M R Stephenson Limited
Annual Report and Financial Statements
For the year ended 30 September 2024
Company Registration No. 04619660 (England and Wales)
M R Stephenson Limited
Company Information
Directors
M R Stephenson
E Sheil
T J Hemsley
S Bloom
E J Vere
H R Stephenson
B F R O'Keeffe
Company number
04619660
Registered office
Provender Mill
Mill Bay Lane
Horsham
West Sussex
RH12 1SS
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
M R Stephenson Limited
Group Strategic Report
For the year ended 30 September 2024
Page 1

Introduction

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

 

The M R Stephenson Limited group comprised: M R Stephenson Limited, Stephenson Construction (Southern) Limited, Stephenson Construction (North) Limited, Stephenson Limited, SSC Construction Services Limited and Boston Road Development Limited as the main trading companies within the group. The group also includes dormant companies: Stephenson (Shell & Core) Limited, Stephenson Shell & Core (Scotland) Limited, Stephenson Development (Southern) Holdings Limited, Stephenson Development (Stockton) Limited and Stephenson Development (Ifold) Limited.

 

M R Stephenson Limited is the ultimate parent of the M R Stephenson Limited group. The principal activity of the Company is that of a holding company of the M R Stephenson Limited group.

 

The main trading companies provide construction services which build reinforced concrete structures operating through the turnover companies, Stephenson Construction (Southern) Limited and Stephenson Construction (North) Limited with costs being recharged from the cost companies Stephenson Limited and SSC Construction Services Limited. Boston Road Development Limited has a different principal activity with this company operating as a property development company.

Fair review of the business

 

The M R Stephenson Group works selectively in all markets throughout the UK in the construction of reinforced concrete structures and developments incorporating the latest technologies and products available for both on and offsite techniques.

M R Stephenson Group has seen good levels of growth in the year ending September 2024. It has a significant number of secured orders for the next year and a strong pipeline. M R Stephenson Group has continued to invest heavily in training and asset purchasing to ensure our methods of construction are provided consistently and we safely execute quality builds across the country.

Turnover has increased to £115.5m (2023: £69.7m). Over the past year not only have we secured work with a broader client base, the average size of secured contracts has been larger and therefore higher in value. This is attributed to our continued success in providing new and existing clients throughout the UK a safe delivery along with cost and programme certainty for their projects. Our key workforce are highly experienced both on and off site, and the support network of office staff with new streamlined procedures and work processes enable them to assist the site teams thereby allowing the business the flexibility to embrace and adapt to larger turnover demands.

Operating profit has increased to £9.3m (2023: £2.2m), gross margins increased from 12.1% to 15.1% driven by further efficiencies in our operations, increased buying power on materials and continued investment in our own plant and equipment. Administrative expenses increased from £6.2m to £8.2m to support the growth of the business. The much improved profit before taxation of £9.3m (2023: £2.1m) reflects the impact of the measures stated above.

The Group balance sheet shows a strong net asset position of £27m (2023: 20.4m). The increase in the net assets was driven largely by an increase in cash which is as a direct result of the strong performance in 2024 as explained above. The cash balance was £21.9m (2023: £14m).

Our retained profit and cash balance will assist us in future investment into our staff and assets to continue our growth independently without the requirements of large bank loans.

M R Stephenson Limited
Group Strategic Report (Continued)
For the year ended 30 September 2024
Page 2
Key performance indicators and financials
Health and safety
Our primary focus is on the health and safety and well-being of our workforce along with the impact that our operations can have beyond the boundary of the projects where we operate. We are proud of the whole team and the initiatives we have implemented which has strengthened our commitment to achieve zero incidents on site.

Quality and environmental
Our Quality Management System, focusing on 'Do it right first time', is central to our processes and operations and remains under constant review.  This along with maintaining industry accreditation / certification such as Achilles, Cares, FSC, FIRAS, Considerate Contractors means we are able to meet both our own and our client's quality expectations.

Our Environmental Management System is there to not only manage but mitigate the impact of all aspects of our operations, sustainability, waste, emissions, energy consumption, procurement etc on the environment as a whole.
Financial
The key financial aspects of the group's sustainable growth are as follows:
2024
2023
2022
2021
£'m
£'m
£'m
£'m
Turnover
115.55
69.71
71.39
39.17
Gross margin
15.11%
12.13%
10.18%
17.80%
Net assets
27.00
20.35
18.46
16.70
Streamlined Energy and Carbon Reporting (SECR)

M R Stephenson continues to strengthen its position as a leading RC frame subcontractor, delivering high-quality construction solutions while prioritizing sustainability, efficiency, and innovation. Over the past financial year, the company has expanded operations, improved productivity, and integrated new technologies to enhance project delivery.

Key highlights from the year include:

 

UK Energy Use and Associated Emissions

 

M R Stephenson is committed to reducing its environmental impact and reports energy consumption and emissions in line with SECR requirements.

 

This report represents the greenhouse gas ("GHG") emissions quantified by M R Stephenson for the financial year ending 2024. The report has been prepared under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, which require us to disclose our UK energy use and associated GHG emissions. Specifically, we report UK energy usage and emissions derived from purchased electricity, gas, and transport.

M R Stephenson Limited
Group Strategic Report (Continued)
For the year ended 30 September 2024
Page 3
Category
2024 (tCO2e)
2023 (tCO2e)
Scope 1
(Direct emissions from fuel combustion)
1,274.06
711.43
Scope 2
(Indirect emissions from purchased electricity)
17.23
12.85
Scope 3 (total)
61,295.24
38,795.41
Emissions from Transmission and Distribution (tCO2e)
1.53
1.14
Emissions from Materials: Production and Usage (tCO2e)
60,876.54
38,552.20
Emissions from Well-to-Tank (tCO2e)
303.41
169.09
Emissions from Third-party Transport (tCO2e)
92.24
72.99
Total Emissions
62,586.54
39,519.70
Intensity Ratio (tCO2e\1m turnover)
666.54
556.06
Energy Consumption in UK Operations (kWh)
Scope
Category
2024 (kWh)
2023 (kWh)
Scope 1
Fuel combustion (Diesel)
3,500,488.91
2,076,674.46
Scope 2
Purchased Electricity
74,798.75
55,779.30
Scope 3
Fuel Combustion (Vehicles)
852,981.87
420,265.08

Emissions Breakdown

 

 

All figures are calculated using the latest UK Government GHG Conversion Factors.

Methodology

 

The report has been prepared in reference to the GHG Protocol Corporate Standard, using an ‘operational control’ approach to define the GHG emissions boundary. This approach captures emissions associated with the operation of all buildings and, to the extent required under the reporting scope, business travel.

 

Emissions Calculation:

 

Scope 1 emissions were calculated using the SECR.uk Energy Unit Conversion Calculator, based on actual onsite diesel usage of 346,651.91 litres.

 

Scope 2 emissions were calculated from actual electricity consumption (kWh) using the latest UK Government conversion factors published on 30 October 2024. Greenhouse gas reporting: conversion factors 2024 - GOV.UK There are no material omissions from the mandatory reporting scope.

 

Scope 3 emissions were calculated using the Supply Chain Sustainability School methodology, allowing for more detailed value chain emissions assessment.

M R Stephenson Limited
Group Strategic Report (Continued)
For the year ended 30 September 2024
Page 4

Restatement of FY23 Figures: To enhance accuracy and comparability, the calculation methodology was updated from FY23 to FY24.

 

As part of this improvement, FY23 figures for Scope 1 and Scope 2 have been restated using the updated methodology and the latest government conversion factors.

 

Scope of SECR Reporting

 

M R Stephenson’s SECR reporting covers the following areas:

 

Energy Consumption: Total UK energy use, including fuel combustion and electricity purchases.

 

Energy Efficiency and Carbon Reduction Initiatives

 

M R Stephenson has implemented a range of measures to enhance energy efficiency and reduce emissions:

 

 

Commentary on Energy Use Increase in FY24

 

Energy consumption and emissions have increased significantly in FY24 due to:

 

 

Principal risks and uncertainties

 

Financial risk management

The group does not operate any overdraft with the banks, however, does has a pooling arrangement across the group.  The group always operates on a cash positive position.  Assets purchased through hire purchase are detailed in note 20. Trade debtors and creditors arise directly from the Company’s operating activities.

 

Liquidity risk

The directors review the liquidity position on a regular basis and are confident that the business has sufficient cash resources to meet its trading needs. The Company's exposure is minimised by financial management on its major contracts by negotiating appropriate payment terms with respective customers and suppliers. The Company's objective is to ensure an overall positive or neutral cash flow on all projects.

M R Stephenson Limited
Group Strategic Report (Continued)
For the year ended 30 September 2024
Page 5

Price risk

The company is subject to commodity price and other cost inflationary risks, however, manages this risk by entering into wherever possible fixed pricing agreements with its supply chain and subcontractors.

 

Credit risk

Fixed payment terms for construction contracts provide for regular monthly payments against the full contract value. The creditworthiness of new customers is assessed by the Company prior to entering into a contract. The Company actively manages the collection of payments to ensure that they are received promptly and in accordance with the agreed terms, thereby ensuring the Company’s exposure to bad debts in minimised.

Promoting the success of the company

The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006.  The company has considered the long-term strategy of the business in the Strategic Report and consider that this strategy will continue to deliver long term success of the business and it’s stakeholders.

 

The company is committed to maintaining an excellent reputation and strives to achieve high standards.   They are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

 

The Directors recognise the importance of the wider stakeholders in delivering their strategy and achieving sustainability within the business.  The main stakeholders in the company are considered to be the employees, sub-contractors, suppliers and customers.

 

In ensuring that all our stakeholders are considered as part of every decision process, we believe we act fairly between all members of the company.

On behalf of the board

M R Stephenson
Director
20 May 2025
M R Stephenson Limited
Directors' Report
For the year ended 30 September 2024
Page 6

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

Principal activities

The principal activity of the company is that of a holding company and the provision of management services, with overall management of companies within the group along with control of company assets and investments.

 

The principal activities of the group are that of the construction of Reinforced Concrete Substructures and Superstructures along with Enabling Works, Piling, Precast Elements and Property Development throughout the UK.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M R Stephenson
E Sheil
T J Hemsley
S Bloom
E J Vere
H R Stephenson
B F R O'Keeffe
Results and dividends

Ordinary dividends were paid amounting to £150,000. The directors do not recommend payment of a further dividend.

Directors' insurance

The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.

Future developments

The group has further strengthened and maintained its strong relationship with key clients and supply chain partners in the industry and has secured a very healthy forward workload for the years ahead that has secured a path of future investment and sustainable growth.

 

The principal risks and uncertainties continue, as is the case with many other businesses within the UK, to revolve around the economic cycles within the UK economy. With that comes opportunities, so with the group's low and flexible overhead structure, strong balance sheet, and with well-established connections in the industry it is very well placed for the future.

Auditor

The auditor, Moore Kingston Smith LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

M R Stephenson Limited
Directors' Report (Continued)
For the year ended 30 September 2024
Page 7
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
M R Stephenson
Director
20 May 2025
M R Stephenson Limited
Directors' Responsibilities Statement
For the year ended 30 September 2024
Page 8

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

 

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

M R Stephenson Limited
Independent Auditor's Report
To the Members of M R Stephenson Limited
Page 9
Opinion

We have audited the financial statements of M R Stephenson Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.

Other information

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

 

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

M R Stephenson Limited
Independent Auditor's Report (Continued)
To the Members of M R Stephenson Limited
Page 10

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 8, 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 group's and parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

M R Stephenson Limited
Independent Auditor's Report (Continued)
To the Members of M R Stephenson Limited
Page 11
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

M R Stephenson Limited
Independent Auditor's Report (Continued)
To the Members of M R Stephenson Limited
Page 12

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Colin Turnbull (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
21 May 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
M R Stephenson Limited
Group Statement of Comprehensive Income
For the year ended 30 September 2024
Page 13
2024
2023
Notes
£
£
Turnover
3
115,549,837
69,706,416
Cost of sales
(98,091,743)
(61,248,457)
Gross profit
17,458,094
8,457,959
Administrative expenses
(8,151,038)
(6,211,555)
Other operating income
-
1,000
Operating profit
4
9,307,056
2,247,404
Interest receivable and similar income
9
106,767
35,027
Interest payable and similar expenses
8
(105,611)
(196,788)
Profit before taxation
9,308,212
2,085,643
Tax on profit
10
(2,516,179)
(190,404)
Profit for the financial year
6,792,033
1,895,239
Profit for the financial year is attributable to:
- Owners of the parent company
6,827,598
2,019,956
- Non-controlling interests
(35,565)
(124,717)
6,792,033
1,895,239
Total comprehensive income for the year is attributable to:
- Owners of the parent company
6,827,598
2,019,956
- Non-controlling interests
(35,565)
(124,717)
6,792,033
1,895,239

There was no other comprehensive income for 2024 (2023: NIL).

M R Stephenson Limited
Group Balance Sheet
As at 30 September 2024
Page 14
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,317,335
6,792,026
Investments
13
1,608,001
1,608,001
9,925,336
8,400,027
Current assets
Stocks
14
1,465,002
6,592,510
Debtors
16
38,157,691
30,905,166
Cash at bank and in hand
21,873,116
14,029,308
61,495,809
51,526,984
Creditors: amounts falling due within one year
17
(42,511,249)
(37,726,031)
Net current assets
18,984,560
13,800,953
Total assets less current liabilities
28,909,896
22,200,980
Creditors: amounts falling due after more than one year
18
(366,948)
(819,616)
Provisions for liabilities
Deferred tax liability
22
(1,549,956)
(1,030,405)
(1,549,956)
(1,030,405)
Net assets
26,992,992
20,350,959
Capital and reserves
Called up share capital
23
60,000
60,000
Revaluation reserve
1,130,998
1,130,998
Profit and loss reserves
27,839,379
21,161,781
Equity attributable to owners of the parent company
29,030,377
22,352,779
Non-controlling interests
(2,037,385)
(2,001,820)
26,992,992
20,350,959
M R Stephenson Limited
Group Balance Sheet (Continued)
As at 30 September 2024
Page 15
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
20 May 2025
M R Stephenson
Director
M R Stephenson Limited
Company Balance Sheet
As at 30 September 2024
30 September 2024
Page 16
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,317,873
6,792,295
Investments
13
2,204,163
1,610,163
10,522,036
8,402,458
Current assets
Debtors
16
16,812,033
18,892,209
Cash at bank and in hand
14,924,020
10,589,224
31,736,053
29,481,433
Creditors: amounts falling due within one year
17
(37,548,474)
(34,531,903)
Net current liabilities
(5,812,421)
(5,050,470)
Total assets less current liabilities
4,709,615
3,351,988
Creditors: amounts falling due after more than one year
18
(366,948)
(819,616)
Provisions for liabilities
Deferred tax liability
22
(1,549,956)
(1,030,405)
(1,549,956)
(1,030,405)
Net assets
2,792,711
1,501,967
Capital and reserves
Called up share capital
23
60,000
60,000
Revaluation reserve
1,130,998
1,130,998
Profit and loss reserves
1,601,713
310,969
Total equity
2,792,711
1,501,967

As permitted by s408 Companies Act 2006, the company has not presented its own statement of comprehensive income and related notes. The company’s profit for the year was £1,440,744 (2023 - £291,634).

The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
20 May 2025
M R Stephenson
Director
Company Registration No. 04619660 (England and Wales)
M R Stephenson Limited
Group Statement of Changes in Equity
For the year ended 30 September 2024
Page 17
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
60,000
1,269,898
19,002,925
20,332,823
(1,877,103)
18,455,720
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
2,019,956
2,019,956
(124,717)
1,895,239
Transfers
-
-
138,900
138,900
-
138,900
Other movements
-
(138,900)
-
(138,900)
-
(138,900)
Balance at 30 September 2023
60,000
1,130,998
21,161,781
22,352,779
(2,001,820)
20,350,959
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
6,827,598
6,827,598
(35,565)
6,792,033
Dividends
11
-
-
(150,000)
(150,000)
-
(150,000)
Balance at 30 September 2024
60,000
1,130,998
27,839,379
29,030,377
(2,037,385)
26,992,992
M R Stephenson Limited
Company Statement of Changes in Equity
For the year ended 30 September 2024
Page 18
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
60,000
1,269,898
(119,565)
1,210,333
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
291,634
291,634
Transfers
-
-
138,900
138,900
Other movements
-
(138,900)
-
(138,900)
Balance at 30 September 2023
60,000
1,130,998
310,969
1,501,967
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
1,440,744
1,440,744
Dividends
11
-
-
(150,000)
(150,000)
Balance at 30 September 2024
60,000
1,130,998
1,601,713
2,792,711
M R Stephenson Limited
Group Statement of Cash Flows
For the year ended 30 September 2024
Page 19
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
11,701,973
5,360,937
Interest paid
(46,231)
(196,788)
Income taxes (paid)/refunded
(287,551)
247,222
Net cash inflow from operating activities
11,368,191
5,411,371
Investing activities
Purchase of tangible fixed assets
(2,943,031)
(1,071,823)
Proceeds from disposal of tangible fixed assets
109,575
65,320
Proceeds from disposal of investment property
-
445,000
Interest received
106,767
35,027
Net cash used in investing activities
(2,726,689)
(526,476)
Financing activities
Proceeds from borrowings
-
2,828,000
Repayment of borrowings
-
(2,748,354)
Repayment of bank loans
(17,600)
(3,574,756)
Payment of finance leases obligations
(571,501)
(661,775)
Interest paid
(59,380)
-
0
Dividends paid to equity shareholders
(150,000)
-
0
Net cash used in financing activities
(798,481)
(4,156,885)
Net increase in cash and cash equivalents
7,843,021
728,010
Cash and cash equivalents at beginning of year
13,620,059
12,892,049
Cash and cash equivalents at end of year
21,463,080
13,620,059
Relating to:
Cash at bank and in hand
21,873,116
14,029,308
Bank overdrafts included in creditors payable within one year
(410,036)
(409,249)
M R Stephenson Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 20
1
General information

M R Stephenson Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Provender Mill, Mill Bay Lane, Horsham, West Sussex, RH12 1SS. The principal activity of the company is that of a holding company and the provision of management services, with overall management of companies within the group along with control of company assets and investments.

 

The principal activities of the group are that of the construction of Reinforced Concrete Substructures and Superstructures along with Enabling Works, Piling, Precast Elements and Property Development throughout the UK.

 

The Group consists of M R Stephenson Limited and all of its subsidiaries.

1.1
Accounting Policies
Basis of preparation

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.

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 the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Financial Reporting Standard 102 - reduced disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102 and has taken advantage of the following disclosure exemptions in preparing the Company financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• Section 3.17(d) and Section 7 ‘Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures.

The information is included within these consolidated financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own statement of comprehensive income and related notes. The company’s profit for the year was £1,440,744 (2023 - £291,634).

1.3
Basis of consolidation

The consolidated financial statements incorporate those of M R Stephenson Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 30 September 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
General information
(Continued)
Page 21
1.4
Going concern

 

While the group has net current assets at 30 September 2024 of £18,984,560 and net assets of £26,992,992, the company has net current liabilities of £5,812,421, and net assets of £2,792,711. The company balance sheet includes amounts due to fellow group undertakings of £33,380,672 and amounts due from fellow group undertakings of £1,278,942. Under consolidation, amounts due to and from fellow group undertakings are eliminated (see Notes 16 and 17).

 

The group has continued to strengthen its position with secure contracts and development opportunities which will provide a path of sustainable growth for all areas of operation. The group has maintained its strong relationships with key clients and supply chain partners in the industry and they believe it is well placed to continue to secure new contracts from both regular and new client base. Consequently, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Notwithstanding the position shown by the company Balance Sheet, the directors are confident that the group and, therefore, the company is a going concern and that it remains appropriate for the accounts of the company and the group to be prepared on the going concern basis.  At the time of approving the financial statements, the directors are confident that the company and the group has adequate resources to successfully continue to operate for at least the next 12 months from the date of approval of the financial statements and for the foreseeable future beyond.

1.5
Turnover

Turnover is generated from construction services provided, sales of development properties and rental income. Turnover from construction services and related contracts is addressed in note 1.11.

 

Turnover from sales of development properties and rental income is recognised at the fair value of the consideration received or receivable for the services provided.

Revenue from hire of plant and machinery is recognised at the fair value of the consideration received or receivable for the services provided.

 

Management fee income is recognised when at the fair value of the consideration received or receivable for the services provided.

1.6
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:

Long leasehold
At fair value
Improvements to property
4% on cost
Plant and machinery
10-20% on cost
Fixtures and fittings
20% on cost
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
Formwork plant
5% on cost

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 recognised in the profit and loss account.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
General information
(Continued)
Page 22

Although the long leasehold policy is in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), it is a departure from the general requirements of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.7
Fixed asset investments

In the parent company financial statements investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Other investments and the classic car collection are measured at fair value through profit or loss on an open market basis.

1.8
Interest income
Interest income is recognised in profit or loss using the straight line method.
1.9
Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred.
1.10
Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period and is based on assessed value of work completed to-date (an output measure).

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
General information
(Continued)
Page 23
1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
General information
(Continued)
Page 24
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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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 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. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
General information
(Continued)
Page 25
1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 26
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Construction contracts

Recognition of turnover and profit on construction contracts requires management judgment regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the balance sheet date. Each live contract is regularly reviewed by the directors as part of the contract valuation process. The directors review the costs and revenues to date, the estimated stage of completion and estimated costs and revenues to completion, which enables the directors to assess the most likely profit outcome and valuation of works carried out at a point in time. The closer to completion a contract is, the more certain the outcome will be and the directors will always take a prudent view of contracts which cannot be estimated with certainty.

 

The estimation of final contract value includes assessments of the recovery of the variations which have yet to be agreed with customer and if relevant any compensation events and claims that are probable to be agreed.

 

The age, nature and recoverability of all debtors and amounts recoverable on construction contracts are reviewed regularly by management and provisions made as appropriate.

3
Turnover

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Construction
104,534,009
67,441,440
Development
5,246,000
-
Plant hire
4,769,828
1,414,976
Management fees
1,000,000
850,000
115,549,837
69,706,416
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
3
Turnover
(Continued)
Page 27
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
115,549,837
69,706,416
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Impairment of contract retentions
430,548
(117,841)
Depreciation of owned tangible fixed assets
960,818
775,100
Depreciation of tangible fixed assets held under finance leases
373,372
417,693
(Profit)/loss on disposal of tangible fixed assets
(26,312)
609
Operating lease charges
176,872
132,048
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
2,941,771
1,066,649
Company pension contributions to defined contribution schemes
29,426
17,105
2,971,197
1,083,754

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
1,182,789
320,206
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 28
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
58,000
35,505
Audit of the financial statements of the company's subsidiaries
69,500
38,350
127,500
73,855
For other services
All other non-audit services
24,589
-
152,089
73,855
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
6
6
6
6
Production
13
6
13
6
Administration
8
9
8
9
Total
27
21
27
21

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,641,380
2,270,426
4,641,380
1,926,182
Social security costs
613,763
308,434
613,763
259,826
Pension costs
138,822
123,332
138,822
111,726
5,393,965
2,702,192
5,393,965
2,297,734
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 29
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
14,867
114,110
Interest on finance leases and hire purchase contracts
59,380
68,367
Other interest
31,364
14,311
Total finance costs
105,611
196,788
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
106,229
34,012
Other interest income
538
1,015
Total income
106,767
35,027
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,952,652
321,300
Adjustments in respect of prior periods
43,976
(130,896)
Total current tax
1,996,628
190,404
Deferred tax
Origination and reversal of timing differences
490,241
-
0
Adjustment in respect of prior periods
29,310
-
0
Total deferred tax
519,551
-
0
Total tax charge
2,516,179
190,404
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
10
Taxation
(Continued)
Page 30

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
9,308,212
2,085,643
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
2,327,053
459,050
Tax effect of expenses that are not deductible in determining taxable profit
33,581
18,598
Change in unrecognised deferred tax assets
81,756
(156,445)
Adjustments in respect of prior years
73,286
-
Group relief
(246)
-
Research and development tax credit
-
0
(130,896)
Other permanent differences
749
97
Taxation charge
2,516,179
190,404

In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). There has been no change to corporation tax rates for the financial year ended 30 September 2024. For the financial year ended 30 September 2024 the weighted average tax rate was 25% (30 September 2023 weighted average tax rate was 22.01%).

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
150,000
-
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 31
12
Tangible fixed assets
Group
Long leasehold and improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Formwork plant
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
1,439,260
8,899,576
251,528
959,404
3,353,650
14,903,418
Additions
198
991,872
-
0
230,466
1,720,495
2,943,031
Disposals
-
0
(6,800)
-
0
(189,548)
-
0
(196,348)
At 30 September 2024
1,439,458
9,884,648
251,528
1,000,322
5,074,145
17,650,101
Depreciation and impairment
At 1 October 2023
267,045
5,545,540
250,003
566,853
1,481,951
8,111,392
Depreciation charged in the year
31,761
910,856
1,525
136,635
253,682
1,334,459
Eliminated in respect of disposals
-
0
(1,360)
-
0
(111,725)
-
0
(113,085)
At 30 September 2024
298,806
6,455,036
251,528
591,763
1,735,633
9,332,766
Carrying amount
At 30 September 2024
1,140,652
3,429,612
-
0
408,559
3,338,512
8,317,335
At 30 September 2023
1,172,215
3,354,036
1,525
392,551
1,871,699
6,792,026
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
12
Tangible fixed assets
(Continued)
Page 32
Company
Long leasehold and improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Formwork plant
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
1,439,260
7,556,677
96,151
930,162
3,353,650
13,375,900
Additions
198
991,872
-
0
230,466
1,720,495
2,943,031
Disposals
-
0
(6,800)
-
0
(189,548)
-
0
(196,348)
At 30 September 2024
1,439,458
8,541,749
96,151
971,080
5,074,145
16,122,583
Depreciation and impairment
At 1 October 2023
267,045
4,202,641
94,626
537,342
1,481,951
6,583,605
Depreciation charged in the year
31,761
910,856
1,525
136,366
253,682
1,334,190
Eliminated in respect of disposals
-
0
(1,360)
-
0
(111,725)
-
0
(113,085)
At 30 September 2024
298,806
5,112,137
96,151
561,983
1,735,633
7,804,710
Carrying amount
At 30 September 2024
1,140,652
3,429,612
-
0
409,097
3,338,512
8,317,873
At 30 September 2023
1,172,215
3,354,036
1,525
392,820
1,871,699
6,792,295

A revaluation of the properties to fair market value took place on July 2020, following an assessment made by independent professional valuers for the company's bankers. The directors do not believe the value at 30 September 2024 was materially different.

 

The historic cost of the leasehold properties at the balance sheet date is £1,122,878 (2023: £1,122,878).

 

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £373,372 (2023: £417,693) for the year.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
1,485,535
1,537,215
1,485,535
1,537,215
Motor vehicles
-
0
240,090
-
0
240,090
1,485,535
1,777,305
1,485,535
1,777,305
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
12
Tangible fixed assets
(Continued)
Page 33

During the year ended 30 September 2015, the management and upkeep of the formwork plant, previously valued on an open market basis, became the sole responsibility of M R Stephenson Limited. The deemed value of the assets at the date of transition has been used as the cost for depreciation purposes.

 

The historic cost of these assets is £3,695,512 (2023: £3,695,512).

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
27
-
0
-
0
596,163
2,163
Classic car collection
1,608,000
1,608,000
1,608,000
1,608,000
Other investments
1
1
-
0
-
0
1,608,001
1,608,001
2,204,163
1,610,163
Fixed asset investments revalued

The historic cost of the classic car collection in Group and Company is £604,000 (2023: £604,000). They were valued on an open market basis on 26 July 2021 by DB Motor Brokers and revalued by the directors at 30 September 2024 on an open market basis.

Movements in fixed asset investments
Group
Classic car collection
Other
Total
£
£
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1,608,000
1
1,608,001
Carrying amount
At 30 September 2024
1,608,000
1
1,608,001
At 30 September 2023
1,608,000
1
1,608,001
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
13
Fixed asset investments
(Continued)
Page 34
Movements in fixed asset investments
Company
Shares in group undertakings
Classic car collection
Total
£
£
£
Cost or valuation
At 1 October 2023 and 30 September 2024
2,163
1,608,000
1,610,163
Impairment
At 1 October 2023
-
-
-
Impairment loss reversal
594,000
-
594,000
At 30 September 2024
594,000
-
594,000
Carrying amount
At 30 September 2024
596,163
1,608,000
2,204,163
At 30 September 2023
2,163
1,608,000
1,610,163
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
1,465,002
6,592,510
-
-
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
29,948,481
21,319,549
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
40,081,340
37,702,015
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 35
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
14,216,461
6,866,815
-
0
-
0
Gross amounts owed by contract customers
6,921,826
7,340,380
-
0
-
0
Corporation tax recoverable
7,071
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
1,278,942
4,606,299
Other debtors
16,826,565
16,246,034
15,347,323
14,047,061
Prepayments and accrued income
185,768
451,937
185,768
238,849
38,157,691
30,905,166
16,812,033
18,892,209

Trade debtors are stated after provisions for impairment on retentions of £1,168,574 (2023: £741,033).

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
427,636
426,849
17,600
17,600
Obligations under finance leases
20
521,854
658,287
521,854
658,287
Trade creditors
13,336,888
10,469,802
1,898,980
192,164
Amounts owed to group undertakings
-
0
-
0
33,380,672
30,521,321
Corporation tax payable
2,284,030
567,882
15,531
15,531
Other taxation and social security
512,827
275,750
512,723
275,515
Other creditors
20,724,116
22,018,774
5,016
2,830,470
Accruals and deferred income
4,703,898
3,308,687
1,196,098
21,015
42,511,249
37,726,031
37,548,474
34,531,903
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
180,400
198,000
180,400
198,000
Obligations under finance leases
20
186,548
621,616
186,548
621,616
366,948
819,616
366,948
819,616
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 36
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
198,000
215,600
198,000
215,600
Bank pooling facility
410,036
409,249
-
0
-
0
608,036
624,849
198,000
215,600
Payable within one year
427,636
426,849
17,600
17,600
Payable after one year
180,400
198,000
180,400
198,000

Included within group and company creditors is a bank loan of £198,000 (2023: £215,600) secured by fixed and floating charges over the company's leasehold properties and other property, assets and rights. The loan has interest of 1.95% above the Bank of England base rate charged on it. Interest charged on the loan in the year was £14,867 (2023: £13,110).

 

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
521,854
658,287
521,854
658,287
In two to five years
186,548
621,616
186,548
621,616
708,402
1,279,903
708,402
1,279,903

Finance lease payments represent rentals payable by the company or group for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
138,822
123,332

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

Contributions totalling £8,861 (2023: £8,711) were payable to the fund at the balance sheet date and are included included in creditors.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 37
22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or 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
Group
£
£
Accelerated capital allowances
1,549,956
1,030,405
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,549,956
1,030,405
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
1,030,405
1,030,405
Charge to profit or loss
519,551
519,551
Liability at 30 September 2024
1,549,956
1,549,956

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within 10 years.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
60,000
60,000
60,000
60,000

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 38
24
Related party transactions
Remuneration of key management personnel

The remuneration of the group's key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
2,941,771
1,295,341

Group

The group has taken advantage of the exemption in The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.

 

During the year the group incurred construction costs and administration fees of £13,185,013 (2023: £8,400,089) from S C Contractors Limited, a company in which M R Stephenson has a material interest. Included in creditors at 30 September 2024 was an amount due to S C Contractors Limited of £3,795,077 (2023: £4,993,375).

 

The group also incurred construction costs and administration fees of £32,783,931 (2023: £20,993,826) from SSC Contractors Limited, a company in which M R Stephenson has a material interest. Included in creditors at 30 September 2024 was an amount due to SSC Contractors Limited of £14,900,657 (2023: £10,528,387).

 

The group generated plant hire revenue and incurred plant hire costs of £4,764,481 (2023: £1,404,640) from RJS Support Services Limited, a company in which M R Stephenson has a material interest. At the year end £nil (2023: £1,685,571) was outstanding and is included within creditors.

 

During the year the group incurred management charges of £2,033,961 (2023: £2,021,508) from M R Stephenson Group Limited, a company in which M R Stephenson has a material interest. Management charges of £2,033,961 (2023: £2,424,741) are included within accruals and deferred income at the year end.

 

Included within creditors at the year end is £1,879,987 (2023: £1,879,987) due to Ty Glyn Student Limited, a company in which a director has a material interest, from Boston Road Development Limited.

 

Included within creditors at the year end is £492 (2023: £nil) due to Provender Mews Management Company Limited, a company controlled by the director, from Boston Road Development Limited.

 

Included within debtors at the year end is £290,024 (2023: £290,024) due from a director and shareholder in the company. A guarantee has been provided for this balance by M R Stephenson Group Limited for a period until the balance is settled.

 

The group incurred salary cost, including pension costs, of £280,386 (2023: £211,565) with employees who are close family members of key management personnel.

 

The group incurred maintenance costs of £1,618 (2023: £2,884) with a close family member of key management personnel.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
24
Related party transactions
(Continued)
Page 39

Company

Included in debtors at 30 September 2024 was an amount due from Webbliworld Limited, a company in which M R Stephenson has a material interest, of £866,305 (2023: £866,305). This balance has been guaranteed by M R Stephenson Group Limited.

 

Included in debtors at 30 September 2024 was an amount due from Sparkzmedia Limited, a company in which M R Stephenson has a material interest, of £18,237 (2023: £18,237).

 

Included in debtors at 30 September 2024 was an amount due to The Stephenson Pension Trust, of which M R Stephenson is sole trustee, of £9,441 (2023: £549 - debtor). During the year the company was charged rent of £63,000 (2023: £63,000) from The Stephenson Pension Trust.

 

Included in debtors at 30 September 2024 is a balance due from Stephenson Development (Southern) Holdings Limited of £895,401 (2023: £635,741) net of provisions of £3,385,102.

 

Included in debtors at 30 September 2024 is a balance due from Ty Glyn Student (One) Limited, a company in which M R Stephenson has a material interest, of £24,903 (2023: £24,890).

 

Included in debtors at 30 September 2024 was an amount due from Ty Glyn Student Limited, a company in which M R Stephenson has a material interest, of £32,225 (2023: £32,199).

 

Included in debtors at 30 September 2024 was an amount due from Verteka Holdings Limited, a company in which M R Stephenson has a material interest, of £117,204 (2023: £104,791).

 

Included in debtors at 30 September 2024 was an amount due from VTK Structures Limited, a company in which M R Stephenson has a material interest, of £253,737 (2023: £253,737).

 

Included in debtors at 30 September 2024 was an amount due from S C Contractors Limited, a company in which M R Stephenson has a material interest, of £1,632,107 (2023: £2,059,267). During the year management fees of £nil (2023: £150,000 charged by) were charged to S C Contractors Limited.

 

Included in debtors at 30 September 2024 was an amount due from SSC Contractors Limited, a company in which M R Stephenson has a material interest, of £4,544,416 (2023: £3,860,472). During the year management fees of £1,000,000 (2023: £700,000) were charged to SSC Contractors Limited.

 

Included in debtors was an amount due from M R Stephenson Group Limited, a company in which M R Stephenson has a material interest, of £7,405,230 (2023: £4,066,955). At the Balance Sheet date there was a short term loan of £nil (2023: £2,828,000) due to M R Stephenson Group Limited.

 

Included in debtors at 30 September 2024 was an amount due from RJS Support Services Limited, a company in which M R Stephenson has a material interest, of £1,292 (2023: £171,542).

 

Included within debtors at the year end is £10,184 (2023: £3,331,957) due from Boston Road Development Limited, a company related by virtue of its shareholding.

 

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 40
25
Financial commitments, guarantees and contingent liabilities

Company

 

The company has provided security under a multilateral cross guarantee for a bank pooling facility covering a number of companies under the control of M R Stephenson. The facility allows there to be overdrawn bank accounts across the companies involved up to a total of £20,000,000, providing there are also positive bank balances across the companies that match or exceed the overdrawn accounts. There was no overdraft facility during the year.

26
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for certain properties . The total expense recognised through profit and loss for the year ended 30 September 2024 was £176,872 (2023: £132,048).

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
55,208
93,935
55,208
48,935
Between two and five years
119,343
32,039
119,343
5,789
174,551
125,974
174,551
54,724
27
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shareholding
Direct
Indirect
SSC Construction Services Limited
Construction
Ordinary
99.83
0
Stephenson (Shell & Core) Limited
Construction
Ordinary
100.00
0
Stephenson Civils Limited
Construction
Ordinary
100.00
0
Stephenson Construction (North) Limited
Construction
Ordinary
100.00
0
Stephenson Construction (Southern) Limited
Construction
Ordinary
100.00
0
Stephenson Development (Ifold) Limited
Property development
Ordinary
0
60.00
Stephenson Development (Southern) Holdings Limited
Management
Ordinary
60.00
0
Stephenson Development (Southern) Limited
Dormant
Ordinary
0
60.00
Stephenson Development (Stockton) Limited
Property development
Ordinary
0
60.00
Stephenson Limited
Construction
Ordinary
100.00
0
Stephenson Shell & Core (Scotland) Limited
Construction
Ordinary
100.00
0
Stephenson Shuttering Contractors Limited
Dormant
Ordinary
93.50
0
Boston Road Developments Limited
Property development
Ordinary
0
30.60
M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
27
Subsidiaries
(Continued)
Page 41

The subsidiary companies are all registered in England and Wales and have the same registered office address as M R Stephenson Limited.

 

Although Boston Road Development Limited is owned 30.6% by M R Stephenson Limited, the directors believe M R Stephenson Limited controls the company.

 

By virtue of S479a of Companies Act 2006, the following subsidiaries were exempt from audit due to the statutory guarantee provided by M R Stephenson Limited:

 

Stephenson (Shell & Core) Limited

Stephenson Development (Ifold) Limited

Stephenson Development (Southern) Holdings Limited

Stephenson Development (Stockton) Limited

Stephenson Shell & Core (Scotland) Limited

Stephenson Civils Limited

28
Events after the reporting date

The group sold one of the remaining plots of the development in Boston Road Development Limited for £792,500 with the sale being agreed on 20 January 2025.

29
Controlling party

No individual shareholder holds a majority of voting rights. Therefore, there is no parent entity or ultimate controlling party by virtue of shareholdings or other means.

30
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
14,029,308
7,843,808
21,873,116
Bank overdrafts
(409,249)
(787)
(410,036)
13,620,059
7,843,021
21,463,080
Borrowings excluding overdrafts
(215,600)
17,600
(198,000)
Obligations under finance leases
(1,279,903)
571,501
(708,402)
12,124,556
8,432,122
20,556,678

The Group has acquired tangible assets under finance leases. £51,001 has been capitalised as the cost of the asset, being the present value of the minimum lease payments.

M R Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 42
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
6,792,033
1,895,239
Adjustments for:
Taxation charged
2,516,179
190,404
Finance costs
105,611
196,788
Investment income
(106,767)
(35,027)
(Gain)/loss on disposal of tangible fixed assets
(26,312)
609
Depreciation and impairment of tangible fixed assets
1,334,459
1,192,793
Movements in working capital:
Decrease in stocks
5,127,508
71,323
Increase in debtors
(7,245,454)
(2,040,540)
Increase in creditors
3,204,716
3,889,348
Cash generated from operations
11,701,973
5,360,937
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100M R StephensonE SheilT J HemsleyS BloomE J VereH R StephensonB F R O'Keeffefalse046196602023-10-012024-09-3004619660bus:Director12023-10-012024-09-3004619660bus:Director22023-10-012024-09-3004619660bus:Director32023-10-012024-09-3004619660bus:Director42023-10-012024-09-3004619660bus:Director52023-10-012024-09-3004619660bus:Director62023-10-012024-09-3004619660bus:Director72023-10-012024-09-3004619660bus:RegisteredOffice2023-10-012024-09-30046196602024-09-3004619660bus:Consolidated2023-10-012024-09-3004619660bus:Consolidated2022-10-012023-09-30046196602022-10-012023-09-3004619660bus:Consolidated2024-09-3004619660bus:Consolidated2023-09-30046196602023-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-09-3004619660core:PlantMachinerybus:Consolidated2024-09-3004619660core:FurnitureFittingsbus:Consolidated2024-09-3004619660core:MotorVehiclesbus:Consolidated2024-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2024-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3004619660core:PlantMachinerybus:Consolidated2023-09-3004619660core:FurnitureFittingsbus:Consolidated2023-09-3004619660core:MotorVehiclesbus:Consolidated2023-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-09-3004619660core:PlantMachinery2024-09-3004619660core:FurnitureFittings2024-09-3004619660core:MotorVehicles2024-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-3004619660core:PlantMachinery2023-09-3004619660core:FurnitureFittings2023-09-3004619660core:MotorVehicles2023-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-09-3004619660core:ShareCapitalbus:Consolidated2024-09-3004619660core:ShareCapitalbus:Consolidated2023-09-3004619660core:RevaluationReservebus:Consolidated2024-09-3004619660core:RevaluationReservebus:Consolidated2023-09-3004619660core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3004619660core:Non-controllingInterestsbus:Consolidated2024-09-3004619660core:Non-controllingInterestsbus:Consolidated2023-09-3004619660core:ShareCapital2024-09-3004619660core:ShareCapital2023-09-3004619660core:RevaluationReserve2024-09-3004619660core:RevaluationReserve2023-09-3004619660core:RetainedEarningsAccumulatedLosses2024-09-3004619660core:RetainedEarningsAccumulatedLosses2023-09-3004619660core:ShareCapitalbus:Consolidated2022-09-3004619660core:SharePremiumbus:Consolidated2022-09-3004619660core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-3004619660core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-3004619660core:ShareCapital2022-09-3004619660core:RevaluationReserve2022-09-3004619660core:RetainedEarningsAccumulatedLosses2022-09-3004619660bus:Consolidated2022-09-3004619660core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-3004619660core:LandBuildingscore:LongLeaseholdAssets2023-10-012024-09-3004619660core:PlantMachinery2023-10-012024-09-3004619660core:FurnitureFittings2023-10-012024-09-3004619660core:ComputerEquipment2023-10-012024-09-3004619660core:MotorVehicles2023-10-012024-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-10-012024-09-3004619660core:UKTaxbus:Consolidated2023-10-012024-09-3004619660core:UKTaxbus:Consolidated2022-10-012023-09-3004619660bus:Consolidated12023-10-012024-09-3004619660bus:Consolidated12022-10-012023-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3004619660core:PlantMachinerybus:Consolidated2023-09-3004619660core:FurnitureFittingsbus:Consolidated2023-09-3004619660core:MotorVehiclesbus:Consolidated2023-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-09-3004619660bus:Consolidated2023-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-09-3004619660core:PlantMachinery2023-09-3004619660core:FurnitureFittings2023-09-3004619660core:MotorVehicles2023-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-09-30046196602023-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-012024-09-3004619660core:PlantMachinerybus:Consolidated2023-10-012024-09-3004619660core:FurnitureFittingsbus:Consolidated2023-10-012024-09-3004619660core:MotorVehiclesbus:Consolidated2023-10-012024-09-3004619660core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipmentbus:Consolidated2023-10-012024-09-3004619660core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-10-012024-09-3004619660core:UnlistedNon-exchangeTradedbus:Consolidated2024-09-3004619660core:UnlistedNon-exchangeTradedbus:Consolidated2023-09-3004619660core:UnlistedNon-exchangeTraded2024-09-3004619660core:UnlistedNon-exchangeTraded2023-09-3004619660core:CurrentFinancialInstrumentsbus:Consolidated2024-09-3004619660core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3004619660core:CurrentFinancialInstruments2024-09-3004619660core:CurrentFinancialInstruments2023-09-3004619660core:WithinOneYearbus:Consolidated2024-09-3004619660core:WithinOneYearbus:Consolidated2023-09-3004619660core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3004619660core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3004619660core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-09-3004619660core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-09-3004619660core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3004619660core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3004619660core:Non-currentFinancialInstrumentsbus:Consolidated2024-09-3004619660core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3004619660core:Non-currentFinancialInstruments2024-09-3004619660core:Non-currentFinancialInstruments2023-09-3004619660core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-3004619660core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3004619660core:WithinOneYear2024-09-3004619660core:WithinOneYear2023-09-3004619660core:BetweenTwoFiveYearsbus:Consolidated2024-09-3004619660core:BetweenTwoFiveYearsbus:Consolidated2023-09-3004619660core:BetweenTwoFiveYears2024-09-3004619660core:BetweenTwoFiveYears2023-09-3004619660core:Subsidiary12023-10-012024-09-3004619660core:Subsidiary22023-10-012024-09-3004619660core:Subsidiary32023-10-012024-09-3004619660core:Subsidiary42023-10-012024-09-3004619660core:Subsidiary52023-10-012024-09-3004619660core:Subsidiary62023-10-012024-09-3004619660core:Subsidiary72023-10-012024-09-3004619660core:Subsidiary82023-10-012024-09-3004619660core:Subsidiary92023-10-012024-09-3004619660core:Subsidiary102023-10-012024-09-3004619660core:Subsidiary112023-10-012024-09-3004619660core:Subsidiary122023-10-012024-09-3004619660core:Subsidiary132023-10-012024-09-3004619660core:Subsidiary112023-10-012024-09-3004619660core:Subsidiary222023-10-012024-09-3004619660core:Subsidiary332023-10-012024-09-3004619660core:Subsidiary442023-10-012024-09-3004619660core:Subsidiary552023-10-012024-09-3004619660core:Subsidiary662023-10-012024-09-3004619660core:Subsidiary772023-10-012024-09-3004619660core:Subsidiary882023-10-012024-09-3004619660core:Subsidiary992023-10-012024-09-3004619660core:Subsidiary10102023-10-012024-09-3004619660core:Subsidiary11112023-10-012024-09-3004619660core:Subsidiary12122023-10-012024-09-3004619660core:Subsidiary13132023-10-012024-09-3004619660bus:PrivateLimitedCompanyLtd2023-10-012024-09-3004619660bus:FRS1022023-10-012024-09-3004619660bus:Audited2023-10-012024-09-3004619660bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3004619660bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP