General Information
Francis Tate Marbleworks Limited is a private company, limited by shares, registered in England and Wales, registration number 03989889, registration address 54 Cliffe High Street, Lewes, East Sussex, BN7 2AN.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. No depreciation is provided on the company's freehold properties since, in the opinion of the Directors, the expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation would be immaterial. The Directors undertake annual impairment reviews of the property. Depreciation is provided on other asset groups at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
25% Reducing Balance
|
| Land and Buildings |
0 Reducing Balance |
| Plant and Machinery |
25% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 8 (2024 : 8).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Fixtures and Fittings |
|
Motor Vehicles |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 June 2024 |
186,410 |
|
283,523 |
|
9,834 |
|
39,065 |
|
518,832 |
| Additions |
- |
|
- |
|
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 May 2025 |
186,410 |
|
283,523 |
|
9,834 |
|
39,065 |
|
518,832 |
| Depreciation |
| At 01 June 2024 |
- |
|
277,474 |
|
9,500 |
|
35,435 |
|
322,409 |
| Charge for year |
- |
|
1,512 |
|
84 |
|
853 |
|
2,449 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 May 2025 |
- |
|
278,986 |
|
9,584 |
|
36,288 |
|
324,858 |
| Net book values |
| Closing balance as at 31 May 2025 |
186,410 |
|
4,537 |
|
250 |
|
2,777 |
|
193,974 |
| Opening balance as at 01 June 2024 |
186,410 |
|
6,049 |
|
334 |
|
3,415 |
|
196,208 |
The net book value of Motor Vehicles includes £ 2,777 (2024 £3,630) in respect of assets leased under finance leases or hire purchase contracts.
|
| 4. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
2
Class A shares of £1.00 each |
2 |
|
2 |
|
2 |
|
2 |
|
2
|