REGISTERED NUMBER: SC188876 (Scotland) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
STEVEN F WEBSTER LIMITED |
REGISTERED NUMBER: SC188876 (Scotland) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
STEVEN F WEBSTER LIMITED |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
STEVEN F WEBSTER LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
4 Charlotte Street |
Fraserburgh |
Aberdeenshire |
AB43 9JE |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
Steven F Webster Limited is the parent company for Steven Webster (Pharmacies) Limited. The Group owns and operates across several locations throughout the North East of Scotland. |
The economic environment for the year to 30 June 2024 remained challenging for all businesses and despite these challenges the Directors and staff have worked to improve the performance of the business, with the best interests of the local community in mind. |
The financial performance of the Group can be seen on the Group Income Statement on page 9 and Group Balance Sheet on page 10. |
The directors remain confident that the group will maintain satisfactory levels of performance with a strong balance sheet being evident at the period end. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from local pharmacies and regulation of the sector. |
The company operates in regulated markets and could be adversely affected by changes to existing regulation, new regulation and or failure to comply with regulation. The company could be adversely affected by changes to licensing regimes for pharmacies and prescription processing regimes.The company is consistently reviewing its strategic options for the short to medium term in order to mitigate these risks. |
The directors manage the cash and borrowing requirements of the business in house in order to maximise interest income and minimise interest expense, whilst ensuring there are sufficient liquid resources to meet the operating needs of the business. |
DEVELOPMENT AND PERFORMANCE |
The directors anticipate the business environment will remain competitive. They believe that the company is in a |
good financial position and that the risks that have been identified are being well managed. With careful focus on |
appropriate diversification and development of services, the directors are confident in the company's ability to maintain and build on this strategy and financial position. |
KEY PERFORMANCE INDICATORS |
Given the nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business with turnover, gross margin and profitability the measures used to monitor performance. |
ON BEHALF OF THE BOARD: |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of dispensing chemist, sale of baby clothes and pharmaceutical goods. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £ 448,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group'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 group's auditors are aware of that information. |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
AUDITORS |
Leiper & Summers were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they are re-appointed will be put at a General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STEVEN F WEBSTER LIMITED |
Opinion |
We have audited the financial statements of Steven F Webster Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 June 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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. |
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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STEVEN F WEBSTER LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Directors' Responsibilities Statement set out on page three, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STEVEN F WEBSTER 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 a Report of the Auditors 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: |
In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulation we have: |
- Ensure that the engagement team had the appropriate competence, capabilities and skills to identify or recognise |
non-compliance with laws and regulations; |
- Identified laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector; |
- Focused on the specific laws and regulations we consider may have direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations; |
- Made enquiries of management and inspected legal correspondence; and |
- Ensured the engagement team remained alert to instances of non-compliance throughout the audit. |
In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have: |
- Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement; |
- Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud; |
- Vouched balances and reconciling items in key control account reconciliations to supporting documentation; |
- Carried out detailed testing, on a sample basis, to verify the completeness, existence and accuracy of transactions and balances; |
- Made enquiries of management as to where they consider there was susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud; |
- Test journal entries to identify any unusual transactions; |
- Investigated the business rationale behind any significant or unusual transactions; and |
- Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates. |
We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud. |
Because of the inherent limitation of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STEVEN F WEBSTER 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 a Report of the Auditors 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 |
Statutory Auditors |
4 Charlotte Street |
Fraserburgh |
Aberdeenshire |
AB43 9JE |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 8,670,459 | 8,849,611 |
Cost of sales | 5,443,166 | 5,659,934 |
GROSS PROFIT | 3,227,293 | 3,189,677 |
Administrative expenses | 2,758,402 | 2,534,797 |
468,891 | 654,880 |
Other operating income | 104,131 | 103,630 |
OPERATING PROFIT | 5 | 573,022 | 758,510 |
Interest receivable and similar income | 7,588 | 4,288 |
580,610 | 762,798 |
Interest payable and similar expenses | 6 | 109,463 | 113,136 |
PROFIT BEFORE TAXATION | 471,147 | 649,662 |
Tax on profit | 7 | 286,086 | 280,492 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
185,061 |
369,170 |
Profit attributable to: |
Owners of the parent | 185,061 | 369,170 |
Total comprehensive income attributable to: |
Owners of the parent | 185,061 | 369,170 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 5,123,909 | 5,770,108 |
Tangible assets | 11 | 681,692 | 590,682 |
Investments | 12 | 27,998 | 27,998 |
Investment property | 13 | 156,100 | 156,100 |
5,989,699 | 6,544,888 |
CURRENT ASSETS |
Stocks | 14 | 373,006 | 360,898 |
Debtors | 15 | 890,967 | 901,310 |
Cash at bank | 1,523,665 | 1,814,278 |
2,787,638 | 3,076,486 |
CREDITORS |
Amounts falling due within one year | 16 | 1,222,013 | 1,288,210 |
NET CURRENT ASSETS | 1,565,625 | 1,788,276 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
7,555,324 |
8,333,164 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,100,409 |
) |
(2,643,317 |
) |
PROVISIONS FOR LIABILITIES | 21 | (46,840 | ) | (18,833 | ) |
NET ASSETS | 5,408,075 | 5,671,014 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 80,000 | 80,000 |
Share premium | 23 | 9,999 | 9,999 |
Capital redemption reserve | 23 | 20,000 | 20,000 |
Other reserves | 23 | 3,529,452 | 3,529,452 |
Retained earnings | 23 | 1,768,624 | 2,031,563 |
SHAREHOLDERS' FUNDS | 5,408,075 | 5,671,014 |
The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2025 and were signed on its behalf by: |
S F Webster - Director |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Capital redemption reserve | 23 |
Retained earnings | 23 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 419,322 | 555,819 |
The financial statements were approved by the Board of Directors and authorised for issue on |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 July 2022 | 80,000 | 2,050,393 | 9,999 |
Changes in equity |
Dividends | - | (388,000 | ) | - |
Total comprehensive income | - | 369,170 | - |
Balance at 30 June 2023 | 80,000 | 2,031,563 | 9,999 |
Changes in equity |
Dividends | - | (448,000 | ) | - |
Total comprehensive income | - | 185,061 | - |
Balance at 30 June 2024 | 80,000 | 1,768,624 | 9,999 |
Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 July 2022 | 20,000 | 3,529,452 | 5,689,844 |
Changes in equity |
Dividends | - | - | (388,000 | ) |
Total comprehensive income | - | - | 369,170 |
Balance at 30 June 2023 | 20,000 | 3,529,452 | 5,671,014 |
Changes in equity |
Dividends | - | - | (448,000 | ) |
Total comprehensive income | - | - | 185,061 |
Balance at 30 June 2024 | 20,000 | 3,529,452 | 5,408,075 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,243,183 | 1,326,805 |
Interest paid | (108,490 | ) | (113,136 | ) |
Interest element of hire purchase payments paid |
(973 |
) |
- |
Tax paid | (272,857 | ) | (207,749 | ) |
Net cash from operating activities | 860,863 | 1,005,920 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (153,079 | ) | (19,495 | ) |
Interest received | 7,588 | 4,288 |
Net cash from investing activities | (145,491 | ) | (15,207 | ) |
Cash flows from financing activities |
New loans in year | 72,900 | - |
Loan repayments in year | (602,236 | ) | (199,002 | ) |
Capital repayments in year | (1,549 | ) | - |
Amount introduced by directors | - | 85,121 |
Amount withdrawn by directors | (27,100 | ) | - |
Equity dividends paid | (448,000 | ) | (388,000 | ) |
Net cash from financing activities | (1,005,985 | ) | (501,881 | ) |
(Decrease)/increase in cash and cash equivalents | (290,613 | ) | 488,832 |
Cash and cash equivalents at beginning of year |
2 |
1,814,278 |
1,325,446 |
Cash and cash equivalents at end of year | 2 | 1,523,665 | 1,814,278 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 471,147 | 649,662 |
Depreciation charges | 708,268 | 703,955 |
Finance costs | 109,463 | 113,136 |
Finance income | (7,588 | ) | (4,288 | ) |
1,281,290 | 1,462,465 |
Increase in stocks | (12,108 | ) | (36,096 | ) |
Decrease/(increase) in trade and other debtors | 10,469 | (28,028 | ) |
Decrease in trade and other creditors | (36,468 | ) | (71,536 | ) |
Cash generated from operations | 1,243,183 | 1,326,805 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 1,523,665 | 1,814,278 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 1,814,278 | 1,325,446 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,814,278 | (290,613 | ) | 1,523,665 |
1,814,278 | (290,613 | ) | 1,523,665 |
Debt |
Finance leases | - | (71,351 | ) | (71,351 | ) |
Debts falling due within 1 year | (102,236 | ) | (2,732 | ) | (104,968 | ) |
Debts falling due after 1 year | (2,643,317 | ) | 604,968 | (2,038,349 | ) |
(2,745,553 | ) | 530,885 | (2,214,668 | ) |
Total | (931,275 | ) | 240,272 | (691,003 | ) |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Steven F Webster 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 company. Monetary amounts in these financial statements are rounded to the nearest £. |
The company is a qualifying entity for the purposes of FRS 102, being the parent of a group that prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosures requirements for parent company information presented within the consolidated financial statements: |
- Section 4 ' Statement of Financial Position' - Reconciliation of the opening and closing number of shares; |
- Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures; |
- Section 11 'Basic Financial instruments' and Section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loans defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income. |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. |
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liabilities is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill. |
The consolidated group financial statements consist of the financial statements of the parent company Steven F Webster Limited together with all entities controlled by the parent company (its subsidiaries). |
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation the company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus, the directors have continued to adopt the going concern basis of accounting in preparing the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Useful lives and deprecation of fixed assets |
Depreciation rates are based on the estimated useful lives of assets, which is judgement exercised by management taking into account actual experience. |
Goodwill |
The company establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. See note 9 for the carrying amount of the goodwill and note 2 for its useful economic life. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
The group establishes a reliable estimate of the useful life of goodwill arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected usual life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Equity instruments are measured at fair value through profit or loss, except for those equity instruments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available |
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. |
A subsidiary is an entity controlled by the group. Control is power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associates. |
Losses in excess of the carrying amount of an investment in associates are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate. |
In the parent company financial statements, investments in associates are accounted for at cost less impairment. |
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment. |
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. |
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Provisions |
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 8,670,459 | 8,849,611 |
8,670,459 | 8,849,611 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,374,240 | 1,239,335 |
Social security costs | 109,254 | 97,495 |
Other pension costs | 122,717 | 151,800 |
1,606,211 | 1,488,630 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Steven F Webster Limited | 54 | 51 |
Steven Webster (Pharmacies) Limited | 30 | 29 |
The average number of employees by undertakings that were proportionately consolidated during the year was 84 (2023 - 80 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 74,698 | 56,736 |
Directors' pension contributions to money purchase schemes | 91,095 | 123,704 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 5,145 | 5,278 |
Other operating leases | 18,563 | 18,123 |
Depreciation - owned assets | 58,198 | 57,756 |
Depreciation - assets on hire purchase contracts | 3,871 | - |
Goodwill amortisation | 646,199 | 646,199 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 108,490 | 113,136 |
Hire purchase | 973 | - |
109,463 | 113,136 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 258,131 | 272,859 |
Prior year tax adjustment | (52 | ) | - |
Total current tax | 258,079 | 272,859 |
Deferred tax | 28,007 | 7,633 |
Tax on profit | 286,086 | 280,492 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 471,147 | 649,662 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.496 %) |
117,787 |
133,155 |
Effects of: |
Expenses not deductible for tax purposes | 2,534 | 405 |
Depreciation in excess of capital allowances | 11,855 | 36,037 |
Adjustments to tax charge in respect of previous periods | (52 | ) | - |
Deferred tax | 28,007 | 7,633 |
Amortisation on assets not qualifying for capital allowances | 125,955 | 103,262 |
taxable in determining taxable |
Total tax charge | 286,086 | 280,492 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim | 448,000 | 388,000 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 9,985,753 |
AMORTISATION |
At 1 July 2023 | 4,215,645 |
Amortisation for year | 646,199 |
At 30 June 2024 | 4,861,844 |
NET BOOK VALUE |
At 30 June 2024 | 5,123,909 |
At 30 June 2023 | 5,770,108 |
Company |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 July 2023 | 655,351 | 91,116 | 5,290 |
Additions | - | - | - |
At 30 June 2024 | 655,351 | 91,116 | 5,290 |
DEPRECIATION |
At 1 July 2023 | 199,566 | 35,049 | 5,290 |
Charge for year | 12,217 | 9,112 | - |
At 30 June 2024 | 211,783 | 44,161 | 5,290 |
NET BOOK VALUE |
At 30 June 2024 | 443,568 | 46,955 | - |
At 30 June 2023 | 455,785 | 56,067 | - |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 182,631 | 163,865 | 1,098,253 |
Additions | 42,679 | 110,400 | 153,079 |
At 30 June 2024 | 225,310 | 274,265 | 1,251,332 |
DEPRECIATION |
At 1 July 2023 | 175,882 | 91,784 | 507,571 |
Charge for year | 7,265 | 33,475 | 62,069 |
At 30 June 2024 | 183,147 | 125,259 | 569,640 |
NET BOOK VALUE |
At 30 June 2024 | 42,163 | 149,006 | 681,692 |
At 30 June 2023 | 6,749 | 72,081 | 590,682 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions | 92,900 |
At 30 June 2024 | 92,900 |
DEPRECIATION |
Charge for year | 3,871 |
At 30 June 2024 | 3,871 |
NET BOOK VALUE |
At 30 June 2024 | 89,029 |
Company |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 30 June 2024 |
DEPRECIATION |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 27,998 |
NET BOOK VALUE |
At 30 June 2024 | 27,998 |
At 30 June 2023 | 27,998 |
Company |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 | 6,457,933 |
NET BOOK VALUE |
At 30 June 2024 | 6,457,933 |
At 30 June 2023 | 6,457,933 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Steven Webster (Pharmacies) Limited |
Registered office: Scotland |
Nature of business: Dispensing chemist and pharmaceutical goods |
% |
Class of shares: | holding |
Ordinary | 100.00 |
13. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 | 156,100 |
NET BOOK VALUE |
At 30 June 2024 | 156,100 |
At 30 June 2023 | 156,100 |
Company |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
14. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Finished goods | 373,006 | 360,898 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 689,823 | 677,122 |
Other debtors | 10,728 | 3,177 |
Tax | 2,650 | 2,524 |
VAT | 164,418 | 196,197 |
Prepayments and accrued income | 23,348 | 22,290 |
890,967 | 901,310 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 104,968 | 102,236 |
Hire purchase contracts (see note 19) | 9,291 | - |
Trade creditors | 782,527 | 814,469 |
Amounts owed to group undertakings | - | - |
Tax | 258,130 | 272,782 |
Social security and other taxes | 9,839 | 145 |
Other creditors | 7,671 | 7,153 |
Directors' current accounts | 2,645 | 29,745 | 2,645 | 29,745 |
Accrued expenses | 46,942 | 61,680 |
1,222,013 | 1,288,210 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 18) | 2,038,349 | 2,643,317 |
Hire purchase contracts (see note 19) | 62,060 | - |
2,100,409 | 2,643,317 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank Loan | 104,968 | 102,236 | 104,968 | 102,236 |
Amounts falling due between two and five | years: |
Bank Loan | 2,038,349 | 2,643,317 | 2,038,349 | 2,643,317 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 9,291 | - |
Between one and five years | 62,060 | - |
71,351 | - |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 2,143,317 | - |
Hire purchase contracts | 71,351 | - | 71,351 | - |
2,214,668 | - |
The bank holds a cross guarantee security and is secured by a bond and floating charge over the group company assets. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 46,840 | 18,833 | 46,840 | 18,833 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 18,833 |
Provided during year | 28,007 |
Balance at 30 June 2024 | 46,840 |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 80,000 | 80,000 |
23. | RESERVES |
Group |
Capital |
Retained | Share | redemption | Other |
earnings | premium | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 July 2023 | 2,031,563 | 9,999 | 20,000 | 3,529,452 | 5,591,014 |
Profit for the year | 185,061 | 185,061 |
Dividends | (448,000 | ) | (448,000 | ) |
At 30 June 2024 | 1,768,624 | 9,999 | 20,000 | 3,529,452 | 5,328,075 |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 2,727,375 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 June 2024 | 2,698,697 |
Other reserves |
The merger reserve is recognised as the difference in fair value and deemed consideration of assets transferred into the company in a prior year as part of a group reconstruction. |
24. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £448,000 (2023 - £388,000) were paid to the directors . |
STEVEN F WEBSTER LIMITED (REGISTERED NUMBER: SC188876) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
24. | RELATED PARTY DISCLOSURES - continued |
Key management personnel of the entity or its parent (in the aggregate) |
2024 | 2023 |
£ | £ |
Amount due to related party | 2,645 | 29,745 |
Other related parties |
2024 | 2023 |
£ | £ |
Sales | 84,500 | 84,500 |
25. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party. |
26. | COMPANY INFORMATION |
The group consists of Steven F Webster Limited and all of its subsidiaries. |