L M Stone Limited - Period Ending 2021-03-31
L M Stone Limited - Period Ending 2021-03-31
Registration number:
L M Stone Limited
for the Year Ended 31 March 2021
L M Stone Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
L M Stone Limited
Company Information
Director |
Mrs Eileen Teresa Malkin |
Registered office |
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L M Stone Limited
(Registration number: 11833945)
Balance Sheet as at 31 March 2021
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2021 |
2020 |
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Fixed assets |
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Investment property |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report or the Profit and Loss Account has been taken.
Approved and authorised by the
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L M Stone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales. The company's registration number is 11833945.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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.
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.
L M Stone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
2 |
Accounting policies (continued) |
Investment property
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 creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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.
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.
Staff numbers |
The average number of persons employed (including the director) during the year was
Investment properties |
2021 |
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At 1 April 2020 |
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At 31 March 2021 |
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There has been no valuation of investment property by an independent valuer.
L M Stone Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Other creditors |
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- |
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Corporation tax liability |
5,244 |
5,122 |
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Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Other loans 1 - under 1yr |
50,877 |
102,000 |
Secured loans - under 1yr |
335,315 |
313,202 |
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Other borrowings
The carrying amount of Other loan at year end is £50,877 (2020 - £102,000). First charge over the freehold land at 69 High Street, Stone, Staffordshire, ST15 8AD. |
The carrying amount of Secured Loans at year end is £335,315 (2020 - £313,202). Second charge over freehold land at 69 High Street, Stone, Staffordshire, ST15 8AD |
Share capital |
Allotted, called up and fully paid shares
31 March 2021 |
31 March 2020 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |