Strata Stones Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05219395 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

STRATA STONES LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

S Agrawal

N D Williams

REGISTERED OFFICE:

75 Park Lane

Croydon

Surrey

CR9 1XS

REGISTERED NUMBER:

05219395 (England and Wales)

ACCOUNTANTS:

DSK Partners LLP

75 Park Lane

Croydon

Surrey

CR9 1XS

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Strata Stones Limited for the year ended 31 March 2020 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Strata Stones Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Strata Stones Limited. You consider that Strata Stones 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 financial statements of Strata Stones 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 financial statements.

DSK Partners LLP

75 Park Lane

Croydon

Surrey

CR9 1XS

14 December 2020

FIXED ASSETS

Tangible assets

4

862,103

886,141

Investments

5

100

100

862,203

886,241

CURRENT ASSETS

Stocks

1,710,053

1,683,104

Debtors

6

1,154,045

1,339,665

Cash at bank and in hand

95,900

3,593

2,959,998

3,026,362

CREDITORS

Amounts falling due within one year

7

2,966,191

3,613,789

NET CURRENT LIABILITIES

(6,193

)

(587,427

)

TOTAL ASSETS LESS CURRENT LIABILITIES

856,010

298,814

CREDITORS

Amounts falling due after more than one year

8

(87,786

)

(70,225

)

PROVISIONS FOR LIABILITIES

(82,972

)

(82,972

)

NET ASSETS

685,252

145,617

CAPITAL AND RESERVES

Called up share capital

510,496

10,496

Undistributable reserve

10

329,414

329,414

Retained earnings

(154,658

)

(194,293

)

SHAREHOLDERS' FUNDS

685,252

145,617

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 December 2020 and were signed on its behalf by:

S Agrawal - Director

1.	STATUTORY INFORMATION

Strata Stones Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Strata Stones Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:

Long leasehold

- 2% on cost

Plant and machinery

- 25% on reducing balance

Fixtures and fittings

- 25% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 50% on cost

Improvements to property

- 2% on cost

Assets held under finance leases are depreciated in the same way as owned assets.

At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight-line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2019 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2019

910,000

180,939

1,090,939

Additions

-

6,717

6,717

At 31 March 2020

910,000

187,656

1,097,656

DEPRECIATION

At 1 April 2019

80,776

124,022

204,798

Charge for year

17,104

13,651

30,755

At 31 March 2020

97,880

137,673

235,553

NET BOOK VALUE

At 31 March 2020

812,120

49,983

862,103

At 31 March 2019

829,224

56,917

886,141

Long leasehold property was revalued on an open market basis on the 31st March 2020 by the directors. Any unrealised gains/losses on the revaluation of property is shown as an undistributable reserve on the Statement of Changes in Equity.

Cost or valuation at 31 March 2020 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2017

588,304

120,374

708,678

Valuation in 2018

166,515

-

166,515

Valuation in 2019

155,181

60,565

215,746

Valuation in 2020

-

6,717

6,717

910,000

187,656

1,097,656

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

100

NET BOOK VALUE

At 31 March 2020

100

At 31 March 2019

100

The company's investments at the Statement of Financial Position date in the share capital of companies include the followings:

Strata Stones Ltd

Registered office: College House, 71-73 Rock Road, Blackrock, Co. Dublin

Nature of business: Sale of natural stone products

%

Class of shares:

holding

Ordinary shares

100.00

31.03.20

31.03.19

£

£

Aggregate capital and reserves

11,949

8,856

Profit for the year

2,761

8,770

=========

========

In March 2018, the company acquired 100% of the share capital of Strata Stones Ltd, a company incorporated in Ireland.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

901,864

865,717

Other debtors

252,181

473,948

1,154,045

1,339,665

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

713,150

588,644

Trade creditors

1,922,115

2,278,557

Taxation and social security

13,402

14,390

Other creditors

317,524

732,198

2,966,191

3,613,789

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

87,786

70,225

There exists fixed and floating charges over the assets of the company.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

800,936

609,883

10.

RESERVES

Undistributa

reserve

£

At 1 April 2019

and 31 March 2020

329,414

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

S Agrawal

Balance outstanding at start of year

56,894

62,111

Amounts advanced

7,706

7,284

Amounts repaid

(64,600

)

(12,501

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

56,894

Interest has been charged on a daily basis on directors' loans and advances at the statutory rate of 4% per annum. The directors' loans and advances have no set repayment dates.