Farmington Natural Stone Limited 03126135 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of manufacturing stone products. Digita Accounts Production Advanced 6.30.9574.0 true true true true 03126135 2023-07-01 2024-06-30 03126135 2024-06-30 03126135 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 03126135 core:RevaluationPropertyDeferredTax 2024-06-30 03126135 core:RetainedEarningsAccumulatedLosses 2024-06-30 03126135 core:RevaluationReserve 2024-06-30 03126135 core:ShareCapital 2024-06-30 03126135 core:CurrentFinancialInstruments 2024-06-30 03126135 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 03126135 core:Non-currentFinancialInstruments 2024-06-30 03126135 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 03126135 core:FurnitureFittingsToolsEquipment 2024-06-30 03126135 core:LandBuildings 2024-06-30 03126135 core:MotorVehicles 2024-06-30 03126135 bus:SmallEntities 2023-07-01 2024-06-30 03126135 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03126135 bus:FullAccounts 2023-07-01 2024-06-30 03126135 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03126135 bus:RegisteredOffice 2023-07-01 2024-06-30 03126135 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 03126135 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03126135 core:Associate1 2023-07-01 2024-06-30 03126135 core:Associate1 countries:England 2023-07-01 2024-06-30 03126135 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 03126135 core:LandBuildings 2023-07-01 2024-06-30 03126135 core:MotorVehicles 2023-07-01 2024-06-30 03126135 core:PlantMachinery 2023-07-01 2024-06-30 03126135 core:ParentEntities 2023-07-01 2024-06-30 03126135 core:Subsidiary1 2023-07-01 2024-06-30 03126135 core:Subsidiary1 countries:England 2023-07-01 2024-06-30 03126135 core:Subsidiary2 2023-07-01 2024-06-30 03126135 core:Subsidiary2 countries:England 2023-07-01 2024-06-30 03126135 core:Subsidiary3 2023-07-01 2024-06-30 03126135 core:Subsidiary3 countries:England 2023-07-01 2024-06-30 03126135 countries:EnglandWales 2023-07-01 2024-06-30 03126135 2023-06-30 03126135 core:FurnitureFittingsToolsEquipment 2023-06-30 03126135 core:LandBuildings 2023-06-30 03126135 core:MotorVehicles 2023-06-30 03126135 2022-07-01 2023-06-30 03126135 2023-06-30 03126135 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 03126135 core:RevaluationPropertyDeferredTax 2023-06-30 03126135 core:RetainedEarningsAccumulatedLosses 2023-06-30 03126135 core:RevaluationReserve 2023-06-30 03126135 core:ShareCapital 2023-06-30 03126135 core:CurrentFinancialInstruments 2023-06-30 03126135 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03126135 core:Non-currentFinancialInstruments 2023-06-30 03126135 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 03126135 core:FurnitureFittingsToolsEquipment 2023-06-30 03126135 core:LandBuildings 2023-06-30 03126135 core:MotorVehicles 2023-06-30 03126135 core:Associate1 2022-07-01 2023-06-30 03126135 core:Subsidiary1 2022-07-01 2023-06-30 03126135 core:Subsidiary2 2022-07-01 2023-06-30 03126135 core:Subsidiary3 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 03126135

Prepared for the registrar

Farmington Natural Stone Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Farmington Natural Stone Limited

(Registration number: 03126135)
Balance Sheet as at 30 June 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

1,785,731

1,829,611

Investment property

5

4,126,500

4,126,500

Investments

6

776

776

 

5,913,007

5,956,887

Current assets

 

Stocks

120,459

251,947

Debtors

7

1,295,806

1,097,243

Cash at bank and in hand

 

843,265

246,026

 

2,259,530

1,595,216

Creditors: Amounts falling due within one year

8

(2,439,318)

(1,641,941)

Net current liabilities

 

(179,788)

(46,725)

Total assets less current liabilities

 

5,733,219

5,910,162

Creditors: Amounts falling due after more than one year

8

(249,059)

(362,888)

Deferred tax liabilities

 

(995,215)

(825,156)

Net assets

 

4,488,945

4,722,118

Capital and reserves

 

Called up share capital

355

355

Revaluation reserve

1,112,217

1,261,651

Profit and loss account

3,376,373

3,460,112

Total equity

 

4,488,945

4,722,118

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 March 2025 and signed on its behalf by:
 


R R Barrow
Company secretary and director

 

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Farmington Quarry
Northleach
Cheltenham
GL54 3NZ

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

 

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Asset class

Depreciation method and rate

Land and buildings

50 years straight line basis

Plant and machinery

10% and 25% on cost per annum

Motor vehicles

25% on cost per annum

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

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 method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,658,232

1,371,033

155,056

3,184,321

Additions

78,765

238,132

21,995

338,892

Disposals

-

(343,750)

-

(343,750)

At 30 June 2024

1,736,997

1,265,415

177,051

3,179,463

Depreciation

At 1 July 2023

372,784

878,727

103,199

1,354,710

Charge for the year

38,401

93,102

26,966

158,469

Eliminated on disposal

-

(119,447)

-

(119,447)

At 30 June 2024

411,185

852,382

130,165

1,393,732

Carrying amount

At 30 June 2024

1,325,812

413,033

46,886

1,785,731

At 30 June 2023

1,285,448

492,306

51,857

1,829,611

Included within the net book value of land and buildings above is £1,325,812 (2023 - £1,285,448) in respect of freehold land and buildings.
 

 

5

Investment properties

2024
£

At 1 July 2023 and 30 June 2024

4,126,500

The value of investment properties has been estimated by the directors based on information provided by an external valuation expert.

 

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

6

Investments

2024
£

2023
£

Investments in subsidiaries

776

776

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Farmington Services Limited

Ordinary

100%

100%

 

England

     

Farmington Masonry Services Limited

Ordinary

100%

100%

 

England

     

Farmington Estates Limited

Ordinary

100%

100%

 

England

     

Interest in Limited Liability Partnership

Farmington Masonry LLP

 

Designated member

50%

50%

 

England

     

At 30 June 2024, Farmington Services Limited had net assets of £13,977 (2023: £146).

At 30 June 2024, Farmington Masonry LLP had net assets of £nil (2023: £nil).

 

7

Debtors

2024
 £

2023
 £

Trade debtors

977,469

761,032

Amounts owed by related parties

266,048

255,335

Other debtors

-

31,715

Prepayments

52,289

49,161

 

1,295,806

1,097,243

 

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

10

133,972

164,511

Trade creditors

 

409,709

446,785

Amounts due to related parties

 

1,606,168

788,599

Social security and other taxes

 

48,916

-

Other creditors

 

93,850

90,900

Accrued expenses

 

6,508

21,529

Corporation tax liability

140,195

129,617

 

2,439,318

1,641,941

Due after one year

 

Loans and borrowings

10

249,059

362,888

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

128,618

Gains on property

866,597

995,215

2024

Liability
£

Accelerated capital allowances

163,029

Gains on property

866,597

1,029,626

 

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

35,673

96,500

Bank overdrafts

1,009

5,643

HP and finance lease liabilities

79,984

57,004

Other borrowings

17,306

5,364

133,972

164,511

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

208,004

362,888

HP and finance lease liabilities

41,055

-

249,059

362,888

The loans are secured against the properties to which they relate.

 

Farmington Natural Stone Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

 

11

Related party transactions

The company sold supplies and received a management charge from Farmington Masonry LLP, a limited liability partnership in which the company is a designated member of £2,167,987 (2023 - £2,033,457) and £230,000 (2023 - £230,000) respectively in the year. At the year end the limited liability partnership was owed £1,233,673 (2023 - £737,091) on its members loan account and was owed £977,469 (2023 - £761,032) in trade debtors and owed £87,432 (2023: £87,342) in trade creditors in relation with the LLP.

During the year, the company incurred management charges of £904,129 (2023 - £825,849), received management charges of £20,000 (2023 - 20,000) and received a dividend of £61,500 (2023 - £56,000) from Farmington Services Limited. At the balance sheet date the amount due to Farmington Services Limited was £31,446 (2022 - £41,508).