Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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9,815,174 | 9,783,472 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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568,438 | 1,722,044 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current liabilities | (6,751,656) | (6,977,131) | ||
Total assets less current liabilities | 3,063,518 | 2,806,341 | ||
Provision for liabilities | 9, 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Steadman Holdings Ltd (registered number:
Mr A M Dickie
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Steadman Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is The Sandbox, Waterside, Newburgh, AB41 6AB, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At 5 April 2024, the Company had net current liabilities of £6.8m (2023: £7.0m). Contained within current liabilities are significant balances due to the directors of £7.1m (2023: £8.4m), which have been used to finance the acquisition of the Company's asset investments. The directors have confirmed their continuing support for the Company and do not intend to recall these monies, should it call into question the Company's going concern applicability, for a period of at least 12 months from the date of signing these financial statements. This confirmation, coupled with the positive future financial outlook for the Company, means the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Group accounts exemption s399
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Land and buildings |
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Plant and machinery |
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Office equipment |
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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.
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).
Interests in subsidiaries, associates and jointly controlled entities 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.
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value can be reliably measured) are measured at fair value through profit or loss. Where fair value cannot be reliably measured, investments are measured at cost less impairment.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price and are subsequently carried at amortised cost. Financial liabilities classified as payable within one year are not amortised.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Exceptional items are those items, that, in the directors view, are required to be separately disclosed by virtue of their nature or incidence to enable a full understanding of the Company's financial performance.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 06 April 2023 |
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Additions |
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Disposals | (
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At 05 April 2024 |
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Accumulated depreciation | |||||||
At 06 April 2023 |
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Charge for the financial year |
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Disposals | (
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At 05 April 2024 |
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Net book value | |||||||
At 05 April 2024 |
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At 05 April 2023 |
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Investment property | |
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Valuation | |
As at 06 April 2023 |
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As at 05 April 2024 |
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A full market valuation of investment property was completed by CBRE at 5th April 2023. The directors have reviewed the prior year valuation and its appropriateness for the current financial year and have concluded that it remains appropriate.
2024 | 2023 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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770,423 | 876,597 |
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 06 April 2023 |
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At 05 April 2024 |
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Provisions for impairment | |
At 06 April 2023 |
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At 05 April 2024 |
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Carrying value at 05 April 2024 |
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Carrying value at 05 April 2023 |
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Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 06 April 2023 |
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Distributions | (
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Capital calls | 11,289 | 11,289 | |
Redemptions | (21,606) | (21,606) | |
Foreign exchange | (7,473) | (7,473) | |
At 05 April 2024 |
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Carrying value at 05 April 2024 |
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Carrying value at 05 April 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 05.04.2024 |
Ownership 05.04.2023 |
Held |
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The Sandbox, Waterside, Newburgh, United Kingdom, AB41 6AB | Vertical crop farming |
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Direct |
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The Sandbox, Waterside, Newburgh, United Kingdom, AB41 6AB | Health and nutrition product retail |
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Direct |
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The Sandbox, Waterside, Newburgh, United Kingdom, AB41 6AB | Manufacture and wholesale of pharmaceutical products |
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Direct |
2024 | 2023 | ||
£ | £ | ||
Work in progress |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Prepayments and accrued income |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to related parties |
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Amounts owed to directors |
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Accruals and deferred income |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Deferred tax |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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The deferred tax liability has arisen due to fixed asset timing differences.
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
At the year end the company was subject to a fixed charge over its assets, including a negative pledge, in favour of the company's bankers. As at that date the company also had outstanding funding commitments of $39k (£31k) (2023: $27k (£21k)) in relation to an investment fund and had capital commitments of £Nil (2023 - £Nil).
Transactions with the entity's directors
At the period end, directors were owed £7.1m (2023: £8.4m) by the company. This is interest free and repayable on demand.
The company is under the control of the directors.