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Registered number: 10334085
Stonebuild Developments Limited
Financial Statements
For The Year Ended 31 March 2024
Lee & Associates (1993) Limited
Chartered Certified Accountants
114 Colindale Avenue
Colindale
London
NW9 5GX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10334085
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 183,000 244,000
Tangible Assets 5 938,601 939,936
Investments 6 2 2
1,121,603 1,183,938
CURRENT ASSETS
Stocks 7 1,487,472 1,326,050
Debtors 8 253,496 (321,628 )
Cash at bank and in hand 1,842 7,914
1,742,810 1,012,336
Creditors: Amounts Falling Due Within One Year 9 (2,225,629 ) (1,435,551 )
NET CURRENT ASSETS (LIABILITIES) (482,819 ) (423,215 )
TOTAL ASSETS LESS CURRENT LIABILITIES 638,784 760,723
Creditors: Amounts Falling Due After More Than One Year 10 (809,252 ) (867,177 )
NET LIABILITIES (170,468 ) (106,454 )
CAPITAL AND RESERVES
Called up share capital 11 201,825 201,825
Profit and Loss Account (372,293 ) (308,279 )
SHAREHOLDERS' FUNDS (170,468) (106,454)
Page 1
Page 2
For the year ending 31 March 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
Mr Vatsal Amin
Director
27/03/2025
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
Stonebuild Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10334085 . The registered office is 114 Colindale Avenue, Colindale, London, NW9 5GX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Freehold Over 100 years
Fixtures & Fittings 25% reducing balance method
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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 liabilities are generally recognised for all taxable timing differences. 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 610,000
As at 31 March 2024 610,000
Amortisation
As at 1 April 2023 366,000
Provided during the period 61,000
As at 31 March 2024 427,000
Net Book Value
As at 31 March 2024 183,000
As at 1 April 2023 244,000
5. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 950,064 4,448 954,512
Additions - 1,084 1,084
As at 31 March 2024 950,064 5,532 955,596
Depreciation
As at 1 April 2023 11,682 2,894 14,576
Provided during the period 1,947 472 2,419
As at 31 March 2024 13,629 3,366 16,995
Net Book Value
As at 31 March 2024 936,435 2,166 938,601
As at 1 April 2023 938,382 1,554 939,936
Page 4
Page 5
6. Investments
Unlisted
£
Cost
As at 1 April 2023 2
As at 31 March 2024 2
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 2
As at 1 April 2023 2
7. Stocks
2024 2023
£ £
Finished goods 1,487,472 1,326,050
8. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings - 461,956
Amounts owed by participating interests 253,496 (783,584)
253,496 (321,628 )
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 10,185
Bank loans and overdrafts 44,550 44,550
Amounts owed to group undertakings 29,200 -
Amounts owed to participating interests 1,127,805 -
Other creditors 914,984 1,280,112
Taxation and social security 109,090 100,704
2,225,629 1,435,551
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 809,252 867,177
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 201,825 201,825
Page 6