| REGISTERED NUMBER: |
| Strategic Report, Directors' Report and |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Stubbins Marketing Limited |
| REGISTERED NUMBER: |
| Strategic Report, Directors' Report and |
| Financial Statements for the Year Ended 31 December 2024 |
| for |
| Stubbins Marketing Limited |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Directors' Report | 4 |
| Independent Auditors' Report | 6 |
| Income Statement | 10 |
| Other Comprehensive Income | 11 |
| Statement of Financial Position | 12 |
| Statement of Changes in Equity | 13 |
| Statement of Cash Flows | 14 |
| Notes to the Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 17 |
| Stubbins Marketing Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| 147a High Street |
| Waltham Cross |
| EN8 7AP |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| During the year under review the company's principal activity was that of growing fresh produce. |
| High energy prices continue to be an issue for the business, although these were at least partially mitigated by the use of the company's own Combined Heat and Power generation. |
| Difficulties in the availability of labour continue to plague the agricultural and horticultural industries in the UK. However, we did manage to source sufficient staff to operate at our Fen Drayton nursery during the year. |
| The company's greenhouse at Waltham Abbey was rented during the year to a tenant, who left at the end of the year. The directors have decided to operate the nursery in 2025 using its own staff and grow for customers of the company. |
| The administrators of the bankruptcies of former company directors Pietro Turone, Salvatore Turone and the estate of the late Wayne Smith concluded their work during 2024, finally drawing to a close the company's effort to collect damages awarded to the company, against the former directors at the High Court in 2019. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The directors consider the principal business risk to be the energy price increases. This is a key cost to the company and any increase would have an adverse effect to the business. |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The company's principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations. |
| In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest if required. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. This includes the monitoring of foreign currencies in order to minimise the company's exposure to exchange fluctuations. |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| KEY PERFORMANCE INDICATORS |
| The company tracks its performance using a series of financial and non-financial key performance indicators (KPIs). Non-financial KPIs monitor health and safety, people and happiness scores, and customer satisfaction. Our financial KPIs include, but are not limited to, those listed below: |
| 2024 | 2023 |
| Turnover | £4.76m | £4.67m |
| Gross margin % | 21% | 25% |
| Turnover growth | £0.07m | (£0.12m | ) |
| Turnover growth % |
2% |
(3% |
) |
| ON BEHALF OF THE BOARD: |
| 11 June 2025 |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Directors' Report |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of growing fresh produce. |
| DIVIDENDS |
| The total distribution of dividends for the period ended 31st December 2024 was £702,016. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| Other changes in directors holding office are as follows: |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The company has prepared a Strategic Report in accordance with section 414C(11) of the Companies Act 2006 and (Strategic Report and Directors' Report) Regulations 2013. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| 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 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; |
| - | 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. |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Directors' Report |
| for the Year Ended 31 December 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Independent Auditors' Report to the Members of |
| Stubbins Marketing Limited |
| Opinion |
| We have audited the financial statements of Stubbins Marketing Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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. |
| Independent Auditors' Report to the Members of |
| Stubbins Marketing Limited |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and 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 or the Directors' Report. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
| Independent Auditors' Report to the Members of |
| Stubbins Marketing Limited |
| Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which the operate. We determined that the following laws and regulations were most significant; the Companies Act 2006 and UK corporate taxation laws. |
| We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include: |
| - identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
| - understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| - challenging assumptions and judgements made by management in its significant accounting estimates; |
| - identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and |
| - assessing the extent of compliance with the relevant laws and regulations. |
| We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
| Independent Auditors' Report to the Members of |
| Stubbins Marketing Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| 147a High Street |
| Waltham Cross |
| EN8 7AP |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| (117,846 | ) | (128,602 | ) |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 1,694,758 | 2,267,959 |
| Interest payable and similar expenses |
5 |
( |
) |
( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME |
| Profit and loss account | ( |
) |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Statement of Financial Position |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Revaluation reserve | 15 |
| Capital redemption reserve | 15 |
| Retained earnings | 15 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Purchase of own shares | (80,620 | ) | (2,536,998 | ) | - | 80,620 | (2,536,998 | ) |
| Total comprehensive income | - | 2,194,158 | 2,194,158 |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Finance costs paid | (67,589 | ) | (73,801 | ) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Amount withdrawn by directors | - | (126,667 | ) |
| Share buyback | ( |
) |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
3,029,022 |
| Cash and cash equivalents at end of year |
2 |
3,161,990 |
2,674,785 |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 67,589 | 73,801 |
| Finance income | (72,482 | ) | (61,623 | ) |
| 1,678,310 | 2,252,316 |
| Decrease in stocks |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase/(decrease) in trade and other creditors | ( |
) |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31/12/24 | 1/1/24 |
| £ | £ |
| Cash and cash equivalents | 3,161,990 | 2,674,785 |
| Year ended 31 December 2023 |
| 31/12/23 | 1/1/23 |
| £ | £ |
| Cash and cash equivalents | 2,674,785 | 3,029,022 |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1/1/24 | Cash flow | At 31/12/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 2,674,785 | 487,205 | 3,161,990 |
| 2,674,785 | 3,161,990 |
| Debt |
| Debts falling due within 1 year | (158,440 | ) | 57,445 | (100,995 | ) |
| Debts falling due after 1 year | (731,299 | ) | 83,569 | (647,730 | ) |
| (889,739 | ) | 141,014 | (748,725 | ) |
| Total | 1,785,046 | 628,219 | 2,413,265 |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Stubbins Marketing Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are prepared in sterling, which is the functional currency of the entity. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Tangible assets |
| Plant and machinery and motor vehicles are depreciated based on their useful lives. Depreciation is recognised on a reducing balance basis over their estimated useful lives. The company estimates useful lives based on various factors, including technological obsolescence and the expected usage of the asset. The useful life of these assets are regularly reviewed for signs of impairment. Where an impairment is identified, the asset value is impaired, with a charge to the profit and loss account. |
| The company assesses tangible fixed assets where there are indications that the assets could be impaired. Indicators of impairment include factors both inside and outside the organisation, which give indication of a reduction in value. Where there are indicators of a reduction in the carrying value of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs. |
| Freehold property has not been depreciated on the grounds that the directors have revalued the property on a fair value basis. |
| Debtors |
| The directors assess the recoverability of the amounts outstanding at the balance sheet date, undertaking a review of the age profile of the debt, historic collection rates and the nature and class of the debt. |
| Revenue recognition |
| Revenue from goods is recognised when the goods are delivered. |
| Turnover |
| Turnover is derived from the sale of fresh produce and packaging, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue from the sale of fresh produce is recognised when the significant risk and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the entity and the costs incurred in respect of the transaction can be measured reliably. |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Freehold property has not been depreciated on the grounds that the directors have revalued the property on a fair value basis. |
| Financial instruments |
| The company's principal financial instruments comprise of bank balances, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds for the company's operations. |
| Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below. |
| In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts. |
| Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
| Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
| In respect of the bank loan the interest rate and the monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 2 | 2 |
| Staff | 58 | 56 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Auditors' remuneration |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Loan interest paid |
| 6. | TAXATION |
| Analysis of the tax charge |
| No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023. |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) | ( |
) |
| losses arising |
| Total tax charge | - | - |
| Tax effects relating to effects of other comprehensive | income |
| There were no tax effects for the year ended 31 December 2024. |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Profit and loss account | ( |
) | - | (2,536,998 | ) |
| 7. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary B shares of £1 each |
| Interim |
| Ordinary C shares of £1 each |
| Interim |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Freehold | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2016 | 5,435,913 | - | - | 5,435,913 |
| Valuation in 2017 | (5,435,913 | ) | - | - | (5,435,913 | ) |
| Valuation in 2018 | 4,403,750 | - | - | 4,403,750 |
| Valuation in 2020 | 856,250 | - | - | 856,250 |
| Cost | 4,926,313 | 646,326 | 18,898 | 5,591,537 |
| 10,186,313 | 646,326 | 18,898 | 10,851,537 |
| Freehold land and buildings were valued on an open market basis on 6 May 2021 by Cheffins LLP . |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| VAT |
| Prepayments and accrued income |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 12) |
| Other loans (see note 12) |
| Trade creditors |
| Social security and other taxes |
| Wages and pensions | 8,121 | 5,830 |
| Accrued expenses |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 12) |
| Other loans (see note 12) |
| 12. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Other loans - 1-2 years | - |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | LOANS - continued |
| Bank loans and overdrafts include a loan from Barclays Bank Plc. This loan is to be repaid by the company in August 2026. Interest is charged on the loan at 2.75% over base rate. All loan repayments consist of both interest and capital. |
| The company has granted a legal mortgage in favour of Barclays Bank Plc dated 25 August 2021 in respect of the following properties: |
| 1. 17 Oak Tree Road, Fen Drayton, Cambridge, CB24 4SS (Title Number: CB213946) |
| 2. 18 Oak Tree Road, Fen Drayton, Cambridge, CB24 4SS (Title Numbers: CB105038, CB213947) |
| 3. 19 Oak Tree Road, Fen Drayton, Cambridge, CB24 4SS (Title Number: CB277265) |
| 4. 20 Oak Tree Road, Fen Drayton, Cambridge, CB24 4SS (Title Number: CB146780) |
| The company has granted a debenture in favour of Barclays Bank Plc dated 26 April 2021, with a fixed and floating charge over the assets not already covered by the legal mortgage granted above. |
| The company has granted a fixed charge over accounts in favour of Barclays Bank Plc dated 24 October 2022, with a fixed and floating charge over the assets not already covered by the legal mortgage and debenture granted above. |
| Other loans includes a loan from JAL Produce Limited. This loan will be repaid by the company in February 2025. Interest is charged on the loan at a fixed rate of 7.9%. All loan repayments consist of both interest and capital. |
| 13. | FINANCIAL INSTRUMENTS |
| 2024 | 2023 |
| £ | £ |
| Financial assets | 3,708,069 | 2,960,240 |
| Financial liabilities | 907,522 | 914,210 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary B | £1 | 109,500 | 109,500 |
| Ordinary C | £1 | 109,880 | 109,880 |
| 219,380 | 219,380 |
| Stubbins Marketing Limited (Registered number: 02142565) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | RESERVES |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2024 | 11,721,823 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 December 2024 | 12,646,976 |
| 16. | PENSION COMMITMENTS |
| The amount recognised in profit or loss as an expense in relation to defined contribution plans was £67,500 (2023: £156,386). |
| 17. | RELATED PARTY DISCLOSURES |
| All of the following companies are related by the fact that they either have common directors with Stubbins Marketing Limited or are ultimately controlled by one or more of the directors or family members of Stubbins Marketing Limited. |
| Financial information on transactions and balances between related parties are as follows: |
| JAL Produce Limited |
| Stubbins Marketing Limited is connected with JAL Produce Limited due to common shareholders. |
| Included in other creditors is a loan balance due to JAL Produce Limited amounting to £10,530 (2023: £70,660). Interest is being charged on this loan at 7.9% per annum and the interest paid on this loan during the period amounted to £3,435 (2023: £7,990). |
| Comarket Fruit (UK) Ltd. |
| Stubbins Marketing Limited is connected with Comarket Fruit (UK) Ltd. due to common shareholders. |
| Comarket Fruit (UK) Ltd. purchased £4,608,050 (2023: £4,458,222) of goods and services from Stubbins Marketing Limited during the year. Amounts due to Stubbins Marketing Limited at the end of the period amounted to £nil (2023: £nil). |
| Stubbins Marketing Limited purchased £15,000 (2023: £13,512) of goods and services from Comarket Fruit (UK) Ltd. during the year. Amounts due to Comarket Fruit (UK) Ltd. at the end of the period amounted to £nil (2023: £383). |