| STONE BLACK LIMITED |
| Notes to the Accounts |
| for the year ended 21 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25 % reducing balance |
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Motor Vehicles |
25 % reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 22 December 2023 |
10,050 |
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At 21 December 2024 |
10,050 |
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Depreciation |
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At 22 December 2023 |
6,791 |
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Charge for the year |
815 |
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At 21 December 2024 |
7,606 |
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Net book value |
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At 21 December 2024 |
2,444 |
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At 21 December 2023 |
3,259 |
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| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
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Amounts owed by associated companies (see note 8 below) |
|
81,433 |
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83,958 |
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Other debtors |
466,491 |
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429,892 |
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547,924 |
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513,850 |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
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Bank and other business loans & Credit card balances |
337,545 |
|
312,576 |
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Trade creditors |
- |
|
24,695 |
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Amounts owed to associated companies ( see note 8 below) |
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79,100 |
|
69,600 |
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Corporation tax |
61,933 |
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53,272 |
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Other taxes and social security costs |
229,009 |
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113,696 |
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Other creditors |
1,308,090 |
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1,543,509 |
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2,015,677 |
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2,117,348 |
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| 6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
| £ |
£ |
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Bank loans |
27,083 |
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28,261 |
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Bounce back loan is unsecured and is repayable over a period of 10 years. The interest rate payable on the loan is 2.5% annually |
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Also included under bank loan above are other business loans amounting to £192,166 (2023: £73,468) which are unsecured. The loans has been repaid after the year end. |
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| 7 |
Loans to director |
| B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Mr S Raisinghani |
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Balance |
182,867 |
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|
30,801 |
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152,066 |
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182,867 |
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- |
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30,801 |
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152,066 |
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The loan is included under other debtors in note 4 above and is repayable on demand. The |
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interest rate charged by the company is 3% annually. |
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| 8 |
Related party transactions |
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Stoneblack Developments Limited |
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At the year end, the inter-company balance with Stoneblack Developments Limited , a company |
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in which Mr S Raisinghani is also a shareholder and director was as follows: |
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2024 |
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2023 |
| £ |
£ |
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Receivable from Stoneblack development Limited - |
56,164 |
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80,689 |
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(disclosed under debtors in notes 4 above) |
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Stoneblack Management Limited |
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At the year end, the inter-company balance with Stoneblack Management Limited , a company |
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in which Mr S Raisinghani is also a shareholder and director was as follows: |
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2024 |
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2023 |
| £ |
£ |
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Payable to Stoneblack Management Limited - |
44,600 |
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22,600 |
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(disclosed under debtors in notes 5 above) |
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Related party transactions ( cont) |
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Futurecourt Developments Ltd |
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Both Futurecourt Developments Ltd and Stone Black Limited are under the control of Mr S Raisinghani, a Director and shareholder in both Companies. |
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2024 |
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2023 |
| £ |
£ |
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Amount due from Futurecourt Developments Limited |
25,268 |
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3,268 |
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(disclosed under debtors in notes 4 above) |
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Futurecourt Investments Ltd |
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Both Futurecourt Investments Ltd and Stone Black Limited are under the control of Mr S Raisinghani, a Director and shareholder in both Companies. |
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The inter company balances between the 2 companies are as follows: |
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2024 |
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2023 |
| £ |
£ |
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Amount due to Futurecourt Investment Limited |
34,500 |
|
34,500 |
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(disclosed under creditors in note 5 above) |
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| 9 |
Controlling party |
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The company was under the control of Mr S Raisinghani, a Director throughout the year. |
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| 10 |
Other information |
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STONE BLACK LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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309 Hoe Street |
|
Walthamstow |
|
London |
|
E17 9BG |