Company registration number 00065741 (England and Wales)
H.G. STEPHENSON LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
H.G. STEPHENSON LIMITED
COMPANY INFORMATION
Directors
R M Stephenson
H G Stephenson
L Marriott
Company number
00065741
Registered office
Kennerley Works
161 Buxton Road
Stockport
Cheshire
SK2 6EQ
Auditor
Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT
Business address
Kennerley Works
161 Buxton Road
Stockport
Cheshire
SK2 6EQ
Bankers
NatWest Bank Plc
Underbank Hall
PO Box 13
10 Great Underbank
Stockport
SK1 1LT
H.G. STEPHENSON LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
10
Balance sheet
9
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
H.G. STEPHENSON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present the strategic report for the year ended 31 January 2024.

Business Review

Stephensons continues to operate from premises in Stockport, South Manchester and prides itself on supporting both local and national independents and groups in hospitality & leisure industries as well as the Public Sector with a broad and continually developing range of catering, janitorial and disposable products.

The Directors are pleased that in such a competitive environment we continued to attract new customers and achieved increased sales especially so as it was driven by higher sales volume.

 

Inflation remained a challenge during the year although this was partly mitigated via our ability to source products with improved value which enabled us to continue to support our customers in their challenging search for profitability.

 

Our investment in warehouse infrastructure, equipment and IT continued during the year and will continue through 2024. We expect to be fully operational in the new warehouse complex in 2025 with both improved operational efficiency and increased capacity.

 

The Directors and staff wish to thank our customers for their continued faith and support.

 

Financial Performance

The directors have determined that the following financial key performance indicators (KPI’s) based on continuing activities are the most effective measure of progress towards achieving the company’s objectives:

            2024                2023

Turnover         £27,153,625            £25,608,201

Operating profit        £1,013,742             £1,796,554

EBITDA            £1,472,732            £2,217,260

Risk Management

The company’s strategy is to follow an appropriate risk policy, which effectively manages exposures related to the achievement of business objectives. The key risks which management face are detailed as follows:

Business Continuity Risk

Business continuity risk planning is regarded with significant importance by the managers and directors. A contingency plan has been drawn up to ensure minimum business interruption should such an event occur.

Employee Development

Long term growth of the business depends on the company’s ability to retain and attract personnel of high quality. This risk is managed through development plans which are regularly reviewed and updated. These are accompanied by specific policies in areas such as training, management development and performance management.

- 1 -
H.G. STEPHENSON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Health and Safety risk

The company is committed to ensuring a safe working environment. The risks arising from inadequate management of health and safety matters are the exposure of employees and third parties to the risk of injury and potential liability. The risks are managed by the company through strong promotion of a health and safety culture and well defined health and safety policies.

Financial and business control

Strong financial and business controls are necessary to ensure the integrity and reliability of financial and other information on which the company relies for day-to-day operations, external reporting and for longer term planning. The company exercises financial and business control through a combination of qualified and experienced financial teams; performance analysis; budgeting and cash flow forecasting; and clearly defined approval limits. The external auditors provide advice on specific accounting and tax issues as they arise.

Social , ethical and environmental risk

Due to the company’s nature and size no significant social, ethical or environment risks have been identified by the management.

Credit Risk

Credit risk arises principally on 3rd party derived revenues. Company policy is aimed at minimising such risk and requires that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures are monitored with customers subject to credit limits to ensure that the company’s exposure to bad debts is not significant.

Liquidity Risk

Expenditure is approved at board level and flexibility is maintained by retaining surplus cash in a readily accessible bank account.

On behalf of the board

H G Stephenson
Director
29 October 2024
- 2 -
H.G. STEPHENSON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be the sale of non-comestibles to the catering industry.

Results and dividends

The results for the year are set out on page 8.

During the year the company paid an interim ordinary dividend amounting to £206,163 (2023: £206,163) and the dividend entitlement on the preference shares amounting to £118 (2023: £118). The directors do not recommend payment of a final dividend on ordinary shares.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R M Stephenson
H G Stephenson
J A Lewis-Booth
(Deceased 14 June 2024)
L Marriott
Financial instruments

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from its trading activities which are only conducted in sterling. The company does not enter into any hedging transactions.

 

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Auditor

The audit business of UHY Hacker Young Manchester LLP was acquired by Cooper Parry Group Limited on 30th September 2024.  UHY Hacker Young Manchester LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

- 3 -
H.G. STEPHENSON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
H G Stephenson
Director
29 October 2024
- 4 -
H.G. STEPHENSON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H.G. STEPHENSON LIMITED
Opinion
- 5 -

We have audited the financial statements of H.G. Stephenson Limited (the 'company') for the year ended 31 January 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

H.G. STEPHENSON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H.G. STEPHENSON LIMITED
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, we considered the following:

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

- 6 -
H.G. STEPHENSON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H.G. STEPHENSON LIMITED

Our procedures to respond to risks identified included the following:

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statement, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by directors that represented a risk of material misstatement due to fraud,

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Kevin Blakemore FCCA
Senior Statutory Auditor
For and on behalf of Cooper Parry Group Limited
29 October 2024
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
- 7 -
H.G. STEPHENSON LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
Notes
£
£
Turnover
3
27,153,625
25,608,201
Cost of sales
(18,159,762)
(16,703,262)
Gross profit
8,993,863
8,904,939
Administrative expenses
(8,166,620)
(7,233,595)
Other operating income
186,499
125,210
Operating profit
4
1,013,742
1,796,554
Interest receivable and similar income
7
10,971
(3,518)
Interest payable and similar expenses
8
(61,785)
(48,980)
Profit before taxation
962,928
1,744,056
Tax on profit
9
(280,225)
(337,008)
Profit for the financial year
682,703
1,407,048

The profit and loss account has been prepared on the basis that all operations are continuing operations.

- 8 -
H.G. STEPHENSON LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,425
1,782
Tangible assets
12
5,171,009
5,161,436
Investments
13
69,232
118,547
5,241,666
5,281,765
Current assets
Stocks
14
2,192,541
1,883,702
Debtors
15
2,487,526
2,081,191
Cash at bank and in hand
1,312,908
1,172,762
5,992,975
5,137,655
Creditors: amounts falling due within one year
16
(5,475,465)
(4,864,979)
Net current assets
517,510
272,676
Total assets less current liabilities
5,759,176
5,554,441
Creditors: amounts falling due after more than one year
17
(1,031,645)
(1,326,640)
Provisions for liabilities
Deferred tax liability
20
305,158
310,125
(305,158)
(310,125)
Net assets
4,422,373
3,917,676
Capital and reserves
Called up share capital
22
9,480
9,480
Revaluation reserve
23
233,506
218,013
Capital redemption reserve
23
8,020
8,020
Profit and loss reserves
23
4,171,367
3,682,163
Total equity
4,422,373
3,917,676

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
H G Stephenson
Director
Company registration number 00065741 (England and Wales)
- 9 -
H.G. STEPHENSON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
£
£
Profit for the year
682,703
1,407,048
Other comprehensive income
Revaluation of tangible fixed assets
37,700
-
0
Tax relating to other comprehensive income
(9,425)
-
0
Total other comprehensive income for the year
28,275
-
0
Total comprehensive income for the year
710,978
1,407,048
- 10 -
H.G. STEPHENSON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
9,480
225,745
8,020
2,473,664
2,716,909
Year ended 31 January 2023:
Profit and total comprehensive income
-
-
-
1,407,048
1,407,048
Dividends
10
-
-
-
(206,281)
(206,281)
Transfers
-
(7,732)
-
7,732
-
Balance at 31 January 2023
9,480
218,013
8,020
3,682,163
3,917,676
Year ended 31 January 2024:
Profit
-
-
-
682,703
682,703
Other comprehensive income:
Revaluation of tangible fixed assets
-
37,700
-
-
37,700
Tax relating to other comprehensive income
-
(9,425)
-
-
0
(9,425)
Total comprehensive income
-
28,275
-
682,703
710,978
Dividends
10
-
-
-
(206,281)
(206,281)
Transfers
-
(12,782)
-
12,782
-
Balance at 31 January 2024
9,480
233,506
8,020
4,171,367
4,422,373
- 11 -
H.G. STEPHENSON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,417,425
1,426,101
Interest paid
(61,785)
(48,980)
Income taxes paid
(507,597)
(188,120)
Net cash inflow from operating activities
848,043
1,189,001
Investing activities
Purchase of tangible fixed assets
(445,795)
(2,474,815)
Proceeds from disposal of tangible fixed assets
45,497
109,991
Purchase of investments
-
(73,930)
Proceeds from disposal of investments
58,431
-
0
Interest received
157
-
0
Dividends received
1,698
5,775
Net cash used in investing activities
(340,012)
(2,432,979)
Financing activities
Proceeds from new bank loans
-
0
525,000
Repayment of bank loans
(87,726)
(76,127)
Payment of finance leases obligations
(280,159)
(296,551)
Net cash (used in)/generated from financing activities
(367,885)
152,322
Net increase/(decrease) in cash and cash equivalents
140,146
(1,091,656)
Cash and cash equivalents at beginning of year
1,172,762
2,264,418
Cash and cash equivalents at end of year
1,312,908
1,172,762
- 12 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
Company information

H.G. Stephenson Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kennerley Works, 161 Buxton Road, Stockport, Cheshire, SK2 6EQ.

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.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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
Turnover
- 13 -

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rent receivable represents the incidental rental income due from incumbent tenants of newly acquired premises. The rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.4
Intangible fixed assets other than goodwill

Trademarks and copyrights include website domain names and are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal instalments over their useful lives, which is estimated to be twenty years from 1 February 2008.

1.5
Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life on a straight line basis, as follows:
Freehold buildings
2% straight line
Fixtures and fittings
10%-33% straight line
Motor vehicles
25% straight line

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.

H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

1.6
Fixed asset investments

Interests in investments are initially measured at transaction price. Subsequently, listed investments are included at fair value and other investments are retained at cost less impairment. Changes in fair value and impairments are recognised in profit and loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks
- 14 -

Stocks are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial assets

Basic financial assets, which include debtors, unlisted investments and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

- 15 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
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.

1.14
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are chargeable to the profit and loss account in the year they are payable.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

- 16 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
1.16
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Property valuation

The company has adopted a policy of revaluation for its freehold land and buildings and the estimated market value less depreciation represents a significant estimate in the accounts. The directors use regular independent valuations and review the position each year. The latest valuation was carried out in 2024 and the carrying value of revalued land and buildings was £4,325,912 at the year end.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
27,153,625
25,608,201
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
27,153,625
25,608,201
2024
2023
£
£
Other revenue
Interest income
9,273
(9,293)
Dividends received
1,698
5,775
Rent receivable
160,207
63,691
- 17 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(3,157)
1,788
Fees payable to the company's auditor for the audit of the company's financial statements
23,163
16,475
Depreciation of owned tangible fixed assets
458,633
420,349
Profit on disposal of tangible fixed assets
(30,208)
(96,528)
Amortisation of intangible assets
357
357
Operating lease charges
96,000
81,000
5
Employees

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

2024
2023
Number
Number
Sales and distribution
77
78
Office and management
39
35
Total
116
113

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,832,452
3,702,583
Social security costs
372,924
374,201
Pension costs
366,400
150,311
4,571,776
4,227,095
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
472,757
440,540
Company pension contributions to defined contribution schemes
289,715
91,908
762,472
532,448

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

- 18 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
6
Directors' remuneration
(Continued)
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
168,210
161,464
Company pension contributions to defined contribution schemes
55,707
42,697

The directors represent the key management of the company.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
157
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
42,197
31,393
Other finance costs:
Interest on finance leases and hire purchase contracts
19,588
17,587
61,785
48,980
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
276,992
305,189
Adjustments in respect of prior periods
17,625
(8,962)
Total current tax
294,617
296,227
Deferred tax
Origination and reversal of timing differences
(36,430)
40,781
Adjustment in respect of prior periods
22,038
-
0
Total deferred tax
(14,392)
40,781
Total tax charge
280,225
337,008
- 19 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
(Continued)

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
962,928
1,744,056
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
231,103
331,371
Tax effect of expenses that are not deductible in determining taxable profit
3,156
5,146
Tax effect of income not taxable in determining taxable profit
(413)
(1,097)
Adjustments in respect of prior years
17,625
(8,962)
Other non-reversing timing differences
-
0
7,830
Deferred tax adjustments in respect of prior years
22,038
-
0
Fixed assets differences
(5,003)
2,720
Remeasurement of deferred tax for changes in tax rates
(296)
-
0
Chargeable gains/(losses)
12,015
-
0
Taxation charge for the year
280,225
337,008

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
9,425
-

The UK's main corporation tax rate increased from 19% to 25%, with effect from 1 April 2023. The effective rate of tax for the period was therefore 24% and deferred tax recognised at 25%, the rate expected to be chargeable in future periods.

10
Dividends
2024
2023
£
£
Interim paid
206,281
206,281
- 20 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
11
Intangible fixed assets
Trademarks and copyrights
£
Cost
At 1 February 2023 and 31 January 2024
7,137
Amortisation and impairment
At 1 February 2023
5,355
Amortisation charged for the year
357
At 31 January 2024
5,712
Carrying amount
At 31 January 2024
1,425
At 31 January 2023
1,782
12
Tangible fixed assets
Freehold buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2023
4,343,583
911,927
1,482,895
6,738,405
Additions
240,368
204,777
650
445,795
Disposals
-
0
(25,500)
(47,337)
(72,837)
Revaluation
(225,961)
-
0
-
0
(225,961)
At 31 January 2024
4,357,990
1,091,204
1,436,208
6,885,402
Depreciation and impairment
At 1 February 2023
196,069
775,122
605,778
1,576,969
Depreciation charged in the year
99,670
57,550
301,413
458,633
Eliminated in respect of disposals
-
0
(15,139)
(42,409)
(57,548)
Revaluation
(263,661)
-
0
-
0
(263,661)
At 31 January 2024
32,078
817,533
864,782
1,714,393
Carrying amount
At 31 January 2024
4,325,912
273,671
571,426
5,171,009
At 31 January 2023
4,147,514
136,805
877,117
5,161,436

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
589,166
744,779
- 21 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Tangible fixed assets
(Continued)

Freehold land and buildings with a carrying amount of £4,325,912 (2023 - £4,147,514) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

Freehold land and buildings were valued at £4,231,000 on 30 April 2024 by Savills, Chartered Surveyors, on a market valuation basis. The directors consider this valuation was appropriate at the year end. The remaining land and buildings were acquired in the current or prior period and the directors consider the cost still reflects their fair value at the year-end.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

Land and buildings
2024
2023
£
£
Cost
4,552,819
4,312,452
Accumulated depreciation
(538,250)
(455,623)
Carrying value
4,014,569
3,856,829
13
Fixed asset investments
2024
2023
£
£
Listed investments
59,418
73,501
Unlisted investments
9,814
9,814
Capital currency account
-
0
35,232
69,232
118,547
Movements in fixed asset investments
Investments other than loans
Capital currency account
Total
£
£
£
Cost or valuation
At 1 February 2023
83,315
35,232
118,547
Valuation changes
9,071
-
9,071
Disposals
(23,154)
(35,232)
(58,386)
At 31 January 2024
69,232
-
69,232
Carrying amount
At 31 January 2024
69,232
-
69,232
At 31 January 2023
83,315
35,232
118,547
- 22 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,192,541
1,883,702
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,182,685
1,781,825
Other debtors
5,000
26,688
Prepayments and accrued income
299,841
272,678
2,487,526
2,081,191
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
63,818
81,682
Obligations under finance leases
19
225,133
280,159
Trade creditors
3,672,169
2,963,964
Corporation tax
83,247
296,227
Other taxation and social security
596,110
429,210
Dividends payable
-
0
206,281
Other creditors
350,193
132,796
Accruals and deferred income
484,795
474,660
5,475,465
4,864,979
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
956,377
1,026,239
Obligations under finance leases
19
75,268
300,401
1,031,645
1,326,640
- 23 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
17
Creditors: amounts falling due after more than one year
(Continued)

Loans consist of the following:

 

A loan for £487,500 bearing interest of 2.58% above base rates. At the year end this amount to £406,354 (2023 - £446,060). The loan is repayable in monthly instalments and is secured by a charge over the freehold property and a debenture over the assets of the company.

 

A loan for £232,000 bearing interest of 2% above base rates. At the year end this amounted to £125,802 (2023 - £151,792). The loan is repayable in monthly instalments and is secured by a charge over the freehold property and a debenture over the assets of the company.

 

A loan for £525,000 bearing interest of 2.26% above base rates. At the year end this amounted to £488,039 (2023 - £510,069). The loan is repayable in monthly instalments and is secured by a charge over the freehold property and a debenture over the assets of the company.

18
Loans and overdrafts
2024
2023
£
£
Bank loans
1,020,195
1,107,921
Payable within one year
63,818
81,682
Payable after one year
956,377
1,026,239
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
225,133
280,159
In two to five years
75,268
300,401
300,401
580,560

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

- 24 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Advance capital allowances
227,323
237,454
Revaluations
77,835
72,671
305,158
310,125
2024
Movements in the year:
£
Liability at 1 February 2023
310,125
Credit to profit or loss
(14,392)
Charge to other comprehensive income
9,425
Liability at 31 January 2024
305,158
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
366,400
150,311

The company contributes to defined contribution pension scheme for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,303
8,303
8,303
8,303
- 25 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
22
Share capital
(Continued)
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
10% Preference shares of £1 each
1,177
1,177
1,177
1,177
Preference shares classified as equity
1,177
1,177
Total equity share capital
9,480
9,480

Called-up ordinary share capital represents the nominal value of shares that have been issued.

 

Ordinary shareholders are not entitled to a fixed dividend.

 

The preference shareholders are entitled to a cumulative dividend of 10% per annum, priority on winding up and a premium of £1 per share in the event of a sale of the company. The preference shares are non-voting, no fixed redemption date and only the company can determine their redemption.

23
Reserves
Revaluation reserve

Revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same asset.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the company.

Profit and loss reserves

The profit and loss account includes all current and prior period retained profits and losses, net of dividends paid.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
68,500
81,000
Between two and five years
31,348
99,848
99,848
180,848
- 26 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
24
Operating lease commitments
(Continued)
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
158,639
106,071
Between two and five years
92,539
167,946
251,178
274,017
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
477,007
440,540

During the year directors received dividends totalling £206,281 (2023 - £206,281).

 

During the year the company paid rent of £81,000 (2023 - £81,000) to a pension scheme which the directors were interested.

26
Ultimate controlling party

The ultimate controlling party is R M Stephenson, a director, by virtue of his majority shareholding.

- 27 -
H.G. STEPHENSON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
27
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
682,703
1,407,048
Adjustments for:
Taxation charged
280,225
337,008
Finance costs
61,785
48,980
Investment income
(10,971)
3,518
Gain on disposal of tangible fixed assets
(30,208)
(96,528)
Amortisation and impairment of intangible assets
357
357
Depreciation and impairment of tangible fixed assets
458,633
420,349
Movements in working capital:
Increase in stocks
(308,839)
(354,370)
Increase in debtors
(406,335)
(739,933)
Increase in creditors
690,075
399,672
Cash generated from operations
1,417,425
1,426,101
28
Analysis of changes in net debt
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
1,172,762
140,146
1,312,908
Borrowings excluding overdrafts
(1,107,921)
87,726
(1,020,195)
Obligations under finance leases
(580,560)
280,159
(300,401)
(515,719)
508,031
(7,688)
- 28 -
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