Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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1,477,236 | 1,354,723 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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1,772,157 | 1,695,609 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 463,347 | 562,711 | ||
Total assets less current liabilities | 1,940,583 | 1,917,434 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Matthew Stevens and Son Limited (registered number:
A Spencer-Smith
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Matthew Stevens and Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is Unit 2, Penbeagle Industrial Estate, St Ives, Cornwall, TR26 2JH.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Goodwill |
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Land and buildings |
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Vehicles |
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Fixtures and fittings |
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Tools and equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
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At 31 January 2024 |
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Accumulated amortisation | |||
At 01 February 2023 |
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At 31 January 2024 |
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Net book value | |||
At 31 January 2024 |
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At 31 January 2023 |
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Land and buildings | Vehicles | Fixtures and fittings | Tools and equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 February 2023 |
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Additions |
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Disposals |
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At 31 January 2024 |
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Accumulated depreciation | |||||||||
At 01 February 2023 |
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Charge for the financial year |
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Disposals |
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At 31 January 2024 |
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Net book value | |||||||||
At 31 January 2024 |
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At 31 January 2023 |
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Revaluation of tangible assets
The fair value of the company's freehold land and buildings was revalued on 1 October 2005. An independent valuer was not involved. The valuation was undertaken by the directors and the basis of this was at open market value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been as per the below. Upon transition to FRS 102 the company elected to use the most recent revaluation of the freehold land and buildings as its deemed cost on the transition date. The policy of revaluation has ceased since transition to FRS 102 as permitted by the transitional provisions of the accounting standard.
2024 | 2023 | ||
£ | £ | ||
Historical cost | 328,765 | 328,765 | |
Accumulated depreciation | (214,494) | (210,886) | |
Carrying value |
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Investment property | |
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Valuation | |
As at 01 February 2023 |
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As at 31 January 2024 |
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The directors have reviewed the value of the investment property and are happy that the value in the financial statements reflects its fair value.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Parent undertakings |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
Commitments
Capital commitments are as follows:
2024 | 2023 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Finance leases entered into | 0 | 4,535 | |
Other | 303,000 | 339,000 | |
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The bank borrowings have been secured on the leasehold and freehold property held by the company and a cross guarantee from Matthew Stevens & Son Holdings Limited. Additionally, a limited guarantee has been given by the directors Matthew Stevens and Andrea Spencer-Smith for £125,000.
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Director 1 | 65,597 | 22,605 | |
Director 2 | 29,741 | 86,895 | |
Director 3 | 28,805 | 31,672 | |
0 | 0 | ||
Total | 124,143 | 141,172 |
During the year the company advanced £344,623 to director 1, of which £303,600 was repaid. Interest totalling £1,969 has been charged on the balance at the actual official rate set out by HMRC. The total amount due to the company at the year end was £65,597 (2023: £22,605) and is repayable on demand.
During the year the company advanced £92,014 to director 2, of which £150,311 was repaid. Interest totalling £1,143 has been charged on the balance at the actual official rate set out by HMRC. The total amount due to the company at the year end was £29,741 (2023: £86,895) and is repayable on demand.
During the year the company advanced £1,181 to director 3, of which £4,692 was repaid. Interest totalling £644 has been charged on the balance at the actual official rate set out by HMRC. The total amount due to the company at the year end was £28,805 (2023: £31,672) and is repayable on demand.
Parent Company:
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C/O Francis Clark, Llp Melville Building East, Royal William Yard, Plymouth, Devon, PL1 3GW, United Kingdom. |