Islestone Limited 06964945 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is wholesale pharmaceuticals suppliers Digita Accounts Production Advanced 6.30.9574.0 true true true 06964945 2024-04-01 2025-03-31 06964945 2025-03-31 06964945 bus:Director1 1 2025-03-31 06964945 bus:Director2 1 2025-03-31 06964945 core:RetainedEarningsAccumulatedLosses 2025-03-31 06964945 core:RevaluationReserve 2025-03-31 06964945 core:ShareCapital 2025-03-31 06964945 core:CurrentFinancialInstruments 2025-03-31 06964945 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 06964945 core:Non-currentFinancialInstruments 2025-03-31 06964945 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 06964945 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 06964945 core:PatentsTrademarksLicencesConcessionsSimilar 2025-03-31 06964945 core:MoreThanFiveYears 1 2025-03-31 06964945 core:FurnitureFittingsToolsEquipment 2025-03-31 06964945 core:LandBuildings 2025-03-31 06964945 core:OtherPropertyPlantEquipment 2025-03-31 06964945 bus:SmallEntities 2024-04-01 2025-03-31 06964945 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 06964945 bus:FilletedAccounts 2024-04-01 2025-03-31 06964945 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 06964945 bus:RegisteredOffice 2024-04-01 2025-03-31 06964945 bus:Director1 2024-04-01 2025-03-31 06964945 bus:Director1 1 2024-04-01 2025-03-31 06964945 bus:Director2 2024-04-01 2025-03-31 06964945 bus:Director2 1 2024-04-01 2025-03-31 06964945 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 06964945 bus:Agent1 2024-04-01 2025-03-31 06964945 core:RevaluationReserve 2024-04-01 2025-03-31 06964945 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-01 2025-03-31 06964945 core:LicencesFranchises 2024-04-01 2025-03-31 06964945 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 06964945 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 06964945 core:LandBuildings 2024-04-01 2025-03-31 06964945 core:OfficeEquipment 2024-04-01 2025-03-31 06964945 core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 06964945 core:PlantMachinery 2024-04-01 2025-03-31 06964945 1 2024-04-01 2025-03-31 06964945 countries:EnglandWales 2024-04-01 2025-03-31 06964945 2024-03-31 06964945 bus:Director1 1 2024-03-31 06964945 bus:Director2 1 2024-03-31 06964945 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 06964945 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 06964945 core:FurnitureFittingsToolsEquipment 2024-03-31 06964945 core:LandBuildings 2024-03-31 06964945 core:OtherPropertyPlantEquipment 2024-03-31 06964945 2022-10-01 2024-03-31 06964945 2024-03-31 06964945 bus:Director1 1 2024-03-31 06964945 bus:Director2 1 2024-03-31 06964945 core:RetainedEarningsAccumulatedLosses 2024-03-31 06964945 core:RevaluationReserve 2024-03-31 06964945 core:ShareCapital 2024-03-31 06964945 core:CurrentFinancialInstruments 2024-03-31 06964945 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06964945 core:Non-currentFinancialInstruments 2024-03-31 06964945 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06964945 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 06964945 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 06964945 core:MoreThanFiveYears 1 2024-03-31 06964945 core:FurnitureFittingsToolsEquipment 2024-03-31 06964945 core:LandBuildings 2024-03-31 06964945 core:OtherPropertyPlantEquipment 2024-03-31 06964945 bus:Director1 1 2022-10-01 2024-03-31 06964945 bus:Director2 1 2022-10-01 2024-03-31 06964945 bus:Director1 1 2022-09-30 06964945 bus:Director2 1 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 06964945

Islestone Limited
Unaudited Financial Statements
31 March 2025

Islestone Limited

Contents

Accountants' Report | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 4

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Islestone Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Islestone Limited for the year ended 31 March 2025 as set out on pages 2 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Islestone Limited, as a body, in accordance with the terms of our engagement letter dated 12 August 2020. Our work has been undertaken solely to prepare for your approval the accounts of Islestone Limited and state those matters that we have agreed to state to the Board of Directors of Islestone Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Islestone Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Islestone Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Islestone Limited. You consider that Islestone Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Islestone Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

10 April 2026

Islestone Limited

(Registration number: 06964945)
Balance Sheet as at 31 March 2025

| Note | 31 March 2025 £ | 31 March 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 38,999 | 64,789
Tangible assets | 5 | 989,490 | 1,021,607
|  | 1,028,489 | 1,086,396
Current assets |  |  |
Stocks |  | 657,224 | 685,518
Debtors | 6 | 2,686,811 | 3,105,372
Cash at bank and in hand |  | 5,015 | 711
|  | 3,349,050 | 3,791,601
Creditors: Amounts falling due within one year | 7 | (4,449,872) | (3,896,988)
Net current liabilities |  | (1,100,822) | (105,387)
Total assets less current liabilities |  | (72,333) | 981,009
Creditors: Amounts falling due after more than one year | 7 | (163,119) | (677,891)
Provisions for liabilities |  | (94,671) | (94,671)
Net (liabilities)/assets |  | (330,123) | 208,447
Capital and reserves |  |  |
Allotted, called up and fully paid share capital |  | 100 | 100
Revaluation reserve |  | 350,983 | 361,469
Profit and loss account |  | (681,206) | (153,122)
Total equity |  | (330,123) | 208,447

Islestone Limited

(Registration number: 06964945)
Balance Sheet as at 31 March 2025 (continued)

For the financial year ending 31 March 2025 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2026 and signed on its behalf by:

.........................................

P Gulliford

Director

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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:
379 Princesway
Team Valley Trading Estate
GATESHEAD
NE11 0TU
England

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 company has net current liabilities at 31 March 2025 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition banks, other lenders and the company's parent company have provided financial support by way of long term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.
However, should the company not have the support of its bankers, other lenders and parent company, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.
Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, except for land and buildings which are measured at revalued amounts, 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
Freehold property | 50 years straight line basis
Plant and equipment | 20% reducing balance basis
Furniture, fittings and office equipment | 20% reducing balance basis and 3 years straight line basis

Intangible assets

Licences and development costs are considered to have a finite useful life and are therefore stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of licences and development costs includes directly attributable costs incurred in their acquisition.

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

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
Licences | 5 years straight line basis
Development costs | 5 years straight line basis

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 the sale of goods 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.

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. Trade creditors 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 where due after more than one year.

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

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.

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.

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.

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 directors) during the year, was 11 (2024 - 14).

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4 | Intangible assets

| Licences £ | Development costs £ | Total £
Cost or valuation
At 1 April 2024 | 39,713 | 353,098 | 392,811
At 31 March 2025 | 39,713 | 353,098 | 392,811
Amortisation
At 1 April 2024 | 39,520 | 288,502 | 328,022
Amortisation charge | 193 | 25,597 | 25,790
At 31 March 2025 | 39,713 | 314,099 | 353,812
Carrying amount
At 31 March 2025 | - | 38,999 | 38,999
At 31 March 2024 | 193 | 64,596 | 64,789

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5 | Tangible assets

| Land and buildings £ | Plant and equipment £ | Furniture, fittings and office equipment £ | Total £
Cost or valuation
At 1 April 2024 | 975,000 | 99,471 | 210,029 | 1,284,500
At 31 March 2025 | 975,000 | 99,471 | 210,029 | 1,284,500
Depreciation
At 1 April 2024 | - | 70,515 | 192,378 | 262,893
Charge for the year | 22,414 | 5,792 | 3,911 | 32,117
At 31 March 2025 | 22,414 | 76,307 | 196,289 | 295,010
Carrying amount
At 31 March 2025 | 952,586 | 23,164 | 13,740 | 989,490
At 31 March 2024 | 975,000 | 28,956 | 17,651 | 1,021,607

Revaluation

The fair value of the company's land and buildings was revalued on 6 March 2024 by an independent valuer.
The basis of valuation adopted was market value. The name and qualification of the independent valuer are Bradley Hall Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £506,932 (2024 - £518,860).

6 | Debtors

| 31 March 2025 £ | 31 March 2024 £
Trade debtors | 1,464,975 | 1,656,778
Other debtors | 1,221,836 | 1,448,594
| 2,686,811 | 3,105,372

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7 | Creditors

| Note | 31 March 2025 £ | 31 March 2024 £
Due within one year |  |  |
Loans and borrowings | 9 | 412,727 | 457,217
Trade creditors |  | 3,159,631 | 3,168,091
Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 690,000 | -
Taxation and social security |  | 77,740 | 38,071
Other creditors |  | 109,774 | 233,609
|  | 4,449,872 | 3,896,988
Due after one year |  |  |
Loans and borrowings | 9 | 163,119 | 677,891

| 31 March 2025 £ | 31 March 2024 £
After more than five years by instalments | - | 70,161
| - | 70,161

Included in other creditors is £88,862 (2024 - £186,909) owed on an invoice discounting facility which is secured by a fixed and floating charge over the company's assets.

8 | Reserves

Movements in the revaluation reserve for the current year are as follows:

| Revaluation reserve £
Brought forward | 361,469
Transfer realised profit | (10,486)
Carried forward | 350,983

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9 | Loans and borrowings

| 31 March 2025 £ | 31 March 2024 £
Current loans and borrowings
Bank borrowings | - | 240,501
Bank overdrafts | - | 4,318
Other borrowings | 412,727 | 212,398
| 412,727 | 457,217

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 31 March 2025 £ | 31 March 2024 £
Bank borrowings | - | 240,501
Bank overdrafts | - | 4,318
Other borrowings | 200,001 | -
| 200,001 | 244,819

Bank borrowings and overdrafts were secured by fixed and floating charges over the company's assets.
Other borrowings are secured by fixed and floating charges over the company's assets.

| 31 March 2025 £ | 31 March 2024 £
Non-current loans and borrowings
Bank borrowings | - | 458,111
Other borrowings | 163,119 | 219,780
| 163,119 | 677,891

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

| 31 March 2025 £ | 31 March 2024 £
Bank borrowings | - | 458,111

Bank borrowings were secured by fixed and floating charges over the company's assets.

Islestone Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

10 | Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,432 (2024 - £23,658).

11 | Related party transactions

Transactions with directors

2025 | At 1 April 2024 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 31 March 2025 £
P Gulliford
Loan to director | 201,105 | 3,700 | (91,910) | - | - | 3,571 | 116,466
D J Gulliford
Loan to director | 89,142 | 36,793 | (45,620) | - | - | 1,632 | 81,947

2024 | At 1 October 2022 £ | Advances £ | Repayments £ | Other payments £ | Dividends credited £ | Interest £ | At 31 March 2024 £
P Gulliford
Loan to director | 201,067 | 79,400 | (13,000) | - | (73,000) | 6,638 | 201,105
D J Gulliford
Loan to director | 240,473 | 134,565 | (220,300) | - | (73,000) | 7,404 | 89,142

Directors' advances are repayable on demand.
Interest has been charged on advances to directors at a rate of 2% up to 5 April 2023 and at 2.25% thereafter.

12 | Parent and ultimate parent undertaking

The company's immediate parent is Islestone Holdings Ltd, incorporated in England and Wales.