Company Registration No. SC491774 (Scotland)
STONE ACRE PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
STONE ACRE PROJECTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2021
31 August 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,818
2,011
Current assets
Stocks
120,164
Debtors
4
8,167
2,602
Cash at bank and in hand
49,666
43,703
57,833
166,469
Creditors: amounts falling due within one year
5
(98,189)
(149,288)
Net current (liabilities)/assets
(40,356)
17,181
Total assets less current liabilities
(38,538)
19,192
Creditors: amounts falling due after more than one year
6
(40,140)
(50,000)
Provisions for liabilities
7
(382)
Net liabilities
(78,678)
(31,190)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(78,778)
(31,290)
Total equity
(78,678)
(31,190)
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 10 May 2022
Mr A D F Craig
Director
Company Registration No. SC491774
STONE ACRE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021
- 2 -
1
Accounting policies
Company information
Stone Acre Projects Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis which assumes the company will continue to
be supported by its shareholders.
1.3
Turnover
T
urnover comprises the invoiced value of
project management of construction and property development projects supplied
by the company, net of Value Added Tax and trade discounts.
1.4
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 and fittings
25% reducing balance
Office equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
STONE ACRE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
1
Accounting policies
(Continued)
- 3 -
1.7
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
STONE ACRE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Office equipment
Total
£
£
£
Cost
At 1 September 2020
2,450
1,903
4,353
Additions
413
413
At 31 August 2021
2,863
1,903
4,766
Depreciation and impairment
At 1 September 2020
1,298
1,044
2,342
Depreciation charged in the year
222
384
606
At 31 August 2021
1,520
1,428
2,948
Carrying amount
At 31 August 2021
1,343
475
1,818
At 31 August 2020
1,152
859
2,011
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,500
Corporation tax recoverable
321
321
Other debtors
140
2,281
Prepayments and accrued income
206
8,167
2,602
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
9,077
Trade creditors
872
3,666
Other taxation and social security
16,794
Other creditors
4,116
-
Directors current accounts
64,370
143,670
Accruals and deferred income
2,960
1,952
98,189
149,288
STONE ACRE PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2021
- 5 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
40,140
50,000
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
382
8
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100