Company registration number SC032336 (Scotland)
JOHN M STEVENSON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
JOHN M STEVENSON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
JOHN M STEVENSON LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
997,575
608,024
Investments
4
100
100
997,675
608,124
Current assets
Stocks
631,216
608,658
Debtors
5
670,399
796,245
Cash at bank and in hand
524
372
1,302,139
1,405,275
Creditors: amounts falling due within
one year
6
(1,702,764)
(1,823,002)
Net current liabilities
(400,625)
(417,727)
Total assets less current liabilities
597,050
190,397
Creditors: amounts falling due after
more than one year
7
(205,040)
(166,250)
Net assets
392,010
24,147
Capital and reserves
Called up share capital
8
20,100
20,100
Deferred government grant
1.12
92,757
100,929
Capital redemption reserve
30,000
30,000
Profit and loss reserves
249,153
(126,882)
Total equity
392,010
24,147

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

JOHN M STEVENSON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Mr A M Stevenson
Director
Company Registration No. SC032336
JOHN M STEVENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

John M Stevenson Limited is a private company limited by shares incorporated in Scotland. The registered office is Luffness Mains Farm, Aberlady, East Lothian, EH32 0PZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The company is reliant on the continued support of the Royal Bank of Scotland and they have confirmed their intention to continue to support the company. Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

On 13 April 2023 the company extended its reporting period by a period of 5 days to the 31 May 2023. As a result the two reporting periods are not directly comparable.

1.4
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land, buildings and tenants' improvements
4% and 10% straight line
Plant and machinery
5% - 20% straight line
Fixtures, fittings and equipment
10% - 33% straight line
Motor vehicles
20% straight line and 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

JOHN M STEVENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors

Debtors with no stated interest rate or are receivable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

 

Creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on an non-discounted basis.
JOHN M STEVENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

The company received a grant for a new building in 2010 and has accounted for this as a reserve as this was not conditional on any future event, all terms having been met on payment of the grant.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
11
JOHN M STEVENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
904,615
1,725,344
2,629,959
Additions
-
0
588,528
588,528
Disposals
-
0
(106,969)
(106,969)
At 31 May 2024
904,615
2,206,903
3,111,518
Depreciation
At 1 June 2023
608,954
1,412,981
2,021,935
Depreciation charged in the year
23,973
159,010
182,983
Eliminated in respect of disposals
-
0
(90,975)
(90,975)
At 31 May 2024
632,927
1,481,016
2,113,943
Carrying amount
At 31 May 2024
271,688
725,887
997,575
At 31 May 2023
295,661
312,363
608,024
4
Fixed asset investments
2024
2023
£
£
Investments
100
100
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 June 2023 & 31 May 2024
100
Carrying amount
At 31 May 2024
100
At 31 May 2023
100
JOHN M STEVENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
619,398
643,224
Other debtors
40,751
54,271
660,149
697,495
Deferred tax asset
10,250
98,750
670,399
796,245
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
718,692
821,388
Obligations under hire purchase
51,723
30,852
Trade creditors
795,063
853,621
Other taxation and social security
8,600
6,682
Other creditors
2,919
350
Accruals and deferred income
125,767
110,109
1,702,764
1,823,002

The bank loan and overdraft facilities are secured by a bond and floating charge.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
96,250
166,250
Obligations under hire purchase
108,790
-
0
205,040
166,250
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
20,000
20,000
20,000
20,000
Deferred Shares of £1 each
100
100
100
100
20,100
20,100
20,100
20,100
JOHN M STEVENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
9
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
105,106
-
10
Related party transactions

The directors are of the opinion that related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

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