Registration number: 05220945

Modular Granite Ltd

trading as South Coast Stone

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 10

Modular Granite Ltd

trading as South Coast Stone

Company Information

Director

Mr A Croce

Registered office

3 Cowley Road Nuffield Industrial Estate Poole Dorset BH17 0UJ

Accountants

Deborah Rees ACMA AIMS Accountants for Business5 Benedict Close Romsey Hampshire SO51 8PN

Modular Granite Ltd

trading as South Coast Stone

(Registration number: 05220945)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	252,409	282,877
Current assets
Stocks	5	410,000	315,906
Debtors	6	714,094	722,761
Cash at bank and in hand		66,755	35,925
		1,190,849	1,074,592
Creditors: Amounts falling due within one year	7	(435,026)	(517,357)
Net current assets		755,823	557,235
Total assets less current liabilities		1,008,232	840,112
Creditors: Amounts falling due after more than one year	7	(73,830)	(48,877)
Provisions for liabilities		(215,275)	(84,547)
Net assets		719,127	706,688
Capital and reserves
Called up share capital	8	100	100
Retained earnings		719,027	706,588
Shareholders' funds		719,127	706,688

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 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 director on 30 September 2025
 

Mr A Croce
Director

Modular Granite Ltd

trading as South Coast Stone

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

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3 Cowley Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0UJ

These financial statements were authorised for issue by the director on 30 September 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Modular Granite Ltd

trading as South Coast Stone

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 basis
Fixtures and fittings	20% reducing balance basis
Motor vehicles	20% reducing balance basis
Office equipment	20% reducing balance basis
Short Leasehold	6 years Straight Line

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.

Modular Granite Ltd

trading as South Coast Stone

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Modular Granite Ltd

trading as South Coast Stone

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

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 12 (2023 - 12).

Modular Granite Ltd

trading as South Coast Stone

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

4	Tangible assets

	Short leasehold £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	4,666	59,062	546,228	14,398	186,128	810,482
Additions	-	146	-	2,414	32,238	34,798
Disposals	-	-	-	-	(2,248)	(2,248)
At 31 December 2024	4,666	59,208	546,228	16,812	216,118	843,032
Depreciation
At 1 January 2024	4,666	50,539	371,068	7,084	94,248	527,605
Charge for the year	-	1,717	35,032	1,879	24,839	63,467
Eliminated on disposal	-	-	-	-	(449)	(449)
At 31 December 2024	4,666	52,256	406,100	8,963	118,638	590,623
Carrying amount
At 31 December 2024	-	6,952	140,128	7,849	97,480	252,409
At 31 December 2023	-	8,523	175,160	7,314	91,880	282,877

5

Stocks

	2024 £	2023 £
Work in progress	110,000	112,436
Other inventories	300,000	203,470
	410,000	315,906

6

Debtors

Current	2024 £	2023 £
Trade debtors	576,945	617,785
Other debtors	137,149	104,976
	714,094	722,761

Modular Granite Ltd

trading as South Coast Stone

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	28,742	14,173
Trade creditors		157,900	301,215
Taxation and social security		190,934	149,690
Other creditors		57,450	52,279
		435,026	517,357

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	9	73,830	48,877

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

Modular Granite Ltd

trading as South Coast Stone

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

9	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	15,719	11,841
Finance lease liabilities	48,250	16,963
Other borrowings	9,861	20,073
	73,830	48,877

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	18,694	4,325
Other borrowings	10,048	9,848
	28,742	14,173

10

Dividends

Interim dividends paid

		2024 £		2023 £
Interim dividend of £1,135.00 (2023 - £1,150.00) per each Ordinary shares		113,500		115,000

Modular Granite Ltd

trading as South Coast Stone

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

11	Related party transactions

During the period the director's current was overdrawn, it is expected for this to be repaid in 2025/26. Interest is being charged on the outstanding balance.

Transactions with the director

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Mr A Croce
Directors current account	60,421	179,209	(113,500)	126,130

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Mr A Croce
Directors current account	16,694	158,727	(115,000)	60,421