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Registration number: 04522829

Ardosia Slate Company Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Ardosia Slate Company Ltd

Contents

Company Information

1

Directors' Report

2

Abridged Profit and Loss Account

3

Abridged Balance Sheet

4 to 5

Notes to the Unaudited Abridged Financial Statements

6 to 12

 

Ardosia Slate Company Ltd

Company Information

Directors

Mr. S Pugsley

Mr DW Agnew

Mrs V Pugsley

Registered office

Kingford House
Longmead
Lynton
Devon
EX35 6DQ

Accountants

CRW Accountants Ltd
The Mews
Queen Street
Colyton
Devon
EX24 6JU

 

Ardosia Slate Company Ltd

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the abridged financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr. S Pugsley

Mr DW Agnew

Mrs V Pugsley

Principal activity

The principal activity of the company is provision of fitting of quality roof tiles, and other slate products

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

.........................................
Mr. S Pugsley
Director

 

Ardosia Slate Company Ltd

Abridged Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Gross profit

 

358,812

296,075

Administrative expenses

 

(147,350)

(178,525)

Other interest receivable and similar income

 

14,542

4,082

Profit before tax

226,004

121,632

Tax on profit

 

(49,764)

(32,736)

Profit for the financial year

 

176,240

88,896

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ardosia Slate Company Ltd

(Registration number: 04522829)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

130,457

94,795

Current assets

 

Stocks

6

32,500

56,000

Debtors

7

1,330,677

268,861

Cash at bank and in hand

 

255,768

744,625

 

1,618,945

1,069,486

Creditors: Amounts falling due within one year

(534,219)

(115,408)

Net current assets

 

1,084,726

954,078

Total assets less current liabilities

 

1,215,183

1,048,873

Provisions for liabilities

(32,528)

(32,528)

Accruals and deferred income

 

(2,538)

(2,468)

Net assets

 

1,180,117

1,013,877

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,179,117

1,012,877

Shareholders' funds

 

1,180,117

1,013,877

For the financial year ending 31 August 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 May 2025 and signed on its behalf by:
 

 

Ardosia Slate Company Ltd

(Registration number: 04522829)
Abridged Balance Sheet as at 31 August 2024

.........................................
Mr. S Pugsley
Director

 

Ardosia Slate Company Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 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:
Kingford House
Longmead
Lynton
Devon
EX35 6DQ

The principal place of business is:
Unit1 Larks Way
Tree Beach Enterprise Park
Gunn
Barnstaple
Devon
EX32 7NZ
UK

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 abridged 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 abridged 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.

 

Ardosia Slate Company Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current 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.

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

Land and buildings

25% Reducing Balance Basis

Motor vehicles

25% Reducing Balance Basis

Plant and machinery

25% Reducing Balance Basis

Office equipment

25% Reducing Balance Basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

Ardosia Slate Company Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

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.

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

Ardosia Slate Company Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

4

Intangible assets

Total
£

Cost or valuation

At 1 September 2023

7,500

At 31 August 2024

7,500

Amortisation

At 1 September 2023

7,500

At 31 August 2024

7,500

Carrying amount

At 31 August 2024

-

 

Ardosia Slate Company Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

20,000

20,824

39,731

168,121

365,366

614,042

Additions

-

11,709

1,081

-

33,059

45,849

At 31 August 2024

20,000

32,533

40,812

168,121

398,425

659,891

Depreciation

At 1 September 2023

-

18,973

34,241

153,577

312,456

519,247

Charge for the year

-

3,092

(135)

2,886

4,344

10,187

At 31 August 2024

-

22,065

34,106

156,463

316,800

529,434

Carrying amount

At 31 August 2024

20,000

10,468

6,706

11,658

81,625

130,457

At 31 August 2023

20,000

1,851

5,490

14,544

52,910

94,795

Included within the net book value of land and buildings above is £20,000 (2023 - £20,000) in respect of freehold land and buildings.
 

 

Ardosia Slate Company Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

6

Stocks

2024
£

2023
£

Work in progress

-

7,000

Other inventories

32,500

49,000

32,500

56,000

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Related party transactions

 

Ardosia Slate Company Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

23,519

18,392

Contributions paid to money purchase schemes

30,000

30,000

53,519

48,392