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Registered number: 04126075
Stephensons Animal Feeds Limited
Financial Statements
For The Year Ended 31 March 2024
ADC Accountants Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04126075
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 380,362 415,615
380,362 415,615
CURRENT ASSETS
Stocks 5 149,336 242,400
Debtors 6 299,957 266,037
Cash at bank and in hand 113,094 18,343
562,387 526,780
Creditors: Amounts Falling Due Within One Year 7 (157,028 ) (123,635 )
NET CURRENT ASSETS (LIABILITIES) 405,359 403,145
TOTAL ASSETS LESS CURRENT LIABILITIES 785,721 818,760
Creditors: Amounts Falling Due After More Than One Year 8 (213,531 ) (279,915 )
NET ASSETS 572,190 538,845
CAPITAL AND RESERVES
Called up share capital 9 99 99
Profit and Loss Account 572,091 538,746
SHAREHOLDERS' FUNDS 572,190 538,845
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Claire Stephenson
Director
Mr Philip Stephenson
Director
Mr Paul Stephenson
Director
31/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Stephensons Animal Feeds Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04126075 . The registered office is Canteen Mill Industrial Estate, Burnley Road, Todmorden, West Yorkshire, OL14 7DR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 4% Straight line
Leasehold 25% Reducing balance
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 14)
14 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 522,263 275,963 152,322 81,676
Additions - 6,948 - -
As at 31 March 2024 522,263 282,911 152,322 81,676
Depreciation
As at 1 April 2023 229,230 244,139 77,760 68,533
Provided during the period 11,721 9,167 18,641 3,286
As at 31 March 2024 240,951 253,306 96,401 71,819
...CONTINUED
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Net Book Value
As at 31 March 2024 281,312 29,605 55,921 9,857
As at 1 April 2023 293,033 31,824 74,562 13,143
Computer Equipment Total
£ £
Cost
As at 1 April 2023 39,139 1,071,363
Additions 1,544 8,492
As at 31 March 2024 40,683 1,079,855
Depreciation
As at 1 April 2023 36,086 655,748
Provided during the period 930 43,745
As at 31 March 2024 37,016 699,493
Net Book Value
As at 31 March 2024 3,667 380,362
As at 1 April 2023 3,053 415,615
5. Stocks
2024 2023
£ £
Materials 149,336 242,400
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 208,028 180,789
Prepayments and accrued income 5,500 7,208
Other debtors 68,397 48,705
Other loan 1,150 1,500
VAT 16,882 27,835
299,957 266,037
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 55,527 92,177
Corporation tax 39,312 24,683
Other taxes and social security 3,946 1,350
Other creditors (13,895 ) (13,399 )
Accruals and deferred income 67,512 2,221
Directors' loan accounts 4,626 16,603
157,028 123,635
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 213,531 279,915
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 99 99
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