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Registration number: 00467053

Stephens Dairies (Plympton) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Stephens Dairies (Plympton) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Stephens Dairies (Plympton) Limited

(Registration number: 00467053)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

40,899

51,126

Investment property

5

2,515,978

2,515,978

 

2,556,877

2,567,104

Current assets

 

Debtors

6

244,175

332,310

Cash at bank and in hand

 

49,851

70,418

 

294,026

402,728

Creditors: Amounts falling due within one year

7

(198,072)

(142,991)

Net current assets

 

95,954

259,737

Total assets less current liabilities

 

2,652,831

2,826,841

Creditors: Amounts falling due after more than one year

7

(920,751)

(971,260)

Provisions for liabilities

(177,929)

(180,486)

Net assets

 

1,554,151

1,675,095

Capital and reserves

 

Called up share capital

8

4,800

4,800

Fair value reserve

737,555

737,555

Profit and loss account

811,796

932,740

Shareholders' funds

 

1,554,151

1,675,095

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Stephens Dairies (Plympton) Limited

(Registration number: 00467053)
Statement of Financial Position as at 30 April 2024 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 


David Phillips
Director

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Plym House,
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is investment in commercial property.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises rental income receivable, net of VAT where ap[plicable.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cost of sales comprises direct expenditure in respect of the rental properties, again net of VAT where applicable.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a valuation is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit and loss. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit and loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property, being property held to earn rentals or for capital appreciation or both, is measured initially at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the revaluation reserve, which forms part of the profit and loss account, but any unrealised gains are not distributable. All of the company's freehold and long leasehold property is considered to be held as investment property. No depreciation is provided thereon because the value is adjusted to fair value at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit and loss unless the provision was originally recognised as part of the cost of an asset.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

5,686

53,480

59,166

At 30 April 2024

5,686

53,480

59,166

Depreciation

At 1 May 2023

3,138

4,902

8,040

Charge for the year

511

9,716

10,227

At 30 April 2024

3,649

14,618

18,267

Carrying amount

At 30 April 2024

2,037

38,862

40,899

At 30 April 2023

2,548

48,578

51,126

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Investment properties

2024
£

At 1 May

2,515,978

At 30 April

2,515,978

Investment properties comprise both freehold and long leasehold properties.

The freehold property comprises a half share of Pilgrim House, last valued by a firm of chartered surveyors in 2023 at £350,000, commercial properties in Crownhill purchased in 2023 for £554,478 and telephone masts and residual land valued at £141.500. If the freehold properties had not be revalued, they would be included at cost of £857,015 (2023: £857,015).

The long leasehold properties comprise Wall Park Close, Plympton, valued by a firm of chartered surveyors in February 2022 at £1,100,100 and 96 A-D The Ridgeway, Plympton valued at the same date at £370,000. Both of those valuations were subject to existing tenancies as at that time. If the long leasehold properties had not been revalued, they would be included at cost of £753,703 (2023: £753,703).

Due to the availability of capital losses brought forward and indexation allowance, the tax payable if the properties were to be sold for their revalued amounts would be £167,704 and this amount has been provided for as deferred tax and set off against the fair value reserve.

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

55,302

47,355

Other debtors

188,246

284,113

Prepayments

627

842

 

244,175

332,310

Less non-current portion

-

(71,098)

244,175

261,212

Details of non-current trade and other debtors

£Nil (2023 -£71,098) of Other debtors is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

51,508

51,509

Trade creditors

 

26,564

38,096

Taxation and social security

 

21,298

12,879

Accruals and deferred income

 

43,807

40,507

Other creditors

 

54,895

-

 

198,072

142,991

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

920,751

971,260

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

2,550

2,550

-

-

B Ordinary shares of £1 each

2,250

2,250

-

-

Ordinary shares of £1 each

-

-

4,800

4,800

4,800

4,800

4,800

4,800

9

Reserves

Profit and loss account.

This reserve records retained earnings and accumulated losses.

Fair value reserve.

The fair value reserve, comprising the revaluation surpluses on the investment properties less the deferred tax tax provided thereon, is part of the profit and loss account. It has been kept separate because those profits are not yet realised and are not distributable. The amounts shown under "profit and loss account" are the distributable reserves.

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

869,647

903,715

Hire purchase contracts

36,104

41,545

Other borrowings

15,000

26,000

920,751

971,260

Current loans and borrowings

2024
£

2023
£

Bank borrowings

34,067

34,068

Hire purchase contracts

5,441

5,441

Other borrowings

12,000

12,000

51,508

51,509

The loan from Handlesbanken, repayable by 7 July 2027, is made up of £24,067 due within one year and £858,814 due after one year. It is secured by a mortgage and fixed and floating charges over the assets of the company.
The Lloyds BBL consists of £10,000 due within one year and £10,833 due after one year. That is secured under the UK Government's Covid-19 business support initiative and will be repaid by June 2026.
The final loan is from the Trustees of the Stephens Dairies (Plympton) pension scheme with £12,000 repayable within one year and £15,000 payable after one year. That is secured by a first charge over the shares in the company owned by Mr DA Phillips and will be repaid by 30 April 2027.
The hire purchase contract relates to the motor vehicle included in fixed assets and is secured against that vehicle. It will be repaid by 30 November 2026.

 

Stephens Dairies (Plympton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

11

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Directors

97,484

39,172

(191,551)

(54,895)

-

-

-

-

 

97,484

39,172

(191,551)

(54,895)

       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Directors

218,762

60,000

(181,278)

97,484

218,762

60,000

(181,278)

97,484

 

Included in debtors due within one year is a balance due from Aquaglow Limited of £156,531 (2023: £115,531). Aquaglow Limited is owned by Mr & Mrs Phillips, the directors of Stephens Dairies (Plympton) Limited and Mr Phillips is the sole director of Aquaglow Limited..