Company No:
Contents
| DIRECTORS | James Grant Laird |
| Anna Stewart Thomas | |
| Hayden Robert Thomas |
| SECRETARY | Anna Stewart Thomas |
| REGISTERED OFFICE | Whinneyknowe |
| Old Brechin Road | |
| Forfar | |
| DD8 3DX | |
| United Kingdom |
| COMPANY NUMBER | SC296727 (Scotland) |
| AUDITOR | Findlays Audit Limited |
| Statutory Auditor | |
| 11 Dudhope Terrace | |
| Dundee | |
| DD3 6TS | |
| Scotland |
| BANKERS | Santander |
| Ground Floor | |
| 301 St Vincent Street | |
| Glasgow | |
| G2 5HN | |
| Scotland |
The directors present their Strategic Report for the financial year ended 28 February 2025.
REVIEW OF THE BUSINESS
The directors consider that the company has achieved satisfactory results within the year despite a reduction in gross profit and net profit.
The balance sheet shows that the net asset position for the year has increased from £5.04m to £5.1m due to the profit achieved in this period. Cash at bank and in hand has decreased however with this directly linked to the development of the quarry at Slipperfield.
The directors on the whole view the 2025 audited financial statements positively and remain positive over the company's prospects going forward.
KEY PERFORMANCE INDICATORS ('KPIS')
The directors consider financial key performance indicators to be turnover, gross profit, profit before taxation and net assets.
PRINCIPAL RISKS AND UNCERTAINTIES
The company’s current activities are subject to a number of risks. The main business risk currently affecting the company is the high levels of inflation with the UK causing rise in material prices and the effects this has on demand for our products and services. The company also considers the ongoing development of its new quarry and the financial and environmental risks associated with this and is keen to mitigate this risk where possible. The business has significant reserves which provide ample liquidity to trade and are not bound by material external debt, which offers the directors a level of flexibility in strategic decision making.
FUTURE DEVELOPMENTS
The directors expect the general level of activity to remain consistent with 2025 in the forthcoming financial year. This is as a result of the opening of a sand and gravel quarry which is expected to have a positive impact on the turnover and profitability of the business. The company will look to build on existing relationships with customers and suppliers and the directors remain confident that the company will continue to remain profitable and present a strong balance sheet position.
Approved by the Board of Directors and signed on its behalf by:
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Hayden Robert Thomas
Director |
Anna Stewart Thomas
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 28 February 2025.
PRINCIPAL ACTIVITIES
GOING CONCERN
REVIEW OF THE BUSINESS
Turnover for the financial year amounted to £14,293,423 (2024: £14,206,684). The Company earned a profit after taxation totalling £436,634 (2024: £706,030).
The net current asset position of the Company as at the financial year end amounted to £2,199,734 (2024: net current asset £2,955,212).
The net asset position of the Company as at the financial year end amounted to £5,226,268 (2024: net asset £5,044,736).
DIVIDENDS
The directors paid a dividend of £255,102 in the current financial year (2024: £167,041).
FUTURE DEVELOPMENTS
Details of future developments can be found in the Strategic Report.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The directors have taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Findlays have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Hayden Robert Thomas
Director |
Anna Stewart Thomas
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of Stonepack Limited (the ‘company’) for the year ended 28 February 2025 which comprise a statement of income and retained earnings, a balance sheet, a statement of cashflows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard including, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements of Stonepack Ltd (the ‘Company’):
* Give a true and fair view of the state of the company’s affairs as at 28 February 2025, and of its profit for the year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Practice; and
* Have been prepared in accordance with the requirements of Companies Act 2006
We conducted our audit in accordance with International Standards on Auditing (UK), (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant section of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon, Our and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, base on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The strategic report and the directors’ report has been prepared in accordance with applicable legal requirements
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are no in agreement with the accounting records and return; or
* Certain disclosures of directors’ remuneration specified by law are no made; or
* We have not received all the information and explanations we require for our audit
Responsibilities of directors
As explained more fully in the directors’ responsibilities statements, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary o enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to ease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The audit team has appropriate skills and expertise required and through discussions with the Directors, knowledge of the sector to ensure any non-compliance is recognised and all necessary disclosures are made. The controls in place help the Company mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
* Making enquiries of management about known or suspected instances of non-compliance with laws and regulations, including GDPR, healthy and safety, employment law and fraud.
* Making enquiries of management as to where they consider there is a susceptibility to fraud and their knowledge of how actual, suspected and alleged fraud might occur.
* Review of correspondence with regulators including HMRC.
* Challenging assumptions and judgement made by management in their significant accounting estimates.
* Auditing the risk of management override of controls, including through the testing of journal entries and other judgement for appropriateness.
* Review any areas where there is potential management bias, large and unusual transactions and the risk of undisclosed related parties.
* Performing analytical procedures to identify any unusual transactions.
Because of the field in which the company operates in, we identified the following areas as those most likely to have an impact on the financial statements:
Direct impact on financial statements:
* Companies Act 2006
* FRS 102
* Corporate tax laws
* VAT laws
Indirect impact on financial statements:
* Employment laws
* Health and Safety Act
* GDPR
* Driver Training and Time Regulations
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collision, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statement is located on the Financial Reporting Council’s website at: https:/www.frc.org.uk/auditorsresponsibilities this description forms part of the auditor’s report.
Findlays Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for out audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
Dundee
DD3 6TS
Scotland
| Note | 2025 | 2024 | ||
| £ | £ | |||
| Turnover | 3 |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Operating profit |
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| Interest receivable and similar income |
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| Interest payable and similar expenses | (
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| Profit before taxation | 4 |
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| Tax on profit | 8 | (
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| Profit for the financial year |
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| Retained earnings at the beginning of financial year |
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| Profit for the financial year |
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| Dividends declared and paid | (
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| Retained earnings at the end of financial year |
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| Note | 2025 | 2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 9 |
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| 3,527,365 | 2,458,099 | |||
| Current assets | ||||
| Stocks | 10 |
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| Debtors | 11 |
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| Cash at bank and in hand |
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| 3,810,648 | 4,396,627 | |||
| Creditors: amounts falling due within one year | 12 | (
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| Net current assets | 2,199,734 | 2,955,212 | ||
| Total assets less current liabilities | 5,727,099 | 5,413,311 | ||
| Creditors: amounts falling due after more than one year | 13 |
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| Provision for liabilities | 14 | (
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| Net assets | 5,226,268 | 5,044,736 | ||
| Capital and reserves | 17 | |||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds | 5,226,268 | 5,044,736 |
The financial statements of Stonepack Ltd (registered number:
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Hayden Robert Thomas
Director |
Anna Stewart Thomas
Director |
| 2025 | 2024 | ||
| £ | £ | ||
| Net cash flows from operating activities (note 19) |
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| Cash flows from investing activities | |||
| Proceeds from sale of plant and machinery |
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| Purchase of plant and machinery | (
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| Dividends paid | (255,102) | (167,041) | |
| Net cash flows from investing activities | (
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| Cash flows from financing activities | |||
| Repayments of borrowings | (
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| Net cash flows from financing activities | (
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| Net (decrease) in cash and cash equivalents | (
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| Cash and cash equivalents at beginning of year |
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| Cash and cash equivalents at end of year |
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| Reconciliation to cash at bank and in hand: | |||
| Cash at bank and in hand at end of year |
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| Cash and cash equivalents at end of year |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Stonepack Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Whinneyknowe, Old Brechin Road, Forfar, DD8 3DX, United Kingdom.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The Company’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report. The Directors’ Report describes the financial position of the Company; its cash flows, liquidity position and borrowing facilities; the Company’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
For defined contribution schemes the amounts charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits are the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
| Land and buildings | not depreciated |
| Plant and machinery |
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Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Non-financial assets
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and bank balances are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the Company’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
The Company provides for defective stock and stock losses. The amount recognised as a provision is the best estimate of the stock write off required based on historical experience and current evidence available.
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
In assessing the recoverability of debtors, amounts falling due within one year, the directors have made the assumption that any impairment resulting from the non-recoverability of the debtors owed to the Company will not be in excess of the bad debt provision that has been put in place. The directors believe that the bad debt provision represents an appropriate estimate and as a result no further provisioning is required. The provision is based on reviews of specific balances, including, historic collectability and the aging of the balance.
Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.
Breakdown by business class
An analysis of the Company's turnover by class of business is set out below.
| 2025 | 2024 | ||
| £ | £ | ||
| Own produce sales | 14,293,423 | 14,206,684 |
Turnover is wholly attributable to the principal activity of the Company and arises solely within the United Kingdom.
Profit before taxation is stated after charging/(crediting):
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets (note 9) |
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| Operating lease rentals |
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| Gain on disposal of fixed assets | (
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An analysis of the auditor's remuneration is as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 10,000 | 10,000 | |
| Total audit fees |
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| 2025 | 2024 | ||
| Number | Number | ||
| The average monthly number of employees (including directors) was: | |||
| Management |
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| Workforce |
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Their aggregate remuneration comprised:
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| £ | £ | ||
| Wages and salaries |
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| Social security costs |
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| Other retirement benefit costs |
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| 1,553,135 | 1,436,971 |
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' emoluments |
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| 2025 | 2024 | ||
| Number | Number | ||
| Members of a defined benefit pension scheme |
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| 2025 | 2024 | ||
| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
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| Adjustments in respect of prior years | |||
| UK corporation tax |
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| Total current tax |
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| Deferred tax | |||
| Origination and reversal of timing differences |
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| Adjustments in respect of prior periods | 0 | (17,776) | |
| Total deferred tax |
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| Total tax on profit |
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The tax assessed for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK:
| 2025 | 2024 | ||
| £ | £ | ||
| Profit before taxation | 587,007 | 888,892 | |
| Tax on profit at standard UK corporation tax rate of 25% (2024: 24.49%) |
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| Effects of: | |||
| Expenses not deductible for tax purposes |
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| Adjustments in respect of prior years |
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| Fixed asset timing differences | 311 | (11) | |
| Adjustments in respect of prior years - deferred tax | 0 | (21,934) | |
| Remeasurement of deferred tax for charges in tax rates | 0 | 4,114 | |
| Other movement | 38 | 16 | |
| Marginal relief | 0 | (2,196) | |
| Total tax charge for year | 150,373 | 182,862 |
| Land and buildings |
Plant and machinery | Vehicles | Office equipment | Total | |||||
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| Cost | |||||||||
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| Disposals |
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| At 28 February 2025 |
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| Accumulated depreciation | |||||||||
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| Disposals |
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| At 28 February 2025 |
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| Net book value | |||||||||
| At 28 February 2025 | 1,252,029 | 1,721,935 | 548,879 | 4,522 | 3,527,365 | ||||
| At 29 February 2024 | 647,734 | 1,212,443 | 588,675 | 9,247 | 2,458,099 |
| 2025 | 2024 | ||
| £ | £ | ||
| Stocks |
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| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| 2025 | 2024 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts |
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|
|
| Directors loans (note 20) |
|
|
|
| Trade creditors |
|
|
|
| Payroll taxes payable |
|
|
|
| VAT |
|
|
|
| Accruals |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts |
|
|
| Finance leases | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 18,117 | 41,645 |
| Directors loans | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| Between two and five years |
|
|
|
| After five years |
|
|
|
|
|
|
||
| On demand or within one year |
|
|
|
| 10,207 | 8,492 |
| Total borrowings including finance leases | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Between one and two years |
|
|
|
| On demand or within one year |
|
|
|
| 28,324 | 50,137 |
| Deferred taxation | Total | ||
| £ | £ | ||
| At 01 March 2024 |
|
350,458 | |
| Charged to the Statement of Income and Retained Earnings |
|
150,373 | |
| At 28 February 2025 |
|
500,831 | |
Deferred tax
| 2025 | 2024 | ||
| £ | £ | ||
| Accelerated capital allowances |
|
|
|
| Tax losses available | (
|
|
|
| Other timing differences | (
|
(
|
|
| Provision for deferred tax |
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| Charged to the Statement of Income and Retained Earnings | (
|
(
|
|
| At the end of financial year | (
|
(
|
The carrying values of the Company’s financial assets and liabilities are summarised by category below:
| 2025 | 2024 | ||
| £ | £ | ||
| Financial assets | |||
| Measured at undiscounted amount receivable | |||
| Trade debtors (note 11) |
|
|
|
| Financial liabilities | |||
| Measured at amortised cost | |||
| Bank loans and other loans | (
|
(
|
|
| Measured at undiscounted amount payable | |||
| Trade creditors (note 12) | (
|
(
|
|
| Other payables (note 12) | (
|
(
|
|
| Amounts owed to directors (note 12) | (
|
(
|
|
| (1,445,824) | (1,329,218) |
| 2025 | 2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
|
|
|
|
|
| Presented as follows: | |||
| Called-up share capital presented as equity | 100 | 100 |
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
Commitments
Capital commitments are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| Contracted for but not provided for: | |||
| Tangible fixed assets | 132,521 | 436,565 |
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £ | £ | ||
| within one year |
|
|
|
| between one and five years |
|
|
|
| after five years |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £ | £ | ||
| Operating profit |
|
|
|
| Adjustment for: | |||
| Depreciation and amortisation |
|
|
|
| (Profit)/(loss) on sale of plant and equipment | (
|
|
|
| Increase in provisions |
|
|
|
| Operating cash flows before movement in working capital |
|
|
|
| Decrease in stocks |
|
|
|
| (Increase)/decrease in debtors | (
|
|
|
| Increase in creditors |
|
|
|
| Cash generated by operations |
|
|
|
| Income taxes paid | (
|
(
|
|
| Interest received |
|
|
|
| Net cash flows from operating activities |
|
|
Transactions with the entity’s directors (or members of its governing body)
Amounts owed to directors
| 2025 | 2024 | ||
| £ | £ | ||
| Directors' Loan |
|
|