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REGISTERED NUMBER: 02473091 (England and Wales)











Audited Financial Statements

for the Year Ended 31 March 2023

for

M C Stennett & Sons Limited

M C Stennett & Sons Limited (Registered number: 02473091)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 8


M C Stennett & Sons Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr M C Stennett
Mrs G M Stennett
Mr C Stennett



SECRETARY: Mrs G M Stennett



REGISTERED OFFICE: The Coach House
Park Farm
Fornham St Genevieve
Bury St Edmunds
Suffolk
IP28 6TS



REGISTERED NUMBER: 02473091 (England and Wales)



SENIOR STATUTORY AUDITOR: James Knights ACA BSc



AUDITORS: Knights Lowe Limited
Chartered Accountants
and Statutory Auditors
Eldo House, Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

M C Stennett & Sons Limited (Registered number: 02473091)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,506,837 2,101,907

CURRENT ASSETS
Stocks 132,686 109,920
Debtors 5 2,205,905 2,105,696
Cash at bank and in hand 303,719 456,069
2,642,310 2,671,685
CREDITORS
Amounts falling due within one year 6 965,308 1,039,984
NET CURRENT ASSETS 1,677,002 1,631,701
TOTAL ASSETS LESS CURRENT LIABILITIES 4,183,839 3,733,608

CREDITORS
Amounts falling due after more than one
year

7

(202,611

)

(171,208

)

PROVISIONS FOR LIABILITIES 10 (521,177 ) (345,953 )
NET ASSETS 3,460,051 3,216,447

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Share premium 208,072 208,072
Retained earnings 3,250,979 3,007,375
SHAREHOLDERS' FUNDS 3,460,051 3,216,447

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 26 October 2023 and were signed on its behalf by:





Mr M C Stennett - Director


M C Stennett & Sons Limited (Registered number: 02473091)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

M C Stennett & Sons 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Significant judgements and estimates
In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements and key sources of estimation uncertainty in applying the Company's accounting policies
The following are critical judgements including those involving estimations, that the directors have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Depreciation of tangible fixed assets
Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit and loss the economic consumption of those assets during the accounting period. The charge is calculated as described below and is based on the directors knowledge of the reduction in the residual value of tractor units and trailers on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to residual value at the end of the economic lives of the assets.

Turnover and revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Haulage income is recognised upon completion of the underlying work. Work in progress at the accounting date is insignificant and no allowance is made.

Storage income is recognised in accordance with the terms of the underlying contracts. Where contracts straddle the accounting date income is neither accrued nor deferred unless the amounts are material in relation to total storage income. Where amounts are material, income is accrued or deferred so as to recognise revenue on a constant basis over the contract period.

M C Stennett & Sons Limited (Registered number: 02473091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements- 10 - 25% on cost
Plant and machinery- 25% on cost, or 25% on reducing balance
Motor vehicles- 20 - 25% on reducing balance

Depreciation charged to the profit and loss account is analysed between that applying to revenue producing assets, where the charge is shown under cost of sales and support assets the depreciation on which is charged to administrative overheads.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year.

Contributions have commenced to an employees defined contribution scheme. The assets of the scheme are held and administered independently from those of the company.

M C Stennett & Sons Limited (Registered number: 02473091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised in accordance with FRS 102 Section 1A when the company becomes a party to the contractual provisions of the instrument.

Currently all financial liabilities are basic financial instruments as defined by section 11 of FRS 102 which are recognised at amortised cost.

Where relevant, derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit or loss account.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 47 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 6,279,319
Additions 1,001,860
Disposals (335,640 )
At 31 March 2023 6,945,539
DEPRECIATION
At 1 April 2022 4,177,412
Charge for year 559,535
Eliminated on disposal (298,245 )
At 31 March 2023 4,438,702
NET BOOK VALUE
At 31 March 2023 2,506,837
At 31 March 2022 2,101,907

M C Stennett & Sons Limited (Registered number: 02473091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 1,411,682
Additions 478,420
Transfer to ownership (691,767 )
At 31 March 2023 1,198,335
DEPRECIATION
At 1 April 2022 467,735
Charge for year 275,435
Transfer to ownership (393,700 )
At 31 March 2023 349,470
NET BOOK VALUE
At 31 March 2023 848,865
At 31 March 2022 943,947

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 962,929 931,497
Amounts owed by group undertakings 1,150,841 1,123,295
Amounts owed by participating interests 155 155
Prepayments and other debtors 91,980 50,749
2,205,905 2,105,696

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 198,597 271,496
Trade creditors 436,637 397,603
Taxation and social security 149,143 207,723
Accruals and other creditors 180,931 163,162
965,308 1,039,984

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 202,611 171,208

M C Stennett & Sons Limited (Registered number: 02473091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 198,597 271,496
Between one and five years 202,611 171,208
401,208 442,704

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 37,483

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 401,208 442,704

Finance lease and hire purchase creditors are secured on the underlying tangible fixed assets.

Bank borrowings are secured by a director's personal guarantee of £175,000.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 583,104 345,953
Unrelieved tax losses c/fwd (61,927 ) -
521,177 345,953

Deferred
tax -
Accelerated
capital
allowances
£   
Balance at 1 April 2022 345,953
Provided during year 175,224
Balance at 31 March 2023 521,177

M C Stennett & Sons Limited (Registered number: 02473091)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

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

The Report of the Auditors was unqualified.

James Knights ACA BSc (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited

13. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 307,863 478,420

14. ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

M.C. Stennett & Sons (Holdings) Limited is the company's ultimate parent company.

M.C. Stennett & Sons (Holdings) Limited's registered office and principal place of business is:

The Coach House, Park Farm, Fornham St.Genevieve, Bury St. Edmunds, Suffolk IP28 6TS.