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REGISTERED NUMBER: 00601584 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Stephens & Son (Farms) Limited

Stephens & Son (Farms) Limited (Registered number: 00601584)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stephens & Son (Farms) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R H Stephens
Mrs J A Stephens
T R Stephens
C J Stephens





SECRETARY: Mrs J A Stephens





REGISTERED OFFICE: Stubbs Farm
Kingsley
Bordon
Hampshire
GU35 9NR





REGISTERED NUMBER: 00601584 (England and Wales)





ACCOUNTANTS: Lane Monnington Welton
Chartered Accountants
Riverside View
Basing Road
Old Basing
Basingstoke
Hampshire
RG24 7AL

Stephens & Son (Farms) Limited (Registered number: 00601584)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 478,787 460,712
Investments 5 25 25
478,812 460,737

CURRENT ASSETS
Stocks 260,191 256,681
Debtors 6 116,452 162,685
Cash at bank and in hand 761,262 738,848
1,137,905 1,158,214
CREDITORS
Amounts falling due within one year 7 27,182 52,205
NET CURRENT ASSETS 1,110,723 1,106,009
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,589,535

1,566,746

PROVISIONS FOR LIABILITIES 8 43,805 40,371
NET ASSETS 1,545,730 1,526,375

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 1,535,730 1,516,375
SHAREHOLDERS' FUNDS 1,545,730 1,526,375

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Stephens & Son (Farms) Limited (Registered number: 00601584)

Balance Sheet - continued
31 March 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:




R H Stephens - Director



T R Stephens - Director


Stephens & Son (Farms) Limited (Registered number: 00601584)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Stephens & Son (Farms) 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Basic Payment Scheme has been recognised as appropriate.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold and leasehold property - 10% on reducing balance and 0% on land
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

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

Financial instruments
Debtors and creditors payable/receivable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that an asset may be impaired at each balance sheet date. The directors review the carrying amount of the relevant assets and compare them to their market values and recoverable amounts. Where the carrying amount exceeds this, an impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where the impairment loss is a revaluation decrease.


Stephens & Son (Farms) Limited (Registered number: 00601584)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


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 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, adjusted for indexation where appropriate.

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
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Biological assets
Biological assets are included at fair value as valued by the directors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Stephens & Son (Farms) Limited (Registered number: 00601584)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Freehold
and Fixtures
leasehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 307,921 521,063 1,499 10,800 841,283
Additions - 57,475 - - 57,475
Disposals - (400 ) - - (400 )
At 31 March 2024 307,921 578,138 1,499 10,800 898,358
DEPRECIATION
At 1 April 2023 50,134 318,869 1,376 10,192 380,571
Charge for year 245 38,944 24 152 39,365
Eliminated on disposal - (365 ) - - (365 )
At 31 March 2024 50,379 357,448 1,400 10,344 419,571
NET BOOK VALUE
At 31 March 2024 257,542 220,690 99 456 478,787
At 31 March 2023 257,787 202,194 123 608 460,712


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 25
NET BOOK VALUE
At 31 March 2024 25
At 31 March 2023 25

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 106,287 157,488
Other debtors 10,165 5,197
116,452 162,685

Stephens & Son (Farms) Limited (Registered number: 00601584)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 13,923 6,030
Taxation and social security 8,495 28,595
Other creditors 4,764 17,580
27,182 52,205

8. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 43,805 40,371

Deferred
tax
£   
Balance at 1 April 2023 40,371
Accelerated capital allowances 3,434
Balance at 31 March 2024 43,805

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
10,000 Ordinary £1 10,000 10,000