Nationwide Stone Supplies Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09018160 (England and Wales)

Financial Statements

For The Year Ended 31 August 2017

for

Nationwide Stone Supplies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E F McGurk

B A McGurk

J D Barcham

SECRETARY:

REGISTERED OFFICE:

Gloucester House

29 Brunswick Square

Gloucester

Gloucestershire

GL1 1UN

REGISTERED NUMBER:

09018160 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Tangible assets

4

181

361

Investments

5

50

50

231

411

CURRENT ASSETS

Debtors

6

192,791

497,861

Cash at bank and in hand

1,278

6,727

194,069

504,588

CREDITORS

Amounts falling due within one year

7

154,307

461,770

NET CURRENT ASSETS

39,762

42,818

TOTAL ASSETS LESS CURRENT LIABILITIES

39,993

43,229

CAPITAL AND RESERVES

Called up share capital

8

100

100

Capital redemption reserve

900

900

Retained earnings

38,993

42,229

SHAREHOLDERS' FUNDS

39,993

43,229

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 May 2018 and were signed on its behalf by:

E F McGurk - Director

1.	STATUTORY INFORMATION

Nationwide Stone Supplies 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods

and services provided in the normal course of business, and is shown net of VAT and other

sales related taxes. The fair value of consideration takes into account trade discounts,

settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of

ownership of the goods have passed to the buyer (usually on dispatch of the goods), the

amount of revenue can be measured reliably, it is probable that the economic benefits

associated with the transaction will flow to the entity and the costs incurred or to be incurred

in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation,

net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values

over their useful lives on the following bases:

Fixtures, fittings & equipment 25% straight line

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments'

and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial

instruments.

Financial instruments are recognised in the company's balance sheet when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements, when there is a legally enforceable right to set off the recognised amounts and

there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are

initially measured at transaction price including transaction costs and are subsequently carried

at amortised cost using the effective interest method unless the arrangement constitutes a

financing transaction, where the transaction is measured at the present value of the future

receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or

more events that occurred after the initial recognition of the financial asset, the estimated

future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the

asset expire, or when it transfers the financial asset and substantially all the risks and rewards

of ownership to another entity.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow

group companies and preference shares that are classified as debt, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate

of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Trade creditors are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Trade creditors are classified as current liabilities if

payment is due within one year. If not, they are presented as creditors falling due after more than

one year. Trade creditors are recognised initially at transaction price and subsequently measured

at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are

discharged, cancelled, or they expire.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet 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.

Cash

and

cash

equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other

short-term liquid investments with original maturities of three months or less, and bank

overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2016

and 31 August 2017

721

DEPRECIATION

At 1 September 2016

360

Charge for year

180

At 31 August 2017

540

NET BOOK VALUE

At 31 August 2017

181

At 31 August 2016

361

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2016

and 31 August 2017

50

NET BOOK VALUE

At 31 August 2017

50

At 31 August 2016

50

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Joint venture

GRS Stone Supplies Limited

Registered office: England and Wales

Nature of business: provision of aggregate and stone products

%

Class of shares:

holding

Ordinary

50.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

as

restated

£

£

Trade debtors

61,925

14,295

Other debtors

5,641

5,223

Amounts owed by related

parties

125,225

459,782

Prepayments and accrued income

-

18,561

192,791

497,861

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

as

restated

£

£

Trade creditors

2,046

13,410

Tax

12,904

12,904

Social security and other taxes

2,715

2,049

VAT

1,706

-

Other creditors

11,676

26,677

Amounts owed to related

parties

123,260

119,415

Accruals and deferred income

-

287,315

154,307

461,770

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.17

31.8.16

value:

as restated

£

£

960

Ordinary

0.1

96

96

10

Ordinary A

0.1

1

1

10

Ordinary B

0.1

1

1

10

Ordinary C

10p

1

1

10

Ordinary D

10p

1

1

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Peter Morgan (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited