REGISTERED NUMBER: 01847774 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
John A Stephens Holdings Limited |
REGISTERED NUMBER: 01847774 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
for |
John A Stephens Holdings Limited |
John A Stephens Holdings Limited (Registered number: 01847774) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 7 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
John A Stephens Holdings Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
John A Stephens Holdings Limited (Registered number: 01847774) |
Group Strategic Report |
for the Year Ended 31 December 2023 |
Business review and future plans |
The year under review showed a decrease in turnover. This is a result of several factors including inclement weather in the UK, coupled with a degree of uncertainty in the building and construction sector and rising material prices. This reduction however is expected to be short term and the Board has made the decision to maintain its high staffing levels, as opposed to reducing staff numbers. Although this decision has been the main contributing factor to the loss witnessed in the year, the group is very well positioned to service its customers and the wider construction sector as trade begins to increase. The group maintains its position as one of the leading independent merchants in the Midlands area. |
Liquidity and solvency ratios for the period continue to reflect the strong financial position that the group maintains. The group expects its future performance to be affected by prevailing economic pressures on the construction industry and government policies within the general economy. |
The group has continued to make significant investments in new plant and equipment during the year and the Board expect to see the benefit of this in the coming years. |
Analysis of key performance indicators |
The Board looks at turnover, margins and profitability when monitoring business performance. |
Turnover decreased by 14.5%, with gross profit margins remaining consistent with the previous year. Due to the reduction in turnover, the group has made a post tax loss of £345k. |
The Board also considers key statement of financial position areas in order to understand the financial position of the group. |
Net current assets have decreased slightly in the year . The Board is satisfied that key statement of financial position sections remain strong, in particular cash at bank. The Board is satisfied that the group can continue to pay its debts as they fall due for the foreseeable future. |
Principal risks and uncertainties |
The directors consider the principal financial risks to which the group is exposed are a decline in market share and the timing of a recovery in the house building and construction industries. These industries are affected by governmental policies and these are also likely to impact on the results of the group. |
The directors' management of the former risk has involved the monitoring of both supplier and competitor prices and the development of the group's selling outlets. |
The group is not significantly exposed to credit risks, given the cash based nature of its operations. In relation to trade customers, the group is exposed to the usual credit risk and cash flow risk associated with its business and manages this through tight credit control procedures. |
ON BEHALF OF THE BOARD: |
John A Stephens Holdings Limited (Registered number: 01847774) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of a builder's merchant. |
DIVIDENDS |
No interim dividends were paid during the year ended 31 December 2023. |
The directors recommend final dividends per share as follows: |
Ordinary £1 shares | £2 |
'B' Ordinary £1 shares | £2 |
'C' Ordinary £1 shares | £2 |
The total distribution of dividends for the year ended 31 December 2023 will be £ 146,800 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
PROFESSIONAL INDEMNITY INSURANCE |
The company and group take out indemnity insurance on behalf of the directors. |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors have prepared a review of the business, together with a summary of the principal risks and uncertainties affecting the company, and these are detailed within the Strategic Report. The report includes an explanation of the company and group's financial risk management policies. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
John A Stephens Holdings Limited (Registered number: 01847774) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
John A Stephens Holdings Limited |
Opinion |
We have audited the financial statements of John A Stephens Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
John A Stephens Holdings Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the |
company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims. |
In addition, and based on the results of our risk assessment we designed audit procedures to identify and address |
material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override |
that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for |
appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those |
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
John A Stephens Holdings Limited (Registered number: 01847774) |
Consolidated |
Income Statement |
for the Year Ended 31 December 2023 |
2023 | 2023 | 2023 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 3 | 24,515,054 | - | 24,515,054 |
Cost of sales | (17,037,973 | ) | - | (17,037,973 | ) |
GROSS PROFIT | 7,477,081 | - | 7,477,081 |
Administrative expenses | (8,505,973 | ) | - | (8,505,973 | ) |
(1,028,892 | ) | - | (1,028,892 | ) |
Other operating income | 320,891 | - | 320,891 |
OPERATING LOSS | 5 | (708,001 | ) | - | (708,001 | ) |
Interest receivable and similar income | 271,669 | - | 271,669 |
Interest payable and similar expenses | 7 | (22,532 | ) | - | (22,532 | ) |
LOSS BEFORE TAXATION | (458,864 | ) | - | (458,864 | ) |
Tax on loss | 8 | 113,901 | - | 113,901 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (344,963 | ) |
John A Stephens Holdings Limited (Registered number: 01847774) |
Consolidated |
Income Statement |
for the Year Ended 31 December 2023 |
2022 | 2022 | 2022 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 3 | 27,954,184 | 746,163 | 28,700,347 |
Cost of sales | (19,266,398 | ) | (609,802 | ) | (19,876,200 | ) |
GROSS PROFIT | 8,687,786 | 136,361 | 8,824,147 |
Administrative expenses | (9,109,278 | ) | (153,994 | ) | (9,263,272 | ) |
(421,492 | ) | (17,633 | ) | (439,125 | ) |
Other operating income | 91,439 | 364 | 91,803 |
OPERATING LOSS | 5 | (330,053 | ) | (17,269 | ) | (347,322 | ) |
Loss on sale of operation | 6 | - | (627,333 | ) | (627,333 | ) |
Profit on sale - joint venture | 6 | 241,726 | - | 241,726 |
(88,327 | ) | (644,602 | ) | (732,929 | ) |
Interest receivable and similar income | 103,930 | - | 103,930 |
Interest payable and similar expenses | 7 | (21,703 | ) | - | (21,703 | ) |
LOSS BEFORE TAXATION | (6,100 | ) | (644,602 | ) | (650,702 | ) |
Tax on loss | 8 | 162,480 | - | 162,480 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Profit/(loss) attributable to: |
Owners of the parent | (488,222 | ) |
John A Stephens Holdings Limited (Registered number: 01847774) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
LOSS FOR THE YEAR | (344,963 | ) | (488,222 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(344,963 |
) |
(488,222 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (344,963 | ) | (385,758 | ) |
Non-controlling interests | - | (102,464 | ) |
(344,963 | ) | (488,222 | ) |
John A Stephens Holdings Limited (Registered number: 01847774) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 11,712 | 8,800 |
Tangible assets | 12 | 6,587,845 | 6,718,722 |
Investments | 13 | 1,944,137 | 1,623,124 |
Investment property | 14 | 2,240,202 | 2,240,202 |
10,783,896 | 10,590,848 |
CURRENT ASSETS |
Stocks | 15 | 2,859,189 | 3,023,838 |
Debtors | 16 | 2,876,184 | 3,304,263 |
Cash at bank and in hand | 4,458,850 | 4,900,703 |
10,194,223 | 11,228,804 |
CREDITORS |
Amounts falling due within one year | 17 | 1,840,304 | 2,154,320 |
NET CURRENT ASSETS | 8,353,919 | 9,074,484 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
19,137,815 |
19,665,332 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(273,190 |
) |
(198,000 |
) |
PROVISIONS FOR LIABILITIES | 21 | (8,040 | ) | (118,984 | ) |
NET ASSETS | 18,856,585 | 19,348,348 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 112,000 | 112,000 |
Revaluation reserve | 23 | 280,152 | 280,152 |
Other reserves | 23 | 684,221 | 684,221 |
Retained earnings | 23 | 17,780,212 | 18,271,975 |
SHAREHOLDERS' FUNDS | 18,856,585 | 19,348,348 |
The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by: |
P J Stephens - Director |
John A Stephens Holdings Limited (Registered number: 01847774) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Other reserves | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 43,789 | 259,708 |
The financial statements were approved by the Board of Directors and authorised for issue on |
John A Stephens Holdings Limited (Registered number: 01847774) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 January 2022 | 112,000 | 19,014,997 | 280,152 |
Changes in equity |
Dividends | - | (254,800 | ) | - |
Total comprehensive income | - | (488,222 | ) | - |
Balance at 31 December 2022 | 112,000 | 18,271,975 | 280,152 |
Changes in equity |
Dividends | - | (146,800 | ) | - |
Total comprehensive income | - | (344,963 | ) | - |
Balance at 31 December 2023 | 112,000 | 17,780,212 | 280,152 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 684,221 | 20,091,370 | 102,464 | 20,193,834 |
Changes in equity |
Dividends | - | (254,800 | ) | - | (254,800 | ) |
Total comprehensive income | - | (488,222 | ) | (102,464 | ) | (590,686 | ) |
Balance at 31 December 2022 | 684,221 | 19,348,348 | - | 19,348,348 |
Changes in equity |
Dividends | - | (146,800 | ) | - | (146,800 | ) |
Total comprehensive income | - | (344,963 | ) | - | (344,963 | ) |
Balance at 31 December 2023 | 684,221 | 18,856,585 | - | 18,856,585 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Company Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (292,257 | ) | 586,914 |
Interest paid | (2,732 | ) | (1,903 | ) |
Finance costs paid | (19,800 | ) | (19,800 | ) |
Tax paid | 203,759 | (468,341 | ) |
Net cash from operating activities | (111,030 | ) | 96,870 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (5,840 | ) | (8,800 | ) |
Purchase of tangible fixed assets | (652,701 | ) | (2,381,721 | ) |
Purchase of fixed asset investments | (587,428 | ) | - |
Purchase of investment property | - | (262,539 | ) |
Sale of tangible fixed assets | 208,232 | 371,393 |
Sale of fixed asset investments | 472,400 | - |
Disposal of subsidiary (cash movement) | - | (729,797 | ) |
Interest received | 271,669 | 103,930 |
Net cash from investing activities | (293,668 | ) | (2,907,534 | ) |
Cash flows from financing activities |
Capital repayments in year | 83,917 | - |
Amount introduced by directors | 54,080 | - |
Amount withdrawn by directors | (28,352 | ) | (7,262 | ) |
Equity dividends paid | (146,800 | ) | (254,800 | ) |
Net cash from financing activities | (37,155 | ) | (262,062 | ) |
Decrease in cash and cash equivalents | (441,853 | ) | (3,072,726 | ) |
Cash and cash equivalents at beginning of year |
2 |
4,900,703 |
7,973,429 |
Cash and cash equivalents at end of year | 2 | 4,458,850 | 4,900,703 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Loss before taxation | (458,864 | ) | (650,702 | ) |
Depreciation charges | 541,041 | 536,715 |
Loss/(profit) on disposal of fixed assets | 17,983 | (25,186 | ) |
(Gain)/loss on revaluation of fixed assets | (186,735 | ) | 68,921 |
Loss on disposal of operations | - | 627,333 |
Profit on disposal of Joint Venture | - | (241,726 | ) |
Finance costs | 22,532 | 21,703 |
Finance income | (271,669 | ) | (103,930 | ) |
(335,712 | ) | 233,128 |
Decrease/(increase) in stocks | 164,649 | (321,236 | ) |
Decrease in trade and other debtors | 402,551 | 776,965 |
Decrease in trade and other creditors | (523,745 | ) | (101,943 | ) |
Cash generated from operations | (292,257 | ) | 586,914 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 4,458,850 | 4,900,703 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 4,900,703 | 7,973,429 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,900,703 | (441,853 | ) | 4,458,850 |
4,900,703 | (441,853 | ) | 4,458,850 |
Debt |
Finance leases | - | (83,917 | ) | (83,917 | ) |
Debts falling due after 1 year | (198,000 | ) | - | (198,000 | ) |
(198,000 | ) | (83,917 | ) | (281,917 | ) |
Total | 4,702,703 | (525,770 | ) | 4,176,933 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
John A Stephens Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £. |
Basis of consolidation |
The consolidated financial statements include the financial statements of the parent undertaking and its subsidiary undertakings to the extent of the group's interest in those undertakings and after eliminating intra-group transactions. Accounting policies are adjusted, where appropriate, to conform to group accounting policies. |
In the company's financial statements investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value. |
A separate income statement for the parent undertaking has not been presented in accordance with Section 408 of the Companies Act 2006. The profit of the parent undertaking dealt within these financial statements is disclosed on the company balance sheet page. The individual accounts of John A Stephen Holdings Limited have also taken the exemption available from the requirement to present a statement of cash flows. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimate and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: |
Stock valuations and recoverability of trading assets - these involve judgements as to the extent to which provisions are required to account for the risk of irrecoverability or obsolescence. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer. |
Investment property turnover represents rental income. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Land and Buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
If there is an indication that there has been significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. |
Investment property |
Investment properties are recognised at their fair value. Changes in fair value are recognised in the Income Statement. |
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 |
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where It is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 24,515,054 | 28,700,347 |
24,515,054 | 28,700,347 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 4,600,618 | 4,929,374 |
Social security costs | 512,812 | 548,224 |
Other pension costs | 332,305 | 287,909 |
5,445,735 | 5,765,507 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales and office staff | 110 | 110 |
Directors and management | 4 | 8 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 26,784 | 56,256 |
Directors' pension contributions to money purchase schemes | 7,548 | 2,831 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 336,811 | 330,122 |
Other operating leases | 11,514 | 37,909 |
Depreciation - owned assets | 538,113 | 536,715 |
Loss/(profit) on disposal of fixed assets | 17,983 | (25,186 | ) |
Computer software amortisation | 2,928 | - |
Auditors' remuneration | 51,400 | 46,613 |
6. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Loss on sale of operation | - | (627,333 | ) |
Profit on sale - joint venture | - | 241,726 |
- | (385,607 | ) |
In the prior year the group sold its investment in a subsidiary, D S Insulation Services Limited, and also exited from a Joint Venture arrangement. |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Loan | 2,732 | 1,903 |
Finance cost of preference |
shares | 19,800 | 19,800 |
22,532 | 21,703 |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | (2,957 | ) | 7,819 |
Prior year adjustment | - | (654 | ) |
Total current tax | (2,957 | ) | 7,165 |
Deferred tax | (110,944 | ) | (169,645 | ) |
Tax on loss | (113,901 | ) | (162,480 | ) |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Loss before tax | (458,864 | ) | (650,702 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
(114,716 |
) |
(123,633 |
) |
Effects of: |
Expenses not deductible for tax purposes | 12,271 | 8,746 |
Capital allowances in excess of depreciation | - | (440,955 | ) |
Depreciation in excess of capital allowances | 11,194 | - |
Adjustments to tax charge in respect of previous periods | (2,957 | ) | 4,218 |
Fair value adjustments | (46,684 | ) | 13,095 |
Loss on sale of investment | 4,813 | 68,614 |
Movement in deferred tax | 22,178 | 307,435 |
Total tax credit | (113,901 | ) | (162,480 | ) |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2023 | 2022 |
Dividends paid on equity shares | £ | £ |
Ordinary shares | 85,000 | 127,500 |
'B' Ordinary shares | 24,000 | 36,000 |
'C' Ordinary shares | 35,000 | 88,500 |
7% preference shares | 2,800 | 2,800 |
146,800 | 254,800 |
Dividends paid on shares classified as financial liabilities |
10% preference shares | 19,800 | 19,800 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 13,184 | 8,800 | 21,984 |
Additions | - | 5,840 | 5,840 |
At 31 December 2023 | 13,184 | 14,640 | 27,824 |
AMORTISATION |
At 1 January 2023 | 13,184 | - | 13,184 |
Amortisation for year | - | 2,928 | 2,928 |
At 31 December 2023 | 13,184 | 2,928 | 16,112 |
NET BOOK VALUE |
At 31 December 2023 | - | 11,712 | 11,712 |
At 31 December 2022 | - | 8,800 | 8,800 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Land and | to | Plant and |
Buildings | property | machinery |
£ | £ | £ |
COST |
At 1 January 2023 | 4,946,890 | 21,469 | 4,628,749 |
Additions | - | - | 354,382 |
Disposals | - | - | (885,285 | ) |
At 31 December 2023 | 4,946,890 | 21,469 | 4,097,846 |
DEPRECIATION |
At 1 January 2023 | 1,731,419 | 21,469 | 2,015,936 |
Charge for year | 87,431 | - | 286,950 |
Eliminated on disposal | - | - | (793,046 | ) |
At 31 December 2023 | 1,818,850 | 21,469 | 1,509,840 |
NET BOOK VALUE |
At 31 December 2023 | 3,128,040 | - | 2,588,006 |
At 31 December 2022 | 3,215,471 | - | 2,612,813 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 | 718,101 | 3,381,563 | 514,249 | 14,211,021 |
Additions | 26,089 | 263,787 | 8,443 | 652,701 |
Disposals | - | (912,685 | ) | - | (1,797,970 | ) |
At 31 December 2023 | 744,190 | 2,732,665 | 522,692 | 13,065,752 |
DEPRECIATION |
At 1 January 2023 | 613,355 | 2,617,397 | 492,723 | 7,492,299 |
Charge for year | 19,657 | 132,618 | 11,457 | 538,113 |
Eliminated on disposal | - | (759,459 | ) | - | (1,552,505 | ) |
At 31 December 2023 | 633,012 | 1,990,556 | 504,180 | 6,477,907 |
NET BOOK VALUE |
At 31 December 2023 | 111,178 | 742,109 | 18,512 | 6,587,845 |
At 31 December 2022 | 104,746 | 764,166 | 21,526 | 6,718,722 |
Included in cost of land and buildings is freehold land of £2,553,001 (2022 - £2,553,001) which is not depreciated. |
Company |
Land and | Plant and | Motor |
Buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | FIXED ASSET INVESTMENTS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Shares in group undertakings | - | - |
Other investments not loans | 1,944,137 | 1,623,124 |
Other loans | - | - |
1,944,137 | 1,623,124 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Additional information is as follows: |
Group |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 January 2023 | 1,623,124 |
Additions | 587,428 |
Disposals | (453,150 | ) |
Exchange differences | 186,735 |
At 31 December 2023 | 1,944,137 |
NET BOOK VALUE |
At 31 December 2023 | 1,944,137 |
At 31 December 2022 | 1,623,124 |
Cost or valuation at 31 December 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2022 | 22,774 |
Cost | 1,921,363 |
1,944,137 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Castle Meadow Road, Nottingham, NG2 1AG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Castle Meadow Road, Nottingham, NG2 1AG |
Nature of business: |
% |
Class of shares: | holding |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
Registered office: Castle Meadow Road, Nottingham, NG2 1AG |
Nature of business: |
% |
Class of shares: | holding |
Company |
Other |
loans |
£ |
At 1 January 2023 |
and 31 December 2023 |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 | 2,240,202 |
NET BOOK VALUE |
At 31 December 2023 | 2,240,202 |
At 31 December 2022 | 2,240,202 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 2,240,202 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 2,240,202 | 2,240,202 |
Investment properties were valued on an open market basis on 31 December 2023 by P J Stephens, a director of the company . |
Company |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2023 | 390,202 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | INVESTMENT PROPERTY - continued |
Company |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 390,202 | 390,202 |
The investment properties were valued on an open market basis on 31 December 2023 by P J Stephens, a director of the company . |
15. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 25,007 | 17,179 |
Finished goods | 2,834,182 | 3,006,659 |
2,859,189 | 3,023,838 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,602,513 | 1,966,020 |
Amounts owed by group undertakings | - | - |
Other debtors | 535,341 | 451,080 |
Directors' loan accounts | 38,737 | 64,265 | - | - |
Tax | 3,041 | 3,041 |
Deferred tax asset | - | - | 100,658 | 92,384 |
Prepayments | 696,552 | 819,857 |
2,876,184 | 3,304,263 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 20) | 8,727 | - |
Trade creditors | 1,127,341 | 1,560,664 | ( |
) | ( |
) |
Amounts owed to group undertakings | - | - |
Tax | - | (200,802 | ) | ( |
) |
Social security and other taxes | 106,431 | 103,819 |
VAT | 200,363 | 152,445 | - | - |
Other creditors | 114,619 | 304,207 |
Directors' loan accounts | 136,468 | 136,268 | 136,421 | 136,421 |
Accrued expenses | 146,355 | 97,719 |
1,840,304 | 2,154,320 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Preference shares (see note 19) | 198,000 | 198,000 |
Hire purchase contracts (see note 20) | 75,190 | - |
273,190 | 198,000 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares | 198,000 | 198,000 | 198,000 | 198,000 |
Details of shares shown as liabilities are as follows: |
Full details of rights attached to the preference shares are given in the share capital note. |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 8,727 | - |
Between one and five years | 75,190 | - |
83,917 | - |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 8,040 | 118,984 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 118,984 |
Accelerated capital allowances | (17,752 | ) |
Tax losses | (93,192 | ) |
Balance at 31 December 2023 | 8,040 |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 | ( |
) |
Accelerated capital allowances | (3,037 | ) |
Tax losses | (5,237 | ) |
Balance at 31 December 2023 | ( |
) |
22. | CALLED UP SHARE CAPITAL |
Issued share capital |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
42,500 | Ordinary | £1 | 42,500 | 42,500 |
12,000 | 'B' Ordinary | £1 | 12,000 | 12,000 |
17,500 | 'C' Ordinary | £1 | 17,500 | 17,500 |
40,000 | 7% Preference | £1 | 40,000 | 40,000 |
198,000 | 10% Preference | £1 | 198,000 | 198,000 |
310,000 | 310,000 |
Equity shares |
42,500 | Ordinary | £1 | 42,500 | 42,500 |
12,000 | 'B' Ordinary | £1 | 12,000 | 12,000 |
17,500 | 'C' Ordinary | £1 | 17,500 | 17,500 |
Non-cumulative and non-redeemable |
40,000 | 7% Preference | £1 | 40,000 | 40,000 |
112,000 | 112,000 |
Non-equity shares classified as financial liabilities |
198,000 | 10% Preference | £1 | 198,000 | 198,000 |
The rights attaching to the share capital are as follows: |
Ordinary shares: |
(i) no rights to dividends other than those that may be recommended by the directors; |
(ii) no redemption rights; |
(iii) unlimited right to share in the surplus remaining on a winding up after all liabilities and participation rights of other classes of shares have been satisfied; |
(iv) Ordinary shares: one vote per share. 'B' Ordinary shares: five votes per share. 'C' Ordinary shares: one vote per share. |
Preference shares: |
(i) to received a dividend at the rates stated before the payment of any dividend to the ordinary shareholders, upon the recommendation by the directors. The dividends are not cumulative; |
(ii) no voting rights; |
(iii) the 7% preference shares are not redeemable; the 10% preference shares are redeemable at par upon the winding up of the company, after payment of all debts, liabilities and costs but before any distribution to the ordinary shares or when decreed in general meetings. |
John A Stephens Holdings Limited (Registered number: 01847774) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 December 2023 |
23. | RESERVES |
Group |
Retained | Revaluation | Other |
earnings | reserve | reserves | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 18,271,975 | 280,152 | 684,221 | 19,236,348 |
Deficit for the year | (344,963 | ) | (344,963 | ) |
Dividends | (146,800 | ) | (146,800 | ) |
At 31 December 2023 | 17,780,212 | 280,152 | 684,221 | 18,744,585 |
Company |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 January 2023 | 2,277,990 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 2,174,979 |
24. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 169,064 |
25. | 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', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Dividends |
Mr and Mrs P J Stephens received dividend payments during the current year of £41,699 (2022 - £52,379). |
Close family members of Mr P Stephens and family settlement trusts controlled by Mr P J Stephens received dividends of £124,900 (2022 - £161,970). |
Debtors |
Trade debtor balances at the year end include amounts owed to John A Stephens Limited by close family members of Mr P J Stephens of £30,395 (2022 - £19,739). |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is P J Stephens. |