Company registration number 00624782 (England and Wales)
STEBBING AND SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
STEBBING AND SONS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
STEBBING AND SONS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R Stebbing
Mr P Stebbing
Mrs C Brotherton
Mr C Stebbing
Company number
00624782
Registered office
Willow Farm
Stephenson Road
Clacton on Sea
Essex
CO15 4RL
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
STEBBING AND SONS LIMITED
BALANCE SHEET
AS AT
5 APRIL 2023
05 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
990,037
1,000,952
Investments
5
471,154
495,362
1,461,191
1,496,314
Current assets
Stocks
39,775
60,562
Debtors
6
19,870
20,367
Cash at bank and in hand
473,527
481,593
533,172
562,522
Creditors: amounts falling due within one year
7
(75,173)
(83,550)
Net current assets
457,999
478,972
Total assets less current liabilities
1,919,190
1,975,286
Creditors: amounts falling due after more than one year
8
(8,667)
(21,441)
Provisions for liabilities
(59,890)
Net assets
1,850,633
1,953,845
Capital and reserves
Called up share capital
9,100
9,100
Profit and loss reserves
1,841,533
1,944,745
Total equity
1,850,633
1,953,845
STEBBING AND SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
5 APRIL 2023
05 April 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 by the board of directors and authorised for issue on 7 October 2023 and are signed on its behalf by:
Mr P Stebbing
Director
Company Registration No. 00624782
The notes on pages 4 to 9 form part of these financial statements
STEBBING AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
- 4 -
1
Accounting policies
Company information
Stebbing and Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Willow Farm, Stephenson Road, Clacton on Sea, Essex, CO15 4RL.
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 amounts in these financial statements are rounded to the nearest £.
1.2
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.
1.3
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:
Freehold buildings
5% straight line (land is not depreciated)
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33% reducing balance
Motor vehicles
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.
1.4
Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date.
STEBBING AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.
STEBBING AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
STEBBING AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 6 April 2022
1,101,586
1,008,388
2,109,974
Additions
45,033
45,033
Disposals
(5,599)
(5,599)
At 5 April 2023
1,101,586
1,047,822
2,149,408
Depreciation and impairment
At 6 April 2022
424,923
684,099
1,109,022
Depreciation charged in the year
55,362
55,362
Eliminated in respect of disposals
(5,013)
(5,013)
At 5 April 2023
424,923
734,448
1,159,371
Carrying amount
At 5 April 2023
676,663
313,374
990,037
At 5 April 2022
676,663
324,289
1,000,952
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
471,154
495,362
STEBBING AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 6 April 2022
495,362
Additions
7,886
Valuation changes
(26,543)
Disposals
(5,551)
At 5 April 2023
471,154
Carrying amount
At 5 April 2023
471,154
At 5 April 2022
495,362
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,182
2,922
Other debtors
14,688
17,445
19,870
20,367
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
795
14,353
Taxation and social security
42
534
Other creditors
74,336
68,663
75,173
83,550
Other creditors include hire purchase liabilities of £30,108 which are secured against the assets to which they relate.
STEBBING AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
- 9 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
8,667
21,441
Other creditors include hire purchase liabilities of £8,667 which are secured against the assets to which they relate.