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Registration number: NI011092

Stephens Catering Equipment Company Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

Stephens Catering Equipment Company Limited

Company Information

Directors

Mr Thomas Paul Caves

Mrs Patricia Julie Anne Morrissey

Mr Conrad Greene

Mr Colm O'Neill

Company secretary

Mr Thomas Paul Caves

Registered office

205 Carnalbanagh Road
Broughshane
Ballymena
BT42 4NY

Auditors

Stevenson and Wilson
Chartered Accountants and Registered Auditors22-30 Broadway Avenue
Ballymena
Co Antrim
BT43 7AA

 

Stephens Catering Equipment Company Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Thomas Paul Caves - Company secretary and director

Mrs Patricia Julie Anne Morrissey

Mr Conrad Greene

Mr Colm O'Neill

Mr Ian Charles Manson (resigned 25 April 2024)

Statement of Directors' Responsibilities

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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 and in accordance with FRS 102. 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.

Principal activity

The principal activity of the company is distributing and wholesaling catering equipment.

There have been no significant changes in this activity and the directors do not expect this to change in the incoming year.

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Branches outside the United Kingdom

The company has 2 branches in the Republic of Ireland situated in Dublin and Donegal.

 

Stephens Catering Equipment Company Limited

Directors' Report for the Year Ended 30 April 2024

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Required disclosures dealt with in the Strategic report

In accordance with the provisions of s414C(11) of the Companies Act 2006, the following matters, otherwise required for inclusion in the Directors’ Report, have been included in the Strategic Report:

• Review of business and future developments in the Company, and

• Key risks to the business.
 

Post balance sheet events

No events have occurred since the period end which require reporting or disclosing in the financial statements.

Medium companies exemption

This report has been prepared in accordance with the special provisions relating to medium sized companies within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr Thomas Paul Caves
Company secretary and director

 

Stephens Catering Equipment Company Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Fair review of the business

Despite a reduction in turnover, an improved gross profit margin has resulted in a level of profit for the year which the directors consider to be satisfactory. The Directors anticipate that the Company will continue to trade profitably in the incoming year.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

17,957,168

19,036,783

Gross profit margin

%

31

29

Profit before tax and dividend

£

506,200

1,172,815

Principal risks and uncertainties

The key risk to the business in the future relates to competition from other suppliers and the demand from the catering industry including government departments. The directors are confident that their customer service record is such that the company can compete successfully in the current economic climate.

The board of Directors are also aware of the financial risks arising from liquidity, credit and exchange rate issues. They regularly review the financial position of the Company and implement controls to reduce any exposure in these areas.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr Thomas Paul Caves
Company secretary and director

 

Stephens Catering Equipment Company Limited

Independent Auditor's Report to the Members of Stephens Catering Equipment Company Limited

Opinion

We have audited the financial statements of Stephens Catering Equipment Company Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 director's 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 original financial statements were 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.

 

Stephens Catering Equipment Company Limited

Independent Auditor's Report to the Members of Stephens Catering Equipment Company Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 2], 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.

 

Stephens Catering Equipment Company Limited

Independent Auditor's Report to the Members of Stephens Catering Equipment Company Limited

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.

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

We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our own knowledge and experience of the industry. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.

In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.

......................................
Sean McIlhatton (Senior Statutory Auditor)
For and on behalf of Stevenson and Wilson, Statutory Auditor
 22-30 Broadway Avenue
Ballymena
Co Antrim
BT43 7AA

27 January 2025

 

Stephens Catering Equipment Company Limited

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

3

17,957,168

19,036,783

Cost of sales

 

(12,467,334)

(13,469,041)

Gross profit

 

5,489,834

5,567,742

Administrative expenses

 

(4,958,823)

(4,382,636)

Other operating income

8,130

7,907

Operating profit

4

539,141

1,193,013

Interest payable and similar expenses

5

(32,941)

(20,198)

Profit before tax

 

506,200

1,172,815

Tax on profit

8

(147,695)

(185,345)

Profit for the financial year

 

358,505

987,470

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Stephens Catering Equipment Company Limited

(Registration number: NI011092)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

9

1,616,167

1,401,154

Current assets

 

Stocks

10

3,196,867

3,948,779

Debtors

11

3,384,551

4,103,377

Cash at bank and in hand

 

3,319,339

2,956,229

 

9,900,757

11,008,385

Creditors: Amounts falling due within one year

12

(3,685,832)

(5,057,794)

Net current assets

 

6,214,925

5,950,591

Total assets less current liabilities

 

7,831,092

7,351,745

Creditors: Amounts falling due after more than one year

12

(361,702)

(302,410)

Provisions for liabilities

15

(158,807)

(97,257)

Net assets

 

7,310,583

6,952,078

Capital and reserves

 

Called up share capital

10,000

10,000

Other reserves

70,063

70,063

Retained earnings

7,230,520

6,872,015

Shareholders' funds

 

7,310,583

6,952,078

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr Thomas Paul Caves
Company secretary and director

 

Stephens Catering Equipment Company Limited

Statement of Comprehensive Income for the Year Ended 30 April 2024

2024
£

2023
£

Profit for the year

358,505

987,470

Total comprehensive income for the year

358,505

987,470

 

Stephens Catering Equipment Company Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2023

10,000

70,063

6,872,015

6,952,078

Profit for the year

-

-

358,505

358,505

At 30 April 2024

10,000

70,063

7,230,520

7,310,583

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 May 2022

10,000

70,063

5,924,545

6,004,608

Profit for the year

-

-

987,470

987,470

Dividends

-

-

(40,000)

(40,000)

At 30 April 2023

10,000

70,063

6,872,015

6,952,078

 

Stephens Catering Equipment Company Limited

Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

358,505

987,470

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

223,053

176,240

Loss/(profit) on disposal of tangible assets

38,035

(16,515)

Finance costs

5

32,941

20,198

Income tax expense

8

147,695

185,345

 

800,229

1,352,738

Working capital adjustments

 

Decrease/(increase) in stocks

10

751,912

(470,605)

Decrease/(increase) in trade debtors

11

798,408

(322,914)

(Decrease)/increase in trade creditors

12

(1,381,046)

63,207

Decrease in deferred income, including government grants

 

(7,609)

(7,608)

Funds introduced by directors

 

(79,582)

130,623

Cash generated from operations

 

882,312

745,441

Income taxes paid

8

(150,305)

(86,420)

Net cash flow from operating activities

 

732,007

659,021

Cash flows from investing activities

 

Acquisitions of tangible assets

(485,665)

(124,070)

Proceeds from sale of tangible assets

 

9,564

180,624

Net cash flows from investing activities

 

(476,101)

56,554

Cash flows from financing activities

 

Interest paid

5

(32,941)

(20,198)

Repayment of bank borrowing

 

(60,032)

(116,327)

Receipts from finance lease debtors

 

401,550

154,110

Payments to finance lease creditors

 

(201,373)

(124,593)

Dividends paid

-

(40,000)

Net cash flows from financing activities

 

107,204

(147,008)

Net increase in cash and cash equivalents

 

363,110

568,567

Cash and cash equivalents at 1 May

 

2,956,229

2,387,662

Cash and cash equivalents at 30 April

 

3,319,339

2,956,229

 

Stephens Catering Equipment Company Limited

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

1

General information

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

The address of its registered office is:
205 Carnalbanagh Road
Broughshane
Ballymena
BT42 4NY

2

Accounting policies

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Companies Act 2006.

Turnover

Turnover, which excludes value added tax, is measured at the fair value of consideration received or receivable and represents the invoiced value of goods and services supplied. Turnover from the sale of goods is recognised when the Company has completed its performance obligations under the terms of the sale which is typically upon goods delivery and at which the point the risks and rewards associated with the ownership of the goods have passed to the purchaser. Turnover from the rendering of services is recognised on completion of the work, at which point the Company has earned entitlement to the consideration.

Results for the period

Results for the period are stated after writing off revenue costs as incurred.

Pension scheme

The company scheme is a money purchase scheme operated by a life assurance company and the premiums payable by the company are charged in the accounts in the period in which they are paid.

Tangible fixed assets

Depreciation is calculated so as to write off the cost or valuation of tangible fixed assets less their estimated residual values on a straight line basis over the expected useful economic lives of the assets concerned. The principal rates used for this purpose are:

Asset class

Depreciation method and rate

Freehold land and building

4% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Motor vehicle

25% reducing balance basis

Leased vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

 

Stephens Catering Equipment Company Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the statement of cash flow, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Tax

Current tax is recognised as the amount of income tax payable in respect of the profit for the current and past periods. It is calculated using the tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.

Foreign currency transactions and balances

The profit and loss account and cash flows of Republic of Ireland branches are translated into sterling at average rates of exchange. Balance sheets are translated at closing rates. Exchange differences arising in the normal course of trading and on the translation of monetary assets and liabilities are dealt with in the profit and loss account.

Hire purchase and leasing

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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 Balance Sheet as a finance lease obligation.

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Revenue

Turnover comprises the sale of goods. In the opinion of the directors the disclosure of turnover by geographical location would be seriously prejudicial to the interests of the company and is therefore not disclosed.

 

Stephens Catering Equipment Company Limited

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

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Auditor's remuneration - The audit of the company's annual accounts

12,000

12,000

Loss/(profit) on disposal of property, plant and equipment

38,035

(16,515)

Depreciation expense

223,053

176,240

5

Interest payable and similar expenses

2024
 £

2023
 £

Interest on bank overdrafts and borrowings

11,389

11,007

Interest on obligations under finance leases and hire purchase contracts

18,921

9,191

Interest expense on other finance liabilities

2,631

-

32,941

20,198

 

Stephens Catering Equipment Company Limited

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

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

2,966,774

2,524,478

Social security costs

292,078

410,748

Pension costs, defined contribution scheme

87,615

83,994

3,346,467

3,019,220

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

16

16

Other departments

80

78

96

94

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

325,756

293,856

Contributions paid to money purchase schemes

9,016

7,884

334,772

301,740

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
 No.

2023
 No.

Accruing benefits under money purchase pension scheme

4

5

 

Stephens Catering Equipment Company Limited

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

8

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

UK corporation tax

82,189

146,349

UK corporation tax adjustment to prior periods

3,956

(58,261)

86,145

88,088

Deferred taxation

Arising from origination and reversal of timing differences

61,550

21,259

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

75,998

Total deferred taxation

61,550

97,257

Tax expense in the income statement

147,695

185,345

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19.49%).

The differences are reconciled below:

2024
 £

2023
 £

Profit before tax

506,200

1,172,815

Corporation tax at standard rate

126,550

228,618

Effect of expense not deductible in determining taxable profit

5,838

1,239

UK deferred tax expense (credit) relating to changes in tax rates or laws

-

23,396

Increase (decrease) in UK and foreign current tax from unrecognised temporary difference from a prior period

-

75,998

Tax increase from effect of capital allowances and depreciation

17,209

(115)

Other tax effects for reconciliation between accounting profit and tax expense (income)

(1,902)

(1,483)

Tax decrease from effect of adjustment in research and development tax credit

-

(142,308)

Total tax charge

147,695

185,345

 

Stephens Catering Equipment Company Limited

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

9

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Leased vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

1,436,196

781,295

790,331

89,633

467,633

3,565,088

Additions

-

44,805

418,338

-

22,522

485,665

Disposals

-

-

(138,272)

(89,633)

-

(227,905)

At 30 April 2024

1,436,196

826,100

1,070,397

-

490,155

3,822,848

Depreciation

At 1 May 2023

567,754

636,102

465,762

54,189

440,127

2,163,934

Charge for the year

17,568

42,668

143,299

8,118

11,400

223,053

Eliminated on disposal

-

-

(117,999)

(62,307)

-

(180,306)

At 30 April 2024

585,322

678,770

491,062

-

451,527

2,206,681

Carrying amount

At 30 April 2024

850,874

147,330

579,335

-

38,628

1,616,167

At 30 April 2023

868,442

145,193

324,569

35,444

27,506

1,401,154

Included within the net book value of land and buildings above is £850,874 (2023 - £868,442) in respect of freehold land and buildings.
 

 

Stephens Catering Equipment Company Limited

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

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Tangible fixed assets

458,556

174,461

   

10

Stocks

2024
 £

2023
 £

Stocks

3,196,867

3,948,779

11

Debtors

Current

2024
£

2023
£

Trade debtors

3,221,423

3,625,827

Other debtors

157,479

473,905

Prepayments

5,649

3,645

 

3,384,551

4,103,377

An impairment loss of £1,821 (2023 gain: £57,662) against trade debtors was recognised as an expense during the year.

12

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

2,527,011

3,260,760

Bank loans

13

55,000

55,000

Obligations under finance lease and hire purchase contracts

 

153,193

79,949

Corporation tax

8

82,189

146,349

Other taxes and social security

 

224,722

368,294

Other creditors

 

373,622

761,767

Accruals

 

262,487

378,067

Deferred income

 

7,608

7,608

 

3,685,832

5,057,794

Due after one year

 

Loans and borrowings

13

356,502

289,601

Deferred income

 

5,200

12,809

 

361,702

302,410

 

Stephens Catering Equipment Company Limited

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

13

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

Bank borrowings

68,641

128,673

HP and finance lease liabilities

287,861

160,928

356,502

289,601

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

55,000

55,000

HP and finance lease liabilities

153,193

79,949

208,193

134,949

Bank borrowings

Bank borrowings are secured by an all monies debenture, fixed and floating security over the property, assets, undertakings, rights and revenues of the company and an all monies charge over the company's property.

14

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

164,923

94,949

Later than one year and not later than five years

315,976

177,302

480,899

272,251

 

Stephens Catering Equipment Company Limited

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

15

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 May 2023

97,257

97,257

Increase (decrease) in existing provisions

61,550

61,550

At 30 April 2024

158,807

158,807

16

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

10,000

10,000

10,000

10,000

       

17

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £87,615 (2023 - £83,994).

18

Commitments

The company had no capital commitments at the year end (2023 - £Nil).

19

Related party transactions

Included in other creditors at the year end was £19,447 owed to the directors (2023:£99,029 owed to the directors).