G. STAVELEY PARKER AND SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
Company Registration Number: 00784387
G. STAVELEY PARKER AND SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
G. STAVELEY PARKER AND SONS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS
M S Parker
Mrs M Parker
Mrs P Parker
R J S Parker
SECRETARY
M S Parker
Mrs M Parker
REGISTERED OFFICE
Sutton Lodge Farm
Twyford
Banbury
Oxfordshire
OX17 3JR
COMPANY REGISTRATION NUMBER
00784387 England and Wales
G. STAVELEY PARKER AND SONS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 6,579,724 6,533,269
Investments 6 1,575,000 1,575,000
8,154,724 8,108,269
CURRENT ASSETS
Stock 301,325 372,971
Debtors 7 112,432 81,874
Investments 5,125 5,125
Cash at bank and in hand 165,563 4,340
584,445 464,310
CREDITORS: Amounts falling due within one year 8 1,199,905 1,797,338
NET CURRENT LIABILITIES (615,460) (1,333,028)
TOTAL ASSETS LESS CURRENT LIABILITIES 7,539,264 6,775,241
CREDITORS: Amounts falling due after more than one year 9 1,216,630 1,234,646
Provisions for liabilities and charges 97,059 95,045
NET ASSETS 6,225,575 5,445,550
CAPITAL AND RESERVES
Called up share capital 4,302,000 3,600,000
Preference shares 325,000 325,000
Distributable profit and loss account 1,395,469 1,317,444
Non distributable profit and loss account 201,861 201,861
Capital redemption reserve 1,245 1,245
SHAREHOLDERS' FUNDS 6,225,575 5,445,550
G. STAVELEY PARKER AND SONS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
M S Parker
Director
Date approved by the board: 24 January 2025
G. STAVELEY PARKER AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1 GENERAL INFORMATION
G. Staveley Parker and Sons Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Sutton Lodge Farm
Twyford
Banbury
Oxfordshire
OX17 3JR
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale agricultural produce, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Land and buildings 15% reducing balance
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
G. STAVELEY PARKER AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
G. STAVELEY PARKER AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using 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.
Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.
Current and deferred tax assets and liabilities are not discounted.
G. STAVELEY PARKER AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors have made key assumptions in determination of the fair value of the investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 5 5
5 TANGIBLE ASSETS
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 6,498,476 431,943 16,798 6,947,217
Additions 38,461 16,013 - 54,474
At 30 September 2024 6,536,937 447,956 16,798 7,001,691
Accumulated depreciation and impairments
At 1 October 2023 - 404,542 9,406 413,948
Charge for year - 6,171 1,848 8,019
At 30 September 2024 - 410,713 11,254 421,967
Net book value
At 1 October 2023 6,498,476 27,401 7,392 6,533,269
At 30 September 2024 6,536,937 37,243 5,544 6,579,724
G. STAVELEY PARKER AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6 FIXED ASSET INVESTMENTS
Investment properties
£
Cost
At 1 October 2023 1,575,000
At 30 September 2024 1,575,000
Net book value
At 1 October 2023 1,575,000
At 30 September 2024 1,575,000
In the opinion of the directors, all investment properties have been stated at fair value.
7 DEBTORS
2024 2023
£ £
Trade debtors - 2,144
Prepayments and accrued income 100,998 47,076
Other debtors 11,434 32,654
112,432 81,874
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 27,805 71,899
Redeemable preference shares 48,750 48,750
Accruals and deferred income 123,493 10,448
Other creditors 999,857 1,666,241
1,199,905 1,797,338
G. STAVELEY PARKER AND SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 1,051,084 1,069,100
Other creditors 165,546 165,546
1,216,630 1,234,646
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2024 2023
£ £
Bank loans and overdrafts 917,056 947,148
10 SECURED DEBTS
The company's bankers hold fixed and floating charges dated 8 March 1989, 2 April 2012, 22 May 2012 and 21 September 2021 over the assets of the company.
11 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
M S Parker and Mrs P Parker
Directors and shareholders 2024 2023
£ £
Advances to company The directors have made advances to the
company which are repayable on demand. No
interest has been charged on these advances.
At the year end, the company owed the
directors the following amount:
741,860 1,367,736
R J S Parker
Director and shareholder 2024 2023
£ £
Advances to company The director has made advances to the
company which are repayable on demand. No
interest has been charged on these advances.
At the year end, the company owed the
director the following amount:
9,253 80,416
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