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REGISTERED NUMBER: 05090527 (England and Wales)















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: G C S Gates
T P J Gates
E G R Gates
D W Wallace
D M Fiddy
L A Kerry
M Coohill





SECRETARY: D M Fiddy





REGISTERED OFFICE: Mag Building
Vulcan Road South
Norwich
Norfolk
NR6 6AF





REGISTERED NUMBER: 05090527 (England and Wales)





AUDITORS: Rawse, Varley & Co
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 186,110 140,415
Debtors 4 1,786,422 779,436
Cash at bank 1,645,274 2,243,665
3,617,806 3,163,516
CREDITORS
Amounts falling due within one year 5 953,919 959,195
NET CURRENT ASSETS 2,663,887 2,204,321
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,663,887

2,204,321

CAPITAL AND RESERVES
Called up share capital 7 500,000 500,000
Retained earnings 2,163,887 1,704,321
SHAREHOLDERS' FUNDS 2,663,887 2,204,321

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 30 August 2024 and were signed on its behalf by:





G C S Gates - Director


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 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.

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 29 (2022 - 30 ) .

4. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 664,602 740,030
Amounts owed by group undertakings 1,088,066 2,282
Amounts recoverable on contracts 10,795 18,027
Prepayments and accrued income 22,012 18,326
1,785,475 778,665

Amounts falling due after more than one year:
Deferred tax asset 947 771

Aggregate amounts 1,786,422 779,436

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account of contracts 148,586 256,429
Trade creditors 257,183 229,749
Amounts owed to group undertakings 15,192 5,197
Corporation tax 137,225 63,541
Social security and other taxes 95,797 69,544
Accruals and deferred income 299,936 334,735
953,919 959,195

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 13,579 12,898
Between one and five years 5,110 17,328
18,689 30,226

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
500,000 Ordinary £1 500,000 500,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Philip Varley (Senior Statutory Auditor)
for and on behalf of Rawse, Varley & Co

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 G C S Gates.

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.