Lapicida Stone Group Limited Filleted accounts for Companies House (small and micro)

LAPICIDA STONE GROUP LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07540165

Lapicida Stone Group Limited

Filleted Unaudited Financial Statements

31 March 2023

Lapicida Stone Group Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	6	314,360	281,330
Investments	7	804,004	804,004
		------------	------------
		1,118,364	1,085,334

Current assets

Stocks		2,292,669	1,101,090
Debtors	8	1,931,320	1,042,735
Cash at bank and in hand		238,969	310,137
		------------	------------
		4,462,958	2,453,962

Creditors: amounts falling due within one year	9	2,444,731		2,018,801
		------------		------------
Net current assets			2,018,227	435,161
			------------	------------
Total assets less current liabilities			3,136,591	1,520,495

Creditors: amounts falling due after more than one year	10	2,763,154	3,310,770
		------------	------------
Net assets/(liabilities)		373,437	( 1,790,275)
		------------	------------

Lapicida Stone Group Limited

Statement of Financial Position (continued)

31 March 2023

	2023		2022
Note	£	£	£

Capital and reserves

Called up share capital	11	1,239,029	1,239,029
Share premium account		11,155,818	11,155,818
Capital redemption reserve		233	233
Profit and loss account		( 12,021,643)	( 14,185,355)
		-------------	-------------
Shareholders funds/(deficit)		373,437	( 1,790,275)
		-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:

Mr J D Cherrington

Director

Company registration number: 07540165

Lapicida Stone Group Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

Going Concern The financial statements have been prepared on the going concern basis. This basis is deemed appropriate following the continued support of the group and entities under common control. The directors are confident that the group support will continue for the foreseeable future. Therefore on this basis the directors are confident that the going concern basis of preparing the accounts is appropriate.

Revenue recognition

Turnover comprises the invoiced cost of goods sold during the year, excluding value added tax, and net of trade discounts. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Trademark	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Leasehold Property	-	10% straight line
	-	10% straight line
Plant & Machinery	-	15% straight line
Fixtures & Fittings	-	20% straight line

Equipment	-	25% straight line
External Garden	-	15% 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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 34 (2022: 30 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 April 2022 and 31 March 2023	30,000
	--------
Amortisation
At 1 April 2022 and 31 March 2023	30,000
	--------
Carrying amount
At 31 March 2023	–
	--------
At 31 March 2022	–
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2022	489,068	561,608	65,101	289,158	1,404,935
Additions	23,500	62,562	5,092	5,058	96,212
Disposals	–	( 5,000)	–	–	( 5,000)
	---------	---------	--------	---------	------------
At 31 March 2023	512,568	619,170	70,193	294,216	1,496,147
	---------	---------	--------	---------	------------
Depreciation
At 1 April 2022	285,055	532,335	48,455	257,760	1,123,605
Charge for the year	24,519	14,434	4,572	17,970	61,495
Disposals	–	( 3,313)	–	–	( 3,313)
	---------	---------	--------	---------	------------
At 31 March 2023	309,574	543,456	53,027	275,730	1,181,787
	---------	---------	--------	---------	------------
Carrying amount
At 31 March 2023	202,994	75,714	17,166	18,486	314,360
	---------	---------	--------	---------	------------
At 31 March 2022	204,013	29,273	16,646	31,398	281,330
	---------	---------	--------	---------	------------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2022 and 31 March 2023	804,004
	---------
Impairment
At 1 April 2022 and 31 March 2023	–
	---------

Carrying amount
At 31 March 2023	804,004
	---------
At 31 March 2022	804,004
	---------

The company owns 100% of the share capital of Trade Price Stone Limited, Lapicida Stone Limited, Lapicida (Stone Productions) Limited, Lapicida Home Limited and Lapicida Limited.

All subsidiary companies were incorporated in England and Wales.

8. Debtors

	2023	2022
	£	£
Trade debtors	376,884	580,194
Amounts owed by group undertakings and undertakings in which the company has a participating interest	565,218	–
Other debtors	989,218	462,541
	------------	------------
	1,931,320	1,042,735
	------------	------------

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	1,343,934	1,362,358
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	289,233
Social security and other taxes	130,581	197,927
Other creditors	970,216	169,283
	------------	------------
	2,444,731	2,018,801
	------------	------------

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

	2023	2022
	£	£
Other creditors	2,763,154	3,310,770
	------------	------------

Other creditors include the £779,154 (2022 - £779,154) due to Rocque Finance Limited, a company under common control during the year.

11. Called up share capital

Issued, called up and fully paid

2023		2022
No.	£	No.	£

Amounts presented in equity:

A Ordinary shares of £ 0.0004 each	37,800	15	37,800	15
B Ordinary shares of £ 0.0001 each	48,200	5	48,200	5
C Ordinary (non-voting) shares of £ 0.0001 each	9,333	1	9,333	1
Preferred ordinary shares of £ 1 each	1,239,008	1,239,008	1,239,008	1,239,008
	------------	------------	------------	------------
	1,334,341	1,239,029	1,334,341	1,239,029
	------------	------------	------------	------------

Amounts presented in liabilities:

Preference shares of £ 1 each	500,000	500,000	500,000	500,000
	---------	---------	---------	---------

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
	£	£
Not later than 1 year	261,500	261,500
Later than 1 year and not later than 5 years	512,970	784,500
	---------	------------
	774,470	1,046,000
	---------	------------

13. Related party transactions

At the balance sheet date £1,484,000 (2021 - £1,484,000) of creditors were due to Philip Noble.

14. Controlling party and post balance sheet event

During the year the company was considered to be under the control of Mr P Noble, given his 100% shareholding in Sotobella Limited, a company registered in Gibraltar. In February 2024 the issued share capital of the company was a acquired by Lapicida Group Limited, a wholly-owned subsidiary of Harwood Developments Limited, a company under the control of J D Cherrington.