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Registration number: 01976953

Stevens Homes LTD

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Stevens Homes LTD

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Stevens Homes LTD

Company Information

Directors

Mr Michael John Stevens

Mr Michael George Bailey

Registered office

2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Stevens Homes LTD

(Registration number: 01976953)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,243

101,334

Current assets

 

Stocks

5

5,192,968

4,281,021

Debtors

6

227,191

160,207

Cash at bank and in hand

 

3,659,421

4,056,993

 

9,079,580

8,498,221

Creditors: Amounts falling due within one year

7

(317,890)

(412,230)

Net current assets

 

8,761,690

8,085,991

Total assets less current liabilities

 

8,793,933

8,187,325

Provisions for liabilities

(1,884)

(18,762)

Net assets

 

8,792,049

8,168,563

Capital and reserves

 

Called up share capital

8

2,781,000

2,781,000

Retained earnings

6,011,049

5,387,563

Shareholders' funds

 

8,792,049

8,168,563

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr Michael John Stevens
Director

 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
Unit 3, Former Gales Sawmills
Court Street
Moretonhampstead
Devon
TQ13 8LH

These financial statements were authorised for issue by the Board on 28 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and rounded to £1.

Going concern

The financial statements have been prepared on a going concern basis.

 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

Judgements

In the application of the company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% straight line

Office equipment

20% straight line

Computer equipment

33% straight line

Motor vehicles

25% straight line

Portacabins

20% straight line

 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.
 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument
 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Office and computer equipment
 £

Motor vehicles
 £

Site Portacabins
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 October 2022

19,929

295,592

31,725

201,487

548,733

Additions

3,816

-

-

1,200

5,016

Disposals

-

-

-

(28,165)

(28,165)

At 30 September 2023

23,745

295,592

31,725

174,522

525,584

Depreciation

At 1 October 2022

16,741

237,747

26,967

165,944

447,399

Charge for the year

3,087

47,108

2,718

20,014

72,927

Eliminated on disposal

-

-

-

(26,985)

(26,985)

At 30 September 2023

19,828

284,855

29,685

158,973

493,341

Carrying amount

At 30 September 2023

3,917

10,737

2,040

15,549

32,243

At 30 September 2022

3,188

57,845

4,758

35,543

101,334

 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

5

Stocks

2023
£

2022
£

Work in progress

5,192,968

4,281,021

6

Debtors

Current

2023
£

2022
£

Trade debtors

51,341

45,180

Prepayments

11,798

12,720

Other debtors

164,052

102,307

 

227,191

160,207

 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

90,671

165,861

Taxation and social security

211,425

192,390

Accruals and deferred income

11,650

49,600

Other creditors

4,144

4,379

317,890

412,230

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

Preference shares of £1 each

2,780,000

2,780,000

2,780,000

2,780,000

2,781,000

2,781,000

2,781,000

2,781,000

9

Dividends

2023

2022

£

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

-

-

Interim dividend of £6.758 (2022 - £Nil) per ordinary share

6,758

-

6,758

-

 

 
 

Stevens Homes LTD

Notes to the Financial Statements for the Year Ended 30 September 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,500 (2022 - £4,500). Regarding operating lease commitments.

11

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

6,758

6,758

Advanced

346

346

Repaid

(6,758)

(6,758)

At end of period

346

346

2022

Key management
£

Total
£

Advanced

6,758

6,758

At end of period

6,758

6,758

Terms of loans to related parties

The directors loan is interest free and repaid post year end.