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REGISTERED NUMBER: 01642137 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

G.D. STEPHENSON & SONS LIMITED

G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


G.D. STEPHENSON & SONS LIMITED

COMPANY INFORMATION
For The Year Ended 30 June 2023







DIRECTORS: Mr P H Stephenson
Mr G D Stephenson
Mr G E Stephenson





SECRETARY: Mrs K A Stephenson





REGISTERED OFFICE: Londesborough Wold Farm
Market Weighton
York
East Yorkshire
YO43 3LS





REGISTERED NUMBER: 01642137 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA

G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

STATEMENT OF FINANCIAL POSITION
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 919,552 777,393
Investments 5 9,514 8,806
929,066 786,199

CURRENT ASSETS
Stocks 670,658 606,898
Debtors 6 73,110 74,896
Cash at bank 51,973 176
795,741 681,970
CREDITORS
Amounts falling due within one year 7 391,136 456,170
NET CURRENT ASSETS 404,605 225,800
TOTAL ASSETS LESS CURRENT LIABILITIES 1,333,671 1,011,999

CREDITORS
Amounts falling due after more than
one year

8

(139,121

)

(88,906

)

PROVISIONS FOR LIABILITIES (132,468 ) (97,030 )
NET ASSETS 1,062,082 826,063

CAPITAL AND RESERVES
Called up share capital 11 850 850
Share premium 22,150 22,150
Capital redemption reserve 150 150
Retained earnings 1,038,932 802,913
SHAREHOLDERS' FUNDS 1,062,082 826,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

STATEMENT OF FINANCIAL POSITION - continued
30 June 2023


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 12 March 2024 and were signed on its behalf by:




Mr G E Stephenson - Director Mr G D Stephenson - Director




Mr P H Stephenson - Director


G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 June 2023


1. STATUTORY INFORMATION

G.D. Stephenson & 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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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.

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 statement of financial position date.

G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
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.

Fixed asset investments
Investments are initially measured at cost and subsequently measured at cost less any
accumulated impairment losses. The investments are assessed for impairment at each reporting
date and any impairment losses or reversals of impairment losses are recognised immediately in
profit or loss.

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 statement of financial position 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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2023


4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2022 461,020 1,113,610 31,872 1,606,502
Additions - 315,600 - 315,600
Disposals - (214,603 ) - (214,603 )
At 30 June 2023 461,020 1,214,607 31,872 1,707,499
DEPRECIATION
At 1 July 2022 71,340 739,040 18,729 829,109
Charge for year - 129,840 2,629 132,469
Eliminated on disposal - (173,631 ) - (173,631 )
At 30 June 2023 71,340 695,249 21,358 787,947
NET BOOK VALUE
At 30 June 2023 389,680 519,358 10,514 919,552
At 30 June 2022 389,680 374,570 13,143 777,393

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2022 8,806
Additions 708
At 30 June 2023 9,514
NET BOOK VALUE
At 30 June 2023 9,514
At 30 June 2022 8,806

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 39,412 51,450
Other debtors 33,698 23,446
73,110 74,896

G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 9,721 21,369
Hire purchase contracts (see note 10) 56,279 27,116
Trade creditors 29,870 104,573
Taxation and social security 25,580 36,164
Other creditors 269,686 266,948
391,136 456,170

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 21,802 31,244
Hire purchase contracts (see note 10) 117,319 57,662
139,121 88,906

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 11,369
Bank loans 9,721 10,000
9,721 21,369

Amounts falling due between one and two years:
Bank loans - 1-2 years 21,802 31,244

The company's bank facilities are secured by a mortgage debenture over the company's assets.

Under the Coronavirus Business Interruption Loan Scheme, the Secretary of State for Business, Energy and Industrial Strategy has agreed to provide the company's bank with a Partial Guarantee. The bank's ability to provide this loan is dependent upon the bank receiving the Partial Guarantee.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 56,279 27,116
Between one and five years 117,319 57,662
173,598 84,778

G.D. STEPHENSON & SONS LIMITED (REGISTERED NUMBER: 01642137)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 June 2023


10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Between one and five years 545,660 575,755

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
850 Ordinary 1 850 850

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
Mr G D Stephenson
Balance outstanding at start of year (36,398 ) (36,564 )
Amounts advanced 4,522 3,737
Amounts repaid (4,286 ) (3,571 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (36,162 ) (36,398 )

Mr P H Stephenson
Balance outstanding at start of year (205,529 ) (220,888 )
Amounts advanced 36,322 34,851
Amounts repaid (21,929 ) (19,492 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (191,136 ) (205,529 )

Mr G E Stephenson
Balance outstanding at start of year 13,694 (2,850 )
Amounts advanced 33,069 45,681
Amounts repaid (24,287 ) (29,137 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,476 13,694