2023-04-012024-03-312024-03-31false01745358STEPHENSON FARMS 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STEPHENSON FARMS LIMITED

Registered Number
01745358
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

STEPHENSON FARMS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

D W STEPHENSON
M STEPHENSON

Registered Address

New Farmhouse
Ings Farm
East Barkwith
LN8 5RP

Registered Number

01745358 (England and Wales)
STEPHENSON FARMS LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,443,7091,442,278
1,443,7091,442,278
Current assets
Debtors343,744537,155
343,744537,155
Creditors amounts falling due within one year(367,086)(272,264)
Net current assets (liabilities)(23,342)264,891
Total assets less current liabilities1,420,3671,707,169
Creditors amounts falling due after one year(304,406)(391,404)
Provisions for liabilities(274,305)(274,033)
Net assets841,6561,041,732
Capital and reserves
Called up share capital30,00030,000
Profit and loss account811,6561,011,732
Shareholders' funds841,6561,041,732
The financial statements were approved and authorised for issue by the Board of Directors on 21 October 2024, and are signed on its behalf by:
D W STEPHENSON
Director
Registered Company No. 01745358
STEPHENSON FARMS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities. The financial statements have been prepared under the historical cost convention.
Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year as adjusted for crop stock movements.
Employee 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.
Foreign currency translation
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Current 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.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property - not provided Short leasehold - 10% on cost Plant and machinery - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance Motor vehicles - 25% on reducing balance
Finance leases and hire purchase contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. Rental payments under operating leases are charged against income on a straight line basis over the lease term. Rental income from operating leases is recognised on a straight line basis over the term of the lease.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value. The cost of tenantright and harvested crops includes all production overheads and the attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price, less the estimated cost of disposal.
2.Average number of employees

20242023
Average number of employees during the year45
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 April 232,305,216
Additions98,350
At 31 March 242,403,566
Depreciation and impairment
At 01 April 23862,938
Charge for year96,919
At 31 March 24959,857
Net book value
At 31 March 241,443,709
At 31 March 231,442,278
4.Creditors: amounts due after 5 years
Repayable by instalments (£) 2024 2023 Bank loans more than 5 years 26,195 49,979
5.Secured creditors
The following secured debts are included within creditors: 2024 2023 Bank overdraft 98,203 51,249 Hire purchase contracts 73,295 122,600 Total 171,498 173,849
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-53,250
7.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
D W STEPHENSON56915,13915,7080
M STEPHENSON6,51540,02246,5370
7,08455,16162,2450
The loan to D W Stephenson is unsecured and interest free. The loan to M Stephenson is unsecured and interest has been charged throughout the period on commercial terms.