Registration number:
Prepared for the registrar
for the
Year Ended 31 December 2024
Stevens Family Property Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Stevens Family Property Limited
Company Information
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Directors |
R A Stevens D I Stevens J R Stevens A C Edwards |
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Registered office |
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Accountants |
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Stevens Family Property Limited
(Registration number: 09761017)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Other financial assets |
4,078,500 |
1,907,861 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
21,420 |
21,420 |
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Retained earnings |
10,115,289 |
8,045,547 |
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Shareholders' funds |
10,136,709 |
8,066,967 |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Stevens Family Property Limited
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Notes to the Financial Statements |
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Building One, 270 Park
Bentham Lane
Witcombe
Gloucester
Gloucestershire
GL21 1HY
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Stevens Family Property Limited
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Rental income from investment properties is recognised on a straight line basis over the term of the lease.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from tenants for rents due or for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Stevens Family Property Limited
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined benefit pension obligation
The company operates a defined benefit pension scheme. The amounts charged to operating profit / loss are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit charges, settlements and curtailments. They are included as part of staff costs. The net interest cost on the net defined benefit liability is charged to profit or loss and included within finance costs. Remeasurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in other comprehensive income.
Defined benefit schemes are funded, with assets of the scheme held separately from those of the company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date.
Financial instruments
Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttable ordinary shares.
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Debt instruments like loans and other receivables and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying value and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount recognised in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Stevens Family Property Limited
Impairment
At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Investment properties |
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£ |
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At 1 January 2024 |
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Additions |
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Fair value adjustments |
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At 31 December 2024 |
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With the exception of one property detailed in this note the directors consider that the value of these properties at the date of acquisition is an accurate reflection of their current market value. During the prior year an investment property with a carrying value of £1,320,000 suffered extensive fire damage. The directors have impaired this asset to £100,000 being an estimate of the value of the land. During the year insurance proceeds of circa £2.95m were received. The funds were advanced with the condition that the property was rebuilt to the same specification. The directors have therefore deferred these funds which are being released in line with the rebuilding costs.
The historical cost of the company's investment property at the balance sheet date is £7,311,848 (2023 - £5,612,614).
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Other financial assets (current and non-current) |
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Financial assets at fair value through profit and loss |
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Current financial assets |
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Cost or valuation |
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At 1 January 2024 |
1,907,861 |
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Additions |
2,501,654 |
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Disposals |
(499,359) |
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Fair value adjustment |
168,344 |
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At 31 December 2024 |
4,078,500 |
Stevens Family Property Limited
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Stevens Family Property Limited
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Pension and other schemes |
Defined benefit pension schemes
The company participates in the Stevens-Hatherley Holdings Limited Pension Scheme, a defined benefit scheme based on pensionable salary. An actuarial valuation for FRS 102 purposes was carried out as at 31 December 2017 and updated on 31 December 2023 by a qualified independent actuary. The Scheme is closed to new entrants and future accrual.
Liabilities of the defined benefit scheme are measured by discounting the best estimate of future cash flows to be paid out by the scheme using the Projected Unit Method. In line with changes to legislation in 2010 benefits have been calculated with reference to Consumer Price Index as the inflationary measure. This has been treated as an assumption change and is therefore included within the actuarial gain/loss in the present value of the scheme obligation.
The total cost relating to defined benefit schemes for the year recognised in profit or loss as an expense was £Nil (2023 - £(2,000)).
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the statement of financial position are as follows:
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2024 |
2023 |
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Fair value of scheme assets |
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Present value of defined benefit obligation |
( |
( |
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Surplus / (deficit) in plan |
2,908,000 |
3,130,000 |
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Unrecognised surplus |
(2,908,000) |
(3,130,000) |
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Defined benefit pension scheme surplus/(deficit) |
- |
- |
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
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2024 |
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Present value at start of year |
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Interest cost |
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Actuarial gains and losses |
( |
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Benefits paid |
(320,000) |
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Present value at end of year |
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Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
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2024 |
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Fair value at start of year |
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Interest income |
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Actuarial gains and losses |
( |
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Benefits paid |
(320,000) |
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Administrative expenses |
(23,000) |
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Fair value at end of year |
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Stevens Family Property Limited
Analysis of assets
The major categories of scheme assets are as follows:
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2024 |
2023 |
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Cash and cash equivalents |
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Investment funds |
8,378,000 |
9,828,000 |
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Return on scheme assets
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2024 |
2023 |
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Return on scheme assets |
( |
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The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Principal actuarial assumptions
The principal actuarial assumptions at the statement of financial position date are as follows:
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2024 |
2023 |
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Discount rate |
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Inflation (RPI) |
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Post retirement mortality assumptions
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2024 |
2023 |
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Current UK pensioners at retirement age - male |
20.00 |
21.00 |
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Current UK pensioners at retirement age - female |
23.00 |
22.00 |
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Future UK pensioners at retirement age - male |
22.00 |
23.00 |
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Future UK pensioners at retirement age - female |
25.00 |
24.00 |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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21,420 |
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21,420 |