Registration number:
Stephens Dairies (Plympton) Limited
for the Year Ended 30 April 2024
Stephens Dairies (Plympton) Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Stephens Dairies (Plympton) Limited
(Registration number: 00467053)
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4,800 |
4,800 |
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Fair value reserve |
737,555 |
737,555 |
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Profit and loss account |
811,796 |
932,740 |
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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:
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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
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Stephens Dairies (Plympton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Principal activity
The principal activity of the company is investment in commercial property.
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 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
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)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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Stephens Dairies (Plympton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Investment properties |
2024 |
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At 1 May |
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At 30 April |
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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)
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Less non-current portion |
- |
( |
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Details of non-current trade and other debtors
£Nil (2023 -£71,098) of Other debtors is classified as non current.
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Stephens Dairies (Plympton) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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2,550 |
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- |
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2,250 |
- |
- |
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- |
- |
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4,800 |
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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)
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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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)
Related party transactions |
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
Repayments by director |
At 30 April 2024 |
Directors |
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( |
( |
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- |
- |
- |
- |
97,484 |
39,172 |
(191,551) |
(54,895) |
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2023 |
At 1 May 2022 |
Advances to director |
Repayments by director |
At 30 April 2023 |
Directors |
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( |
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218,762 |
60,000 |
(181,278) |
97,484 |
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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..