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Company Registration number: 05955585

ASKINS & LITTLE STONEMASONRY SPECIALISTS
LIMITED

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2024

 

Askins & Little Stonemasonry Specialists Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Askins & Little Stonemasonry Specialists Limited

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

54,375

64,140

Investment property

6

209,652

209,652

 

264,027

273,792

Current assets

 

Stocks

7

191,173

202,329

Debtors

8

29,786

21,324

Cash at bank and in hand

 

297,534

463,772

 

518,493

687,425

Creditors: Amounts falling due within one year

9

(110,822)

(184,968)

Net current assets

 

407,671

502,457

Net assets

 

671,698

776,249

Capital and reserves

 

Called up share capital

500

500

Capital redemption reserve

500

500

Retained earnings

670,698

775,249

Shareholders' funds

 

671,698

776,249

 

Askins & Little Stonemasonry Specialists Limited

Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 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 and 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.

Company registration number: 05955585

Approved and authorised by the director on 17 July 2025
 

.........................................
Mr I T Askins
Director

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 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:
Roma House
Fell Lane
Penrith
CA11 8AQ

These financial statements were authorised for issue by the director on 17 July 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

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.

No depreciation has been provided for on the freehold property as this is kept in a sound state of repair and in the opinion of the directors the residual value is so high and the useful economic life so long that the depreciation charge would be immaterial. This is not in accordance with FRS 102 however this is required in order to give a true and fair view.
 

Asset class

Depreciation method and rate

Tools and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Fixtures and fittings

15% reducing balance

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.

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

14 years straight line

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

140,000

140,000

At 31 December 2024

140,000

140,000

Amortisation

At 1 January 2024

140,000

140,000

At 31 December 2024

140,000

140,000

Carrying amount

At 31 December 2024

-

-

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

5

TANGIBLE ASSETS

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

1,610

72,274

33,217

51,525

158,626

Additions

-

-

2,868

3,400

6,268

At 31 December 2024

1,610

72,274

36,085

54,925

164,894

Depreciation

At 1 January 2024

1,003

32,172

29,410

31,902

94,487

Charge for the year

91

10,026

2,580

3,335

16,032

At 31 December 2024

1,094

42,198

31,990

35,237

110,519

Carrying amount

At 31 December 2024

516

30,076

4,095

19,688

54,375

At 31 December 2023

607

40,102

3,807

19,624

64,140

 

Askins & Little Stonemasonry Specialists Limited

Notes to the financial statements for the Year Ended 31 December 2024 (continued)

6

INVESTMENT PROPERTIES

2024
£

2023
£

At 1 January

209,652

209,652

At 31 December

209,652

209,652

7

STOCKS

2024
£

2023
£

Work in progress

70,579

81,274

Stocks

120,594

121,055

191,173

202,329

8

DEBTORS

Current

2024
£

2023
£

Trade debtors

28,310

16,657

Prepayments

1,476

1,012

Other debtors

-

3,655

 

29,786

21,324

9

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,574

8,732

Taxation and social security

11,790

18,780

Accruals and deferred income

4,784

6,756

Other creditors

92,674

150,700

110,822

184,968