Stephenson Limited
Annual Report and Financial Statements
For the year ended 30 September 2024
Company Registration No. 04362752 (England and Wales)
Stephenson Limited
Company Information
Directors
M R Stephenson
E Sheil
Company number
04362752
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
Stephenson Limited
Strategic Report
For the year ended 30 September 2024
Page 1
The directors present the strategic report for the year ended 30 September 2024.
Fair review of the business
The principal activity of the company is the supply of key material to fellow group companies, with results reflected within the consolidated accounts of M R Stephenson Limited.
The M R Stephenson Limited group works selectively in 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.
The M R Stephenson Limited 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. The M R Stephenson Limited 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 £25.3m (2023: £19.4m) which is representative of the M R Stephenson Limited group’s overall increase in secured contract work.
Operating profit has increased to £1.3m (2023: £1.1m) and gross margin has maintained at 5.2% (2023: 5.5%) which is consistent with the recharging of costs to the M R Stephenson Limited group companies with a set administrative fee.
The balance sheet shows a strong net asset position of £8.1m (2023: £7.2m). The increase in the net assets was driven largely by an increase in amounts due from fellow group undertakings which was over and above the increase in trade creditors. This is in line with expectations. The amounts due from fellow group undertakings was £14.8m (2023: £12.1m) and trade creditors was £7.7m (2023: £6.4m). The cash balance remained relatively consistent at £973k (2023: £837k).
Our retained profit and cash balance will assist us in future investment into our staff and assets, throughout the M R Stephenson Limited group, to continue our growth independently without the requirements of large bank loans.
Key performance indicators
Health & Safety
Our primary focus is on the health and safety and well-being of our workforce within the group, 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 is central to our processes and operations and is under constant review - ‘Do it right first time’ - This along with working to industry accreditation / certification such as Achilles, Cares, FSC, FIRAS, Considerate Contractors means we are able to meet that of our own and client 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 throughout the group.
The key aspects of the sustainable growth are as follows:
Sept 24 Sept 23 Sept 22 Sept 21
Turnover £25.3m £19.4m £24.0m £17.7m
Gross margin 5.21% 5.52% 4.76% 4.76%
Net assets £8.1m £7.2m £6.2m £4.2m
Stephenson Limited
Strategic Report (Continued)
For the year ended 30 September 2024
Page 2
Principal risks and uncertainties
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 company balance sheet, and with well-established connections in the industry it is very well placed for the future individually and as a fully owned subsidiary of M R Stephenson Limited.
Financial risk management
The company does not operate any overdraft with the banks, however, does have a pooling arrangement across the group. The group always operates on a cash positive position. Trade debtors and creditors arise directly from the Company’s and consolidated groups 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 risk is management by financial management on its major contracts within the group 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 within the group.
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.
Cashflow risk
Fixed payment terms for both debtors and creditors allow the effective management of a positive cashflow.
Credit risk
Fixed payment terms for construction contracts within the group provide for regular monthly payments against the full contract value. The creditworthiness of new customers is assessed by the relevant group company prior to entering into a contract. The group actively manages the collection of payments to ensure that they are received promptly and in accordance with the agreed terms, thereby ensuring the group’s exposure to bad debts in minimised.
Other performance indicators
Future prospects
After 62 years of trading, 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.
Promoting the success of the company and group
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 within M R Stephenson Limited, 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 group 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.
Stephenson Limited
Strategic Report (Continued)
For the year ended 30 September 2024
Page 3
M R Stephenson
Director
20 May 2025
Stephenson Limited
Directors' Report
For the year ended 30 September 2024
Page 4
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 the supply of key materials to fellow group companies.
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
Directors' insurance
The company 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 company.
Future developments
The company will continue with its strategy of working 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.
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, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
M R Stephenson
Director
20 May 2025
Stephenson Limited
Directors' Responsibilities Statement
For the year ended 30 September 2024
Page 5
The directors are responsible for preparing the Strategic report, the Directors' report, the annual 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Stephenson Limited
Independent Auditor's Report
To the Member of Stephenson Limited
Page 6
Opinion
We have audited the financial statements of Stephenson Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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.
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.
Stephenson Limited
Independent Auditor's Report (Continued)
To the Member of Stephenson Limited
Page 7
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Stephenson Limited
Independent Auditor's Report (Continued)
To the Member of Stephenson Limited
Page 8
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:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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.
Stephenson Limited
Independent Auditor's Report (Continued)
To the Member of Stephenson Limited
Page 9
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:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, 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
Stephenson Limited
Statement of Comprehensive Income
For the year ended 30 September 2024
Page 10
2024
2023
Notes
£
£
Turnover
3
25,320,915
19,444,967
Cost of sales
(24,001,575)
(18,370,698)
Gross profit
1,319,340
1,074,269
Administrative expenses
(8,613)
(7,766)
Operating profit
1,310,727
1,066,503
Interest payable and similar expenses
(18,124)
Profit before taxation
1,292,603
1,066,503
Tax on profit
6
(327,707)
(50,000)
Profit for the financial year
964,896
1,016,503
There was no other comprehensive income for 2024 (2023: NIL).
Stephenson Limited
Balance Sheet
As at 30 September 2024
30 September 2024
Page 11
2024
2023
Notes
£
£
£
£
Current assets
Debtors
7
15,241,932
12,858,279
Cash at bank and in hand
973,274
836,624
16,215,206
13,694,903
Creditors: amounts falling due within one year
8
(8,077,094)
(6,521,687)
Net current assets
8,138,112
7,173,216
Capital and reserves
Called up share capital
9
1
1
Profit and loss reserves
8,138,111
7,173,215
Total equity
8,138,112
7,173,216
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:
M R Stephenson
Director
Company Registration No. 04362752
Stephenson Limited
Statement of Changes in Equity
For the year ended 30 September 2024
Page 12
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
1
6,156,712
6,156,713
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
1,016,503
1,016,503
Balance at 30 September 2023
1
7,173,215
7,173,216
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
964,896
964,896
Balance at 30 September 2024
1
8,138,111
8,138,112
Stephenson Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 13
1
General Information
Stephenson Limited is a private company limited by shares 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 the supply of key materials to fellow group companies.
1.1
Accounting policies
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The 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. The principal accounting policies adopted are set out below.
1.2
Financial Report Standard 102 - reduced disclosure exemption
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 3.17 (d) and Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
The financial statements of the company are consolidated in the financial statements of M R Stephenson Limited. These consolidated financial statements are available from its registered office, Provender Mill, Mill Bay Lane, Horsham, West Sussex, RH12 1SS.
1.3
Going concern
The company derives its income from fellow subsidiaries in the M R Stephenson Limited group and is party to the group banking facilities as outlined in note 10. As such the company is wholly reliant on the group to remain a going concern. The directors are aware that the group is profitable and has a strong solvent balance sheet position with projections showing that this is not expected to change or any reason why this would cease to be the case. As such the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.5
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.
Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
General Information
(Continued)
Page 14
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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 company’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 when the company has 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.
Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 15
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Going concern
The company is reliant on the group for its income. In making the going concern assessment, the directors have made the judgement that the group will continue to be profitable and continue to pay for the services of the company.
3
Turnover
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Construction costs
25,320,915
19,444,967
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
25,320,915
19,444,967
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,000
7,750
For other services
All other non-audit services
1,500
5
Employees
The average monthly number of persons employed by the company during the year was nil (2023: nil).
Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 16
6
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
327,707
50,000
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
1,292,603
1,066,503
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
323,151
234,718
Tax effect of expenses that are not deductible in determining taxable profit
4,556
Group relief
(184,718)
Taxation charge for the year
327,707
50,000
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%).
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
14,800,616
12,121,783
Other debtors
441,316
736,496
15,241,932
12,858,279
Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
Stephenson Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 17
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,740,887
6,356,077
Corporation tax
327,707
160,710
Other creditors
8,500
4,900
8,077,094
6,521,687
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
10
Financial commitments, guarantees and contingent liabilities
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.
11
Related party transactions
The company has taken the exemption, in accordance with FRS 102 - Section 33 "Related Party Disclosures", from disclosing related party transactions entered into between members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
12
Parent company
The immediate and ultimate parent undertaking is M R Stephenson Limited, a company incorporated in England & Wales.
No one person controlled the company throughout the year.
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