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REGISTERED NUMBER: 05929781 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

G M STEPHENSON LTD

G M STEPHENSON LTD (REGISTERED NUMBER: 05929781)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G M STEPHENSON LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: G M Stephenson
D Stephenson





SECRETARY: G M Stephenson





REGISTERED OFFICE: Danebury Manor Farm
Flixton
Scarborough
North Yorkshire
YO11 3UJ





REGISTERED NUMBER: 05929781 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

G M STEPHENSON LTD (REGISTERED NUMBER: 05929781)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 476
Tangible assets 5 8,551,653 7,688,559
Investment property 6 2,230,000 2,230,000
10,781,653 9,919,035

CURRENT ASSETS
Stocks 2,777,272 3,050,940
Debtors 7 437,187 390,199
Cash at bank and in hand 187,742 1,484
3,402,201 3,442,623
CREDITORS
Amounts falling due within one year 8 2,205,375 2,333,051
NET CURRENT ASSETS 1,196,826 1,109,572
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,978,479

11,028,607

CREDITORS
Amounts falling due after more than one
year

9

(5,561,064

)

(4,832,813

)

PROVISIONS FOR LIABILITIES (593,546 ) (499,030 )
NET ASSETS 5,823,869 5,696,764

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 375,933 375,933
Retained earnings 5,447,836 5,320,731
SHAREHOLDERS' FUNDS 5,823,869 5,696,764

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 M STEPHENSON LTD (REGISTERED NUMBER: 05929781)

BALANCE SHEET - continued
31 JANUARY 2024


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 25 April 2024 and were signed on its behalf by:




G M Stephenson - Director



D Stephenson - Director


G M STEPHENSON LTD (REGISTERED NUMBER: 05929781)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

G M Stephenson Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover is derived from the sale and hire of tractors and other agricultural machinery, the sale of crops and livestock, and the rental of storage units, and is recognised on exchange of goods or provision of services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, was amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Single farm payment entitlements are being amortised evenly over their estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property and land - 2% on cost, excluding land element
Long term leasehold property - 10% on cost
Plant and machinery - 10% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of income and retained earnings.

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

Livestock and arable valuations are inclusive of attributable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except the extent that it relates to items recognised in 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.


G M STEPHENSON LTD (REGISTERED NUMBER: 05929781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
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. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or lease term, whichever is shorter.

The interest element of these obligations is charged to the statement of income and retained earnings over the relevant period. The capital element of the future payment is treated as a liability.

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period of the lease.

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 the statement of income and retained earnings in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 65,000 19,738 84,738
AMORTISATION
At 1 February 2023 65,000 19,262 84,262
Charge for year - 476 476
At 31 January 2024 65,000 19,738 84,738
NET BOOK VALUE
At 31 January 2024 - - -
At 31 January 2023 - 476 476

G M STEPHENSON LTD (REGISTERED NUMBER: 05929781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2023 6,225,032 2,386,610 8,611,642
Additions 534,162 756,431 1,290,593
Disposals - (200,218 ) (200,218 )
At 31 January 2024 6,759,194 2,942,823 9,702,017
DEPRECIATION
At 1 February 2023 184,000 739,083 923,083
Charge for year 57,745 209,855 267,600
Eliminated on disposal - (40,319 ) (40,319 )
At 31 January 2024 241,745 908,619 1,150,364
NET BOOK VALUE
At 31 January 2024 6,517,449 2,034,204 8,551,653
At 31 January 2023 6,041,032 1,647,527 7,688,559

Included in cost of land and buildings is freehold land of £ 3,575,225 (2023 - £ 3,575,225 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 1,086,711 (2023 - £ 684,154 ) in respect of assets held under hire purchase contracts.

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 2,230,000
NET BOOK VALUE
At 31 January 2024 2,230,000
At 31 January 2023 2,230,000

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2020 29,430
Valuation in 2021 32,973
Valuation in 2022 171,391
Valuation in 2023 215,000
Cost 1,781,206
2,230,000

G M STEPHENSON LTD (REGISTERED NUMBER: 05929781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

31.1.24 31.1.23
£    £   
Cost 1,781,206 1,781,206

Investment property was valued on an open market basis on 31 January 2024 by the directors .

7. DEBTORS
31.1.24 31.1.23
£    £   
Amounts falling due within one year:
Trade debtors 414,614 352,030
Other debtors 20,823 34,919
435,437 386,949

Amounts falling due after more than one year:
Other debtors 1,750 3,250

Aggregate amounts 437,187 390,199

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 1,232,323 1,420,380
Hire purchase contracts 465,240 227,245
Trade creditors 175,974 155,155
Taxation and social security 46,697 76,688
Other creditors 285,141 453,583
2,205,375 2,333,051

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 5,100,144 4,426,051
Hire purchase contracts 453,289 398,754
Other creditors 7,631 8,008
5,561,064 4,832,813

G M STEPHENSON LTD (REGISTERED NUMBER: 05929781)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.1.24 31.1.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans - over 5 years not by instalments 930,961 1,522,636

Repayable by instalments
Bank loans - over 5 years 2,181,406 1,567,962

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank overdrafts 867,431 1,069,970
Stocking loan 222,564 389,903
Hire purchase contracts 918,529 625,999
Bank loans 5,441,703 4,743,128
7,450,227 6,829,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Revaluation
reserve
£   
At 1 February 2023
and 31 January 2024 375,933