Stucco & Stone Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 05000507 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 December 2019

for

Stucco & Stone Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C R D Gould

D P Gould

SECRETARY:

C R D Gould

REGISTERED OFFICE:

Ledger Sparks Ltd

Suite 43-45

Purley Way

Croydon

CR0 0XZ

REGISTERED NUMBER:

05000507 (England and Wales)

ACCOUNTANTS:

Ledger Sparks Limited

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

FIXED ASSETS

Tangible assets

4

3,304

289

CURRENT ASSETS

Debtors

5

3,159

2,982

Cash at bank

2,175

5,296

5,334

8,278

CREDITORS

Amounts falling due within one year

6

(3,313

)

(2,818

)

NET CURRENT ASSETS

2,021

5,460

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,325

5,749

PROVISIONS FOR LIABILITIES

(628

)

(55

)

NET ASSETS

4,697

5,694

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

7

4,695

5,692

4,697

5,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 December 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2020 and were signed on its behalf by:

C R D Gould - Director

1.	STATUTORY INFORMATION

Stucco & Stone Ltd 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 (£).

The principal activity of the company continued to be that of stonemasons.

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.

TURNOVER

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date..

DEFERRED TAX

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

COST

At 31 December 2018

1,616

-

1,616

Additions

-

3,800

At 30 December 2019

1,616

3,800

5,416

DEPRECIATION

At 31 December 2018

1,327

-

1,327

Charge for year

72

713

785

At 30 December 2019

1,399

713

2,112

NET BOOK VALUE

At 30 December 2019

217

3,087

3,304

At 30 December 2018

289

-

289

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Other debtors

2,352

2,849

Corporation tax repayable

807

-

Prepayments

-

133

3,159

2,982

The directors consider the carrying value of trade and other receivables approximate to their fair value.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Corporation tax

-

1,077

Other creditors

49

-

Directors' current accounts

1,974

481

Accrued expenses

1,290

1,260

3,313

2,818

The directors consider the carrying amounts of current liabilities approximate to their fair values

7.

RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

8.	EVENT AFTER THE REPORTING DATES

Since the year end, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working. The directors are unable to evaluate the overall financial impact on the business at present. Hence financial statements do not include any adjustment that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success

9.	RELATED PARTY DISCLOSURES

At the Balance sheet date, included in other creditors are amounts owed to directors Mr D Gould and Mr C Gould of £1,974 (2018 - £481).

Stucco & Stone Ltd - Accounts to registrar (filleted) - small 18.2

Stucco & Stone Ltd - Accounts to registrar (filleted) - small 18.2