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REGISTERED NUMBER: 04586307 (England and Wales)















M.A. STEPHENSON AUTOS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






M.A. STEPHENSON AUTOS LIMITED (REGISTERED NUMBER: 04586307)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


M.A. STEPHENSON AUTOS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: A C Stephenson



REGISTERED OFFICE: Legbourne Road
Louth
Lincolnshire
LN11 8LQ



REGISTERED NUMBER: 04586307 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS



BANKERS: National Westminster Bank PLC
Market Place
Louth
Lincolnshire
LN11 9NX

M.A. STEPHENSON AUTOS LIMITED (REGISTERED NUMBER: 04586307)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 467,977 480,112

CURRENT ASSETS
Stocks 3,939 6,036
Debtors 5 17,053 14,500
Cash at bank and in hand 279,680 264,212
300,672 284,748
CREDITORS
Amounts falling due within one year 6 152,897 139,192
NET CURRENT ASSETS 147,775 145,556
TOTAL ASSETS LESS CURRENT LIABILITIES 615,752 625,668

CREDITORS
Amounts falling due after more than one year 7 (179,108 ) (191,996 )

PROVISIONS FOR LIABILITIES (22,015 ) (19,994 )
NET ASSETS 414,629 413,678

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 414,529 413,578
SHAREHOLDERS' FUNDS 414,629 413,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 May 2024 and were signed by:





A C Stephenson - Director


M.A. STEPHENSON AUTOS LIMITED (REGISTERED NUMBER: 04586307)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

M.A. Stephenson Autos 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.

Revenue
Turnover represents amounts charged to customers for goods and services provided during the year, excluding value added tax and trade discounts.

Parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered.

Property, plant and equipment
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over it's expected useful life as follows:

Freehold property-not provided
Plant and machinery-15% on reducing balance
Motor vehicles-20% on reducing balance
Office equipment- 15% on reducing balance

Freehold buildings are depreciated to write down the cost less estimated residual value over the remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as its is not material.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


M.A. STEPHENSON AUTOS LIMITED (REGISTERED NUMBER: 04586307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Government grants
Grants are recognised as income in the period in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 367,829 166,305 33,543 19,407 587,084
Additions - - 6,153 207 6,360
At 31 December 2023 367,829 166,305 39,696 19,614 593,444
DEPRECIATION
At 1 January 2023 - 81,813 16,013 9,146 106,972
Charge for year - 12,674 4,280 1,541 18,495
At 31 December 2023 - 94,487 20,293 10,687 125,467
NET BOOK VALUE
At 31 December 2023 367,829 71,818 19,403 8,927 467,977
At 31 December 2022 367,829 84,492 17,530 10,261 480,112

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 15,703 13,290
Other debtors 1,350 1,210
17,053 14,500

M.A. STEPHENSON AUTOS LIMITED (REGISTERED NUMBER: 04586307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,456 19,798
Trade creditors 22,664 15,660
Taxation and social security 23,443 25,321
Other creditors 90,334 78,413
152,897 139,192

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 179,108 191,996

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 142,412 135,502

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 195,564 211,794

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
A C Stephenson
Balance outstanding at start of year (73,579 ) (60,222 )
Amounts advanced 27,038 26,643
Amounts repaid (40,000 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (86,541 ) (73,579 )

The directors loan account is unsecured, interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director, Mr A Stephenson, by virtue of his sole shareholding.