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REGISTERED NUMBER: 02142565 (England and Wales)















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: O Dicarlo
M Difrancesco
A G Difrancesco
S A Randall
M Difrancesco





REGISTERED OFFICE: 147a High Street
Waltham Cross
Hertfordshire
EN8 7AP





REGISTERED NUMBER: 02142565 (England and Wales)





AUDITORS: Thickbroom Coventry
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:





M Difrancesco - Director


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.

O Dicarlo
M Difrancesco
A G Difrancesco
S A Randall
M Difrancesco

Other changes in directors holding office are as follows:

G Ricotta - resigned 14 May 2024

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:





M Difrancesco - Director


11 June 2025

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.




Joseph Illes FCA (Senior Statutory Auditor)
for and on behalf of Thickbroom Coventry
Chartered Accountants
and Statutory Auditors
147a High Street
Waltham Cross
EN8 7AP

11 June 2025

Stubbins Marketing Limited (Registered number: 02142565)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 4,756,749 4,673,646

Cost of sales (3,821,969 ) (3,520,745 )
GROSS PROFIT 934,780 1,152,901

Administrative expenses (1,052,626 ) (1,281,503 )
(117,846 ) (128,602 )

Other operating income 1,740,122 2,334,938
OPERATING PROFIT 4 1,622,276 2,206,336

Interest receivable and similar
income

72,482

61,623
1,694,758 2,267,959

Interest payable and similar
expenses

5

(67,589

)

(73,801

)
PROFIT BEFORE TAXATION 1,627,169 2,194,158

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL YEAR 1,627,169 2,194,158

Stubbins Marketing Limited (Registered number: 02142565)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,627,169 2,194,158


OTHER COMPREHENSIVE INCOME

Profit and loss account - (2,536,998 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME
TAX


-


(2,536,998


)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,627,169

(342,840

)

Stubbins Marketing Limited (Registered number: 02142565)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 8 10,713,539 10,626,472

CURRENT ASSETS
Debtors 9 546,079 285,455
Cash at bank 3,161,990 2,674,785
3,708,069 2,960,240
CREDITORS
Amounts falling due within one year 10 (907,522 ) (914,210 )
NET CURRENT ASSETS 2,800,547 2,046,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,514,086

12,672,502

CREDITORS
Amounts falling due after more than
one year

11

(647,730

)

(731,299

)
NET ASSETS 12,866,356 11,941,203

CAPITAL AND RESERVES
Called up share capital 14 219,380 219,380
Revaluation reserve 15 5,260,000 5,260,000
Capital redemption reserve 15 80,620 80,620
Retained earnings 15 7,306,356 6,381,203
SHAREHOLDERS' FUNDS 12,866,356 11,941,203

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:





M Difrancesco - Director


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 300,000 6,724,043 5,260,000 - 12,284,043

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 219,380 6,381,203 5,260,000 80,620 11,941,203

Changes in equity
Dividends - (702,016 ) - - (702,016 )
Total comprehensive income - 1,627,169 - - 1,627,169
Balance at 31 December 2024 219,380 7,306,356 5,260,000 80,620 12,866,356

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 1,468,443 2,623,964
Finance costs paid (67,589 ) (73,801 )
Net cash from operating activities 1,400,854 2,550,163

Cash flows from investing activities
Purchase of tangible fixed assets (143,100 ) (169,589 )
Interest received 72,482 61,623
Net cash from investing activities (70,618 ) (107,966 )

Cash flows from financing activities
Loan repayments in year (141,015 ) (132,769 )
Amount withdrawn by directors - (126,667 )
Share buyback - (2,536,998 )
Equity dividends paid (702,016 ) -
Net cash from financing activities (843,031 ) (2,796,434 )

Increase/(decrease) in cash and cash equivalents 487,205 (354,237 )
Cash and cash equivalents at
beginning of year

2

2,674,785

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 1,627,169 2,194,158
Depreciation charges 56,034 45,980
Finance costs 67,589 73,801
Finance income (72,482 ) (61,623 )
1,678,310 2,252,316
Decrease in stocks - 17,600
(Increase)/decrease in trade and other debtors (260,624 ) 1,311,486
Increase/(decrease) in trade and other creditors 50,757 (957,438 )
Cash generated from operations 1,468,443 2,623,964

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
2,674,785 487,205 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not Depreciated
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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 2,044,176 2,010,589
Social security costs 201,675 201,506
Other pension costs 67,500 156,386
2,313,351 2,368,481

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Staff 58 56
60 58

2024 2023
£    £   
Directors' remuneration 294,081 493,368
Directors' pension contributions to money purchase schemes - 145,525

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 161,931 299,368
Pension contributions to money purchase schemes - 145,525

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 56,033 45,980
Auditors' remuneration 12,500 12,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest paid 67,589 73,801

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 1,627,169 2,194,158
Profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 25%)

406,792

548,540

Effects of:
Capital allowances in excess of depreciation (20,688 ) (30,902 )
Utilisation of tax losses (386,104 ) (517,638 )
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 ) - (2,536,998 )

7. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 350,400 -
Ordinary C shares of £1 each
Interim 351,616 -
702,016 -

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 10,182,000 507,539 18,898 10,708,437
Additions 4,313 138,787 - 143,100
At 31 December 2024 10,186,313 646,326 18,898 10,851,537
DEPRECIATION
At 1 January 2024 - 67,594 14,371 81,965
Charge for year - 54,708 1,325 56,033
At 31 December 2024 - 122,302 15,696 137,998
NET BOOK VALUE
At 31 December 2024 10,186,313 524,024 3,202 10,713,539
At 31 December 2023 10,182,000 439,945 4,527 10,626,472

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 94,404 96,960
VAT 41,239 38,140
Prepayments and accrued income 410,436 150,355
546,079 285,455

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)
90,465

98,276
Other loans (see note 12) 10,530 60,164
Trade creditors 534,938 208,252
Social security and other taxes 40,607 28,994
Wages and pensions 8,121 5,830
Accrued expenses 222,861 512,694
907,522 914,210

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans (see note 12) 647,730 720,803
Other loans (see note 12) - 10,496
647,730 731,299

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 90,465 98,276
Other loans 10,530 60,164
100,995 158,440

Amounts falling due between one and two years:
Bank loans - 1-2 years 647,730 108,103
Other loans - 1-2 years - 10,496
647,730 118,599

Amounts falling due between two and five years:
Bank loans - 2-5 years - 612,700

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: £    £   
109,500 Ordinary B £1 109,500 109,500
109,880 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 6,381,203 5,260,000 80,620 11,721,823
Profit for the year 1,627,169 1,627,169
Dividends (702,016 ) (702,016 )
At 31 December 2024 7,306,356 5,260,000 80,620 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).