Westminster Stone Company Limited
|
Registered number: |
01936863
|
Abbreviated Balance Sheet |
as at 31 December 2014
|
|
Notes |
|
|
2014 |
|
|
2013 |
£ |
£ |
Fixed assets |
Intangible assets |
2 |
|
|
12,000 |
|
|
38,489 |
Tangible assets |
3 |
|
|
109,273 |
|
|
153,664 |
|
|
|
|
121,273 |
|
|
192,153 |
|
Current assets |
Stocks |
|
|
156,183 |
|
|
212,651 |
Debtors |
|
|
66,422 |
|
|
49,339 |
Cash at bank and in hand |
|
|
63 |
|
|
3,372 |
|
|
|
222,668 |
|
|
265,362 |
|
Creditors: amounts falling due within one year |
|
|
(253,582) |
|
|
(258,677) |
|
Net current (liabilities)/assets |
|
|
|
(30,914) |
|
|
6,685 |
|
Total assets less current liabilities |
|
|
|
90,359 |
|
|
198,838 |
|
Creditors: amounts falling due after more than one year |
|
|
|
(52,647) |
|
|
(105,289) |
|
Provisions for liabilities |
|
|
|
- |
|
|
(9,362) |
|
|
Net assets |
|
|
|
37,712 |
|
|
84,187 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
4 |
|
|
2 |
|
|
2 |
Revaluation reserve |
|
|
|
7,300 |
|
|
7,300 |
Profit and loss account |
|
|
|
30,410 |
|
|
76,885 |
|
Shareholders' funds |
|
|
|
37,712 |
|
|
84,187 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
|
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
|
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
|
|
|
|
Mr John H Clifford |
Director |
Approved by the board on 4 September 2015
|
|
|
|
Stocks |
|
Stock is valued at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Leasing and hire purchase commitments |
|
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
|
Pensions |
|
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
|
|
2 |
Intangible fixed assets |
Goodwill |
Development |
Total |
|
Cost |
£ |
£ |
£ |
|
At 1 January 2014 |
20,000 |
|
76,390 |
|
96,390 |
|
At 31 December 2014 |
20,000 |
|
76,390 |
|
96,390 |
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2014 |
7,000 |
|
50,901 |
|
57,901 |
|
Provided during the year |
1,000 |
|
25,438 |
|
26,438 |
|
On disposals |
- |
|
51 |
|
51 |
|
At 31 December 2014 |
8,000 |
|
76,390 |
|
84,390 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2014 |
12,000 |
|
- |
|
12,000 |
|
At 31 December 2013 |
13,000 |
|
25,489 |
|
38,489 |
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 January 2014 |
593,619 |
|
Additions |
2,425 |
|
Disposals |
(80,613) |
|
At 31 December 2014 |
515,431 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2014 |
439,955 |
|
Charge for the year |
29,470 |
|
On disposals |
(63,267) |
|
At 31 December 2014 |
406,158 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2014 |
109,273 |
|
At 31 December 2013 |
153,664 |
|
|
|
|
|
|
|
|
4 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
2 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
5 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
Mr John H Clifford
|
|
2013 Loan
|
12,022 |
|
- |
|
(12,022) |
|
- |
|
2014 Loan
|
- |
|
1,408 |
|
- |
|
1,408 |
|
|
|
12,022 |
|
1,408 |
|
(12,022) |
|
1,408 |
|
|
|
|
|
|
|
|
|
|
The outstanding balance of £1,408 was fully repaid by the director within 9 months and 1 day of the balance sheet date. |
|
|
|
|
|
|
|
|
6 |
Going Concern |
|
|
The accounts have been prepared on a going concern basis, despite the fact that current liabilities exceed current assets. The directors have given an undertaking to support the company until it returns to a positive working capital position. They consider that it is appropriate to prepare the accounts on the going concern basis. |