under non-cancellable operating leases for each of the following periods:


Group
Unaudited
Group
2024
2023
£
£

Not later than 1 year
84,000
-

Later than 1 year and not later than 5 years
224,000
-

308,000
-

The Company had no commitments under non-cancellable operating leases at the reporting date.


23.


Related party transactions

The Group has taken advantage of the exemption permitted by FRS102 not to disclose transactions with wholly owned members of the Group.
 
At the year end, the company owed £722 (2023 - £710 unaudited) to a company controlled by the director.


24.


Post balance sheet events

There are no subsequent events that require disclosure or adjustments to the financial statements.


25.


Controlling party

The ultimate controlling party is Mr J P Hallam MBA MSc MA (Oxon), by virtue his shareholding in the Company.

 
Page 32