REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
STEVENSONS OF NORWICH LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 November 2023 |
for |
STEVENSONS OF NORWICH LIMITED |
STEVENSONS OF NORWICH LIMITED (REGISTERED NUMBER: 05090527) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
STEVENSONS OF NORWICH LIMITED |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Lloyds Bank Chambers |
Hustlergate |
Bradford |
BD1 1UQ |
STEVENSONS OF NORWICH LIMITED (REGISTERED NUMBER: 05090527) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stock |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
STEVENSONS OF NORWICH LIMITED (REGISTERED NUMBER: 05090527) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Stevensons of Norwich Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of goods sold and in the case of contract work revenue recognised as earned for the supply of goods and services during the year, excluding value added tax. |
Stock |
Stock is stated at the lower of cost and net realisable value. In the case of finished stock, cost includes an appropriate proportion of manufacturing overheads. |
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 balance sheet date. |
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. |
Pension contributions |
Contributions to the group defined contribution pension scheme are charged to profit and loss account when incurred. |
STEVENSONS OF NORWICH LIMITED (REGISTERED NUMBER: 05090527) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Contract revenue recognition |
Revenue relating to contracts is recognised as earned when and to the extent that the company obtains the right to consideration in exchange for the supply of goods and performance of services under contracts with customers. Revenue is generally recognised as contract activity progresses, such that for incomplete contracts it reflects the partial performance of contractual obligations. |
The amount of profit recognised on incomplete contracts is the lower of profit earned to date and the appropriate proportion of profit expected at completion. Full provision is made for known or expected losses at completion immediately such losses are identified. |
The amount by which revenue recognised on incomplete contracts exceeds payments received on account is classified in the balance sheet as "Amounts recoverable on contracts". |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contracts |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Deferred tax asset | 947 | 771 |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Payments on account of contracts |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Accruals and deferred income |
STEVENSONS OF NORWICH LIMITED (REGISTERED NUMBER: 05090527) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 500,000 | 500,000 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CONTINGENT LIABILITIES AND GUARANTEES |
The company is party to an unlimited cross guarantee to its bankers securing the borrowings of group companies. There were no such borrowings at 30 November 2023 - 2022: none. |
Overall the group's cash at bank amounted to £14,915,249 - 2022: £12,806,960. |
The company is contingently liable under a group registration scheme for VAT liabilities of group companies. At 30 November 2023 such liabilities amounted to £415,511 - 2022: £389,017. |
The above arrangements are not expected to have any financial effect on the company. |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', from disclosing related party transactions with wholly owned subsidiaries within the group. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is MAG Group Limited. |
The ultimate controlling party is |
The registered office of MAG Group Limited is Vulcan Road South, Norwich NR6 6AF. |
12. | BANK SECURITY |
Bank borrowings are secured by a debenture over the company's assets. There were no such bank borrowings at 30 November 2023 - 2022: none. |