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Registration number: 2337719

Cotswold Stone Quarries Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Cotswold Stone Quarries Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Cotswold Stone Quarries Limited

Company Information

Director

Mr NJ Palmer

Registered office

111/113 High Street
Evesham
Worcestershire
WR11 4XP

Solicitors

Charles Russell LLP
Compass House
Lypiatt Road
Cheltenham
Gloucestershire
GL50 2QJ

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Cotswold Stone Quarries Limited

(Registration number: 2337719)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

883,200

935,408

Current assets

 

Stocks

5

30,256

40,571

Debtors

6

470,668

204,034

Cash at bank and in hand

 

595,567

866,458

 

1,096,491

1,111,063

Creditors: Amounts falling due within one year

7

(312,610)

(391,111)

Net current assets

 

783,881

719,952

Total assets less current liabilities

 

1,667,081

1,655,360

Creditors: Amounts falling due after more than one year

7

(29,039)

(26,378)

Provisions for liabilities

(206,851)

(217,263)

Net assets

 

1,431,191

1,411,719

Capital and reserves

 

Called up share capital

80

80

Revaluation reserve

232,475

303,136

Retained earnings

1,198,636

1,108,503

Shareholders' funds

 

1,431,191

1,411,719

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 April 2025
 

 

Cotswold Stone Quarries Limited

(Registration number: 2337719)
Balance Sheet as at 31 July 2024

.........................................
Mr NJ Palmer
Director

 

Cotswold Stone Quarries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
111/113 High Street
Evesham
Worcestershire
WR11 4XP
England

The principal place of business is:
Tinkers Barn
Temple Guiting
Cheltenham
Gloucestershire
GL54 5UF
United Kingdom

These financial statements were authorised for issue by the director on 14 April 2025.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Cotswold Stone Quarries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

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

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Long leasehold property

Over the life of the lease

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.

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.

Borrowings

 

Cotswold Stone Quarries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2023 - 23).

 

Cotswold Stone Quarries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Included within the net book value of land and buildings above is £404,698 (2023 - £485,637) in respect of long leasehold land and buildings.
 

 

Cotswold Stone Quarries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 August 2023

1,442,951

52,448

1,170,873

120,241

Additions

-

-

112,602

64,664

Disposals

-

-

(60,350)

(6,560)

At 31 July 2024

1,442,951

52,448

1,223,125

178,345

Depreciation

At 1 August 2023

957,314

49,331

770,780

73,680

Charge for the year

80,939

779

87,277

28,412

Eliminated on disposal

-

-

(29,568)

(5,275)

At 31 July 2024

1,038,253

50,110

828,489

96,817

Carrying amount

At 31 July 2024

404,698

2,338

394,636

81,528

At 31 July 2023

485,637

3,117

400,093

46,561

Total
£

Cost or valuation

At 1 August 2023

2,786,513

Additions

177,266

Disposals

(66,910)

At 31 July 2024

2,896,869

Depreciation

At 1 August 2023

1,851,105

Charge for the year

197,407

Eliminated on disposal

(34,843)

At 31 July 2024

2,013,669

Carrying amount

At 31 July 2024

883,200

At 31 July 2023

935,408

 

Cotswold Stone Quarries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Stocks

2024
£

2023
£

Other inventories

30,256

40,571

6

Debtors

Current

2024
£

2023
£

Trade debtors

95,439

160,387

Prepayments

32,038

31,064

Other debtors

343,191

12,583

 

470,668

204,034

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

44,616

71,515

Trade creditors

 

62,360

89,846

Taxation and social security

 

167,935

194,711

Accruals and deferred income

 

31,881

26,081

Other creditors

 

5,818

8,958

 

312,610

391,111

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

29,039

26,378

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Surplus/deficit on revaluation of other assets

70,662

70,662

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Cotswold Stone Quarries Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Retained earnings
£

Total
£

Surplus/deficit on revaluation of other assets

70,662

70,662

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,557

10,043

Hire purchase contracts

19,482

-

Other borrowings

-

16,335

29,039

26,378

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,298

19,855

Hire purchase contracts

17,983

-

Other borrowings

16,335

51,660

44,616

71,515