Minsterstone Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03005647

Minsterstone Limited

Filleted Unaudited Financial Statements

28 February 2025

Minsterstone Limited

Officers and Professional Advisers

The board of directors	Varyl M H Chamberlain
	Anthony M Orange

Registered office	Unit 4
	Canal Wharf Industrial Units
	Harts Close
	Ilminster
	Somerset
	UK
	TA19 9DJ

Accountants	Chalmers & Co (SW) Limited
	Chartered accountants
	Trading as Chalmers & Co.
	6 The Linen Yard
	South Street
	Crewkerne
	Somerset
	TA18 8AB

Bankers	Lloyds Bank
	37 Market Square
	Crewkerne
	Somerset
	TA18 7LR

Minsterstone Limited

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5	362,163	399,142
Investments	6	–	31,742
		---------	---------
		362,163	430,884

Current assets

Stocks		70,096	70,004
Debtors	7	669,229	386,459
Cash at bank and in hand		479	58,072
		---------	---------
		739,804	514,535

Creditors: amounts falling due within one year	8	413,874		282,834
		---------		---------
Net current assets			325,930	231,701
			---------	---------
Total assets less current liabilities			688,093	662,585

Creditors: amounts falling due after more than one year	9		3,334	13,584

Provisions

Taxation including deferred tax	95,026	109,231
	---------	---------
Net assets	589,733	539,770
	---------	---------

Capital and reserves

Called up share capital	10	15,000	15,000
Revaluation reserve		204,948	204,948
Profit and loss account		369,785	319,822
		---------	---------
Shareholder funds		589,733	539,770
		---------	---------

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the financial year ended 28 February 2025, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Minsterstone Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 27 November 2025 , and are signed on behalf of the board by:

Anthony M Orange

Director

Company registration number: 03005647

Minsterstone Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Canal Wharf Industrial Units, Harts Close, Ilminster, Somerset, TA19 9DJ, UK. The principal place of business is Unit 4, Canal Wharf Industrial Units, Harts Close, Ilminster, Somerset, TA19 9DJ, UK.

2. Statement of compliance

These financial statements have been prepared in accordance with FRS102 taking advantage of the disclosure exemptions of FRS102.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	20% straight line
Equipment	-	20% straight line
Moulds & Patterns	-	5% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest charged to the statement of income on a straight line basis.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The pension costs charged in the year represent the contributions payable by the company during the year.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 22 (2024: 22 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Equipment	Moulds & Patterns	Total
	£	£	£	£	£
Cost
At 1 March 2024	98,401	313,498	56,808	279,685	748,392
Additions	–	2,450	–	–	2,450
	--------	---------	--------	---------	---------
At 28 February 2025	98,401	315,948	56,808	279,685	750,842
	--------	---------	--------	---------	---------
Depreciation
At 1 March 2024	–	170,115	53,279	125,856	349,250
Charge for the year	–	23,516	1,928	13,985	39,429
	--------	---------	--------	---------	---------
At 28 February 2025	–	193,631	55,207	139,841	388,679
	--------	---------	--------	---------	---------
Carrying amount
At 28 February 2025	98,401	122,317	1,601	139,844	362,163
	--------	---------	--------	---------	---------
At 29 February 2024	98,401	143,383	3,529	153,829	399,142
	--------	---------	--------	---------	---------

Tangible assets held at valuation

Revaluations The moulds and patterns used in the business were revalued at 28 February 2025 by Marlin Moulds Limited, Timber Mould Manufacturers who are independent from the company. The basis of valuation was depreciated replacement cost in accordance with guidance on the value of plant and machinery to the business as set out in Practice Statement 4 of the RICS Appraisal and Valuation Manual. This class of assets has a current net written down value of £139,844 and a historical cost of £23,500. The carrying amount that would have been recognised at 29 February 2024 had the moulds and patterns not been revalued would have amounted to nil (historical cost of £23,500, accumulated depreciation of £23,500). Deferred taxation provided on the revaluation of the moulds and patterns amounted to £64,046 (2024 £67,890). A corporation tax rate of 25% is assumed .

6. Investments

	Other investments other than loans
	£
Cost
At 1 March 2024	31,742
Disposals	( 31,742)
	--------
At 28 February 2025	–
	--------
Impairment
At 1 March 2024 and 28 February 2025	–
	--------

Carrying amount
At 28 February 2025	–
	--------
At 29 February 2024	31,742
	--------

The company disposed of its entire investment during the year ended 28th February 2025.

7. Debtors

	2025	2024
	£	£
Trade debtors	417,228	281,114
Other debtors	252,001	105,345
	---------	---------
	669,229	386,459
	---------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	24,297	10,000
Trade creditors	151,084	152,264
Corporation tax	–	9,275
Social security and other taxes	45,444	14,670
Other creditors	193,049	96,625
	---------	---------
	413,874	282,834
	---------	---------

Included in creditors due within one year is the current proportion of a Corona Virus Bounce Back loan which is secured under the Government Scheme. The loan for £50,000 was taken out in July 2020 and is repayable over 72 months. Interest is charged at 2.5% on the outstanding balance.

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	3,334	13,333
Other creditors	–	251
	-------	--------
	3,334	13,584
	-------	--------

Included in creditors due after more than one year is the balance of a Corona Virus Bounce Back loan which is secured under the Government Scheme. The loan for £50,000 was taken out in July 2020 and is repayable over 72 months. Interest is charged at 2.5% on the outstanding balance.

10. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	15,000	15,000	15,000	15,000
	--------	--------	--------	--------

11. Events after the end of the reporting period

An adjustment has been made for an R&D Tax Relief claim that has now been made for the year ended 29 February 2024. The R&D Tax Relief claim resulted in an over provision of tax of £52,400. A current year claim for the year ended 28 February 2025 is not expected.

12. Related party transactions

The company was under the control of Varyl M H Chamberlain throughout the current and previous year by virtue of the fact that Mr Chamberlain is the majority shareholder. The company paid rent of £86,200 (2024 - £83,590) for the use of a factory under a formal 5 year rolling lease with Minsterstone Ltd Retirement Fund as administrators of a pension fund for Mr Chamberlain. The company owed £25,860 to the pension fund at 28 February 2025 (2024 - £nil).