Company Registration No. 04971023 (England and Wales)
Stubbings Group Limited
Unaudited financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
Stubbings Group Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Stubbings Group Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,037,575
1,037,575
Investment property
4
3,174,331
3,174,331
Investments
5
225,998
225,998
4,437,904
4,437,904
Current assets
Debtors
7
709,302
780,598
Cash at bank and in hand
48,294
48,392
757,596
828,990
Creditors: amounts falling due within one year
8
(583,927)
(606,533)
Net current assets
173,669
222,457
Total assets less current liabilities
4,611,573
4,660,361
Provisions for liabilities
(175,425)
(175,425)
Net assets
4,436,148
4,484,936
Capital and reserves
Called up share capital
10
4,204,361
4,204,361
Revaluation reserve
731,296
731,296
Profit and loss reserves
(499,509)
(450,721)
Total equity
4,436,148
4,484,936
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Stubbings Group Limited
Statement of financial position (continued)
As at 30 June 2024
2
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Oliver Good
Director
Company Registration No. 04971023
Stubbings Group Limited
Notes to the financial statements
For the year ended 30 June 2024
3
1
Accounting policies
Company information
Stubbings Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stubbings House, Henley Road, Maidenhead, Berkshire, SL6 6QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rent and services provided in the normal course of business, and is shown net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land
Not depreciated
Fixtures, fittings & equipment
10 - 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
Stubbings Group Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Stubbings Group Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
5
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Stubbings Group Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
6
Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future. The deferred tax balance has not been discounted.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Land
Plant and machinery
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
1,037,575
31,305
1,068,880
Depreciation and impairment
At 1 July 2023 and 30 June 2024
31,305
31,305
Carrying amount
At 30 June 2024
1,037,575
1,037,575
At 30 June 2023
1,037,575
1,037,575
Stubbings Group Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
3,174,331
Investment property comprises buildings let to third party tenants. The fair value of the investment property has been included at directors' valuation.
5
Fixed asset investments
2024
2023
£
£
Investments
225,998
225,998
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2023 & 30 June 2024
225,998
Carrying amount
At 30 June 2024
225,998
At 30 June 2023
225,998
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Stubbings Nursery Limited
England & Wales
Garden nursery
Ordinary
100.00
0
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,423
26,619
Corporation tax recoverable
3,944
Amounts owed by group undertakings
675,342
741,099
Other debtors
9,537
8,936
709,302
780,598
Stubbings Group Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
8
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,341
6,527
Taxation and social security
9,936
10,548
Other creditors
571,650
589,458
583,927
606,533
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
175,425
175,425
There were no deferred tax movements in the year.
Deferred tax has been calculated at a rate of 25% (2023 - 25%). The deferred tax liability set out above will reverse when there is a future disposal of the investment properties.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,204,361
4,204,361
4,204,361
4,204,361
11
Directors' transactions
Dudley Good, a director and shareholder of the company, provided an interest bearing loan to the company. The balance outstanding on this loan at the year end is £290,947 (2023: £291,915). The loan is unsecured and repayable on demand.
The D J Good Trust, a trust in which Oliver Good is a trustee, provided an interest bearing loan to the company. The balance outstanding on this loan at the year end is £73,750 (2023: £71,250). The loan is unsecured and repayable on demand.
The J R Good Trust, a trust in which Oliver Good is a trustee, provided an interest bearing loan to the company. The balance outstanding on this loan at the year end is £73,750 (2023: £71,250). The loan is unsecured and repayable on demand.
Oliver Good, a director and shareholder, provided an interest bearing loan to the company. The balance outstanding on this loan at the year end is £68,625 (2023: £66,125). The loan is unsecured, repayable on demand.
Stubbings Group Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
9
12
Ultimate controlling party
The ultimate controlling party is considered to be the Trustees of the NRO Stubbings Trust.