Company registration number 05144611 (England and Wales)
M & L STEVENS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
M & L STEVENS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
M & L STEVENS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
Company information

M & L Stevens Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Victoria House, 14 New Road Avenue, Chatham, Kent, ME4 6BA.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for construction, demolition and related services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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:

Land Freehold
Land is not depreciated
Plant and machinery
15% on cost
Fixtures, fittings & equipment
15% on cost

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
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

M & L STEVENS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.6
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.

1.7
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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

M & L STEVENS LTD
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
665,709
708,630
Current assets
Debtors
4
158,352
43,218
Cash at bank and in hand
11,479
150,051
169,831
193,269
Creditors: amounts falling due within one year
5
(727,613)
(728,081)
Net current liabilities
(557,782)
(534,812)
Total assets less current liabilities
107,927
173,818
Creditors: amounts falling due after more than one year
6
(79,648)
(97,125)
Provisions for liabilities
(21,275)
(24,174)
Net assets
7,004
52,519
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
6,904
52,419
Total equity
7,004
52,519

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 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.

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 and signed by the director and authorised for issue on 24 January 2024
Mr M Stevens
Director
Company Registration No. 05144611
M & L STEVENS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
577,000
696,660
1,273,660
Depreciation and impairment
At 1 July 2022
-
0
565,030
565,030
Depreciation charged in the year
-
0
42,921
42,921
At 30 June 2023
-
0
607,951
607,951
Carrying amount
At 30 June 2023
577,000
88,709
665,709
At 30 June 2022
577,000
131,630
708,630
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
126,558
27,409
Other debtors
31,794
15,809
158,352
43,218

The amounts owed by related parties are interest free, with no security and no fixed repayment terms.

 

M & L STEVENS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
18,517
17,618
Trade creditors
23,198
26,502
Amounts owed to group undertakings
479,760
462,914
Taxation and social security
14,792
17,958
Other creditors
191,346
203,089
727,613
728,081

The amounts owed to group undertakings are interest free, with no security and no fixed repayment terms.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
79,648
97,125

The company has two charges held against it

 

The first is a legal mortgage dated 11th April 2008 from HSBC PLC against the Freehold of Durrants Farm, with the benefits of all rights, licences, guarantees etc relating to the property.

 

The second is a debenture dated the 2nd June 2008 from HSBC PLC for a fixed and floating charge over the undertakings and all property and assets.

7
Parent company

The ultimate parent company of M & L Stevens Limited is M & L Stevens Property Limited. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

8
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control
479,760
462,914
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