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REGISTERED NUMBER: 06189477 (England and Wales)
























GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

STOREFIELD GROUP LIMITED

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 November 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Director 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 17


STOREFIELD GROUP LIMITED

COMPANY INFORMATION
For The Year Ended 30 November 2024







DIRECTOR: D A Wright



REGISTERED OFFICE: Furnace Park
Old Telford Way
Telford Way Industrial Estate
Kettering
Northamptonshire
NN16 8UN



REGISTERED NUMBER: 06189477 (England and Wales)



SENIOR STATUTORY AUDITOR: Richard Gillespie FCCA



AUDITORS: TC Group
Suite 4
2nd Floor
New Kings Court
Eastleigh
SO53 3LG

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

GROUP STRATEGIC REPORT
For The Year Ended 30 November 2024


The director presents his strategic report of the company and the group for the year ended 30 November 2024.

REVIEW OF BUSINESS
The principal activities of the Group continues to be earthworks, site restoration and remediation, and land and property investment. The results of the Group show pre-tax profit of £2,474,133 (2023 - £1,187,716) and turnover of £17,763,575 (2023 - £13,415,502).

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business, together with the nature of the Group's strategy, is subject to various risks. Where possible, systems are in place to monitor and reduce these exposures. The directors view the principal risks and uncertainties as: downturn in the construction industry, the need to maintain a consistent supply of raw materials, and the competitive nature of the market.

To address these challenges, the Group has committed significant investment to the development of a wash plant, which the directors believe will help secure a dependable supply of aggregates by reclaiming materials from tipped soil and stone, hardcore and incinerator ash. Looking ahead, the Group will continue to seek new business opportunities while ensuring that its resources are managed and utilised effectively to support growth.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group's financial instruments include cash, bank borrowings, finance leases and routine instruments such as trade receivables and payables, which arise directly from its operations. The use of these financial instruments exposes the Group to a number of financial risks, the most significant being credit risk and cash flow risk.

Credit risk
Credit risk is managed by trading predominantly with established customers, assessing the creditworthiness of new customers, maintaining clear contractual arrangements, and promptly addressing any issues that may arise. Consistent credit checks are undertaken though third parties which specialise in such operations to further mitigate risk and ensure customers are not overdrawn. The group must also manage its own credit rating where it utilises third party debt when investing in capex to support operations. Detailed reviews of cash flows are performed, as detailed below, are undertaken regularly to manage this risk.

Cash flow risk
Regular cash flow forecasts are prepared to provide the directors with an overview of business performance and hence bring attention to any potential adverse trends. The Group also ensures that suitable options for funding are available so that obligations can be met as and when required.

KEY PERFORMANCE INDICATORS
The director considers the financial key performance indicators for the business to be as follows:

2024 2023

Operating profit £2,922,369 £1,479,679
Gross profit margin 37% 37%


ON BEHALF OF THE BOARD:





D A Wright - Director


29 August 2025

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

REPORT OF THE DIRECTOR
For The Year Ended 30 November 2024


The director presents his report with the financial statements of the company and the group for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of earthworks, site restoration and remediation, and land and property investment

DIVIDENDS
The total distribution of dividends for the year ended 30 November 2024 will be £ 40,000 .

The total distribution of dividends for the year ended 30 November 2024 will be £120,500 (2023: £135,000).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
D A Wright held office during the whole of the period from 1 December 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The Group utilises various financial instruments including trade debtors and trade creditors during the course of its ordinary operations, whilst also using hire purchase contracts for capex required to supporting trade. The Group has also entered into bank loan arrangements to invest in the capital and future development of the business. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail in the Strategic Report.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups
(Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters relate to Business review, Principal risks and uncertainties, Key performance indicators and Future developments.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

REPORT OF THE DIRECTOR
For The Year Ended 30 November 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D A Wright - Director


29 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOREFIELD GROUP LIMITED


Opinion
We have audited the financial statements of Storefield Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 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 November 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOREFIELD GROUP 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 Group Strategic Report and the Report of the Director 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 Director 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 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
STOREFIELD GROUP 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the
company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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
STOREFIELD GROUP 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.




Richard Gillespie FCCA (Senior Statutory Auditor)
for and on behalf of TC Group
Suite 4
2nd Floor
New Kings Court
Eastleigh
SO53 3LG

29 August 2025

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 30 November 2024

2024 2023
as restated
Notes £    £   

TURNOVER 4 17,763,575 13,415,502

Cost of sales 11,118,517 8,485,650
GROSS PROFIT 6,645,058 4,929,852

Administrative expenses 3,722,688 3,450,173
OPERATING PROFIT 6 2,922,370 1,479,679

Interest receivable and similar income - 344
Interest payable and similar expenses 8 (448,237 ) (292,307 )
PROFIT BEFORE TAXATION 2,474,133 1,187,716

Tax on profit 9 567,464 347,126
PROFIT FOR THE FINANCIAL YEAR 1,906,669 840,590

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,906,669

840,590

Profit attributable to:
Owners of the parent 1,746,529 842,019
Non-controlling interests 160,140 (1,429 )
1,906,669 840,590

Total comprehensive income attributable to:
Owners of the parent 1,746,529 842,019
Non-controlling interests 160,140 (1,429 )
1,906,669 840,590

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

CONSOLIDATED BALANCE SHEET
30 November 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 358,206 403,935
Tangible assets 14 8,427,871 7,811,002
Investments 15 - -
Investment property 16 7,055,961 5,755,833
15,842,038 13,970,770

CURRENT ASSETS
Stocks 17 253,447 518,690
Debtors 18 4,908,480 3,878,184
Cash at bank and in hand 1,022,581 260,143
6,184,508 4,657,017
CREDITORS
Amounts falling due within one year 19 6,093,115 4,238,084
NET CURRENT ASSETS 91,393 418,933
TOTAL ASSETS LESS CURRENT LIABILITIES 15,933,431 14,389,703

CREDITORS
Amounts falling due after more than one
year

20

(4,414,697

)

(4,614,877

)

PROVISIONS FOR LIABILITIES 24 (1,217,254 ) (1,259,515 )
NET ASSETS 10,301,480 8,515,311

CAPITAL AND RESERVES
Called up share capital 25 1,000 1,000
Revaluation reserve 26 68,060 68,060
Merger relief reserve 26 1,664,336 1,664,336
Retained earnings 26 8,432,764 6,726,235
SHAREHOLDERS' FUNDS 10,166,160 8,459,631

NON-CONTROLLING INTERESTS 27 135,320 55,680
TOTAL EQUITY 10,301,480 8,515,311

The financial statements were approved by the director and authorised for issue on 29 August 2025 and were signed by:



D A Wright - Director


STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

COMPANY BALANCE SHEET
30 November 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 - -
Investments 15 3,000 3,000
Investment property 16 - -
3,000 3,000

CURRENT ASSETS
Debtors 18 6,701,846 6,629,032
Cash at bank 58,399 9,500
6,760,245 6,638,532
CREDITORS
Amounts falling due within one year 19 533,512 376,083
NET CURRENT ASSETS 6,226,733 6,262,449
TOTAL ASSETS LESS CURRENT LIABILITIES 6,229,733 6,265,449

CREDITORS
Amounts falling due after more than one
year

20

2,230,118

2,662,725
NET ASSETS 3,999,615 3,602,724

CAPITAL AND RESERVES
Called up share capital 25 1,000 1,000
Retained earnings 3,998,615 3,601,724
SHAREHOLDERS' FUNDS 3,999,615 3,602,724

Company's profit for the financial year 436,891 2,694,013

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 29 August 2025 and were signed by:





D A Wright - Director


STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 November 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 December 2022 1,000 5,971,216 68,060

Changes in equity
Dividends - (87,000 ) -
Total comprehensive income - 842,019 -
Balance at 30 November 2023 1,000 6,726,235 68,060

Changes in equity
Dividends - (40,000 ) -
Total comprehensive income - 1,746,529 -
Balance at 30 November 2024 1,000 8,432,764 68,060
Merger
relief Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 December 2022 1,664,336 7,704,612 105,109 7,809,721

Changes in equity
Dividends - (87,000 ) (48,000 ) (135,000 )
Total comprehensive income - 842,019 (1,429 ) 840,590
Balance at 30 November 2023 1,664,336 8,459,631 55,680 8,515,311

Changes in equity
Dividends - (40,000 ) (80,500 ) (120,500 )
Total comprehensive income - 1,746,529 160,140 1,906,669
Balance at 30 November 2024 1,664,336 10,166,160 135,320 10,301,480

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

COMPANY STATEMENT OF CHANGES IN EQUITY
For The Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 1,000 994,711 995,711

Changes in equity
Dividends - (87,000 ) (87,000 )
Total comprehensive income - 2,694,013 2,694,013
Balance at 30 November 2023 1,000 3,601,724 3,602,724

Changes in equity
Dividends - (40,000 ) (40,000 )
Total comprehensive income - 436,891 436,891
Balance at 30 November 2024 1,000 3,998,615 3,999,615

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 November 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,874,774 2,079,752
Interest paid (448,237 ) (292,307 )
Net cash from operating activities 3,426,537 1,787,445

Cash flows from investing activities
Purchase of tangible fixed assets (338,634 ) (576,014 )
Purchase of investment property (1,300,128 ) -
Sale of tangible fixed assets 6,022 76,109
Sale of investment property - (18,926 )
Interest received - 344
Net cash from investing activities (1,632,740 ) (518,487 )

Cash flows from financing activities
New loans in year 406,000 -
Loan repayments in year (389,567 ) (432,797 )
Capital repayments in year (927,292 ) (915,467 )
Equity dividends paid (40,000 ) (87,000 )
Dividends paid to minority interests (80,500 ) (48,000 )
Net cash from financing activities (1,031,359 ) (1,483,264 )

Increase/(decrease) in cash and cash equivalents 762,438 (214,306 )
Cash and cash equivalents at beginning
of year

2

260,143

474,449

Cash and cash equivalents at end of year 2 1,022,581 260,143

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 November 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
as restated
£    £   
Profit before taxation 2,474,133 1,187,716
Depreciation charges 1,037,840 930,400
Loss on disposal of fixed assets 19,238 17,528
Finance costs 448,237 292,307
Finance income - (344 )
3,979,448 2,427,607
Decrease/(increase) in stocks 265,243 (397,441 )
Increase in trade and other debtors (1,030,296 ) (572,915 )
Increase in trade and other creditors 660,379 622,501
Cash generated from operations 3,874,774 2,079,752

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 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 1,022,581 260,143
Year ended 30 November 2023
30.11.23 1.12.22
as restated
£    £   
Cash and cash equivalents 260,143 474,449


STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
For The Year Ended 30 November 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.12.23 Cash flow changes At 30.11.24
£    £    £    £   
Net cash
Cash at bank
and in hand 260,143 762,438 1,022,581
260,143 762,438 1,022,581
Debt
Finance leases (2,610,933 ) 927,292 (1,295,607 ) (2,979,248 )
Debts falling due
within 1 year (432,797 ) (16,433 ) (187,573 ) (636,803 )
Debts falling due
after 1 year (2,843,558 ) - 187,573 (2,655,985 )
(5,887,288 ) 910,859 (1,295,607 ) (6,272,036 )
Total (5,627,145 ) 1,673,297 (1,295,607 ) (5,249,455 )

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For The Year Ended 30 November 2024


1. STATUTORY INFORMATION

Storefield Group 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 General 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. The significant estimates and judgements made by management are detailed in note 3.

The Group's functional and presentational currency is GBP rounded to the nearest pound.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the group will have sufficient funds available to enable it to continue to trade for the period to at least 12 months from the date these financial statements are signed.

In making their assessment that this assumption is correct the directors have considered operational capacity, demand for products and finances. The directors have prepared forecasts covering both the remainder of 2025 and also the 12 months to December 2026. In preparing these forecasts the directors have considered different scenarios based on differing volumes of business.

After due consideration of these forecasts, current and forecast cash resources. It is anticipated that cash flow will be sufficient to meet expected working capital movements. For this reason the financial statements have been prepared on a going concern basis.

Basis of consolidation
The consolidated financial statements present the results of the group and its own subsidiary ("the group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Parent company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available to qualifying entities:

- No cash flow statement or net debt reconciliation has been presented;
- Disclosures in respect of the parent company's financial instruments have not been presented as
equivalent disclosures have been provided in respect of the group as a whole.
- No disclosure has been given of the key management personnel of the parent company as their
remuneration is included in the totals for the group as a whole; and
- Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliation's for the group and the parent company would be identical

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised at fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenues are only recognised when the risks and rewards are transferred, the amount of revenue can be reliably measured, it is probable that economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue on the sale of aggregates is recognised at the point of delivery to the customer.

Revenue from the sale of services relating to the collection and disposal of the waste materials, is recognised on the completion of the contracted service following the appropriate disposal of the waste materials.

Rental income receivable from tenants of investment property is accrued over the period of the lease, based on the fair value of the discounted total rents receivable under the lease contract.

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.

Lease premium are being amortised evenly over their estimated useful life of ten years.

At each reporting date the group assesses whether there is any indication of impairment. If such
indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:


Freehold land and buildings
The directors assess the residual value to be such that depreciation
is immaterial
Leasehold land and buildings12.5% on reducing balance
Leasehold improvements20% reducing balance
Plant and machinery12.5% on reducing balance
Fixtures and fittings20% on reducing balance
Computer equipment20% on reducing balance
Motor vehicles25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use.

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Investment property
Investment property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. The Group adopts an open market valuation basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loan's to related parties and investments in ordinary shares.

Short term debtors and creditors are measured at the transaction price. Other financial instruments,
including loans, are measured initially at fair value, net of transaction costs, and are measured
subsequently at amortised cost using the effective interest method, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's
contractual obligations, rather than the financial instrument's legal form.

Financial assets and liabilities are offset and 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

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.

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability

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.

Provisions for liabilities
Provisions are recognised when the Group has a present obligation (legal or constructive) arising from a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the reporting date, taking into account the risks and uncertainties specific to each liability.

Contingent liabilities, which are possible obligations arising from past events whose existence will be confirmed only by uncertain future events or present obligations where an outflow is not probable or cannot be reliably measured, are not recognised but are disclosed unless the possibility of an outflow of economic benefits is remote.

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The following outlines the judgements and estimates that have had the most significant effect on amounts recognised in the financial statements:

Valuation of Investment property
Management have considered the open-market basis as being the most relevant and reliable approach to fair value the investment property held within the group. In establishing this value, management relies on recent comparable market transactions, prevailing rental yields and capitalisation rates, and adjustments for property-specific characteristics such as location, and lease terms. Assumptions and estimates are reviewed at each reporting date.

Classification of Freehold property
In determining the appropriate classification and allocation of land between Tangible fixed assets and Investment property, management consider the current and intended use of the property. Where a property is held partly for operational use by the group and partly to earn rental income from third parties management allocate based on the area covered by each. The assessment involves judgement in evaluating usage patterns, lease arrangements, and future intentions, and any changes in these factors could result in a reclassification or adjustment to the carrying amounts.

Residual values of Freehold Property
Management has assessed the residual value of its freehold property held within tangible fixed assets and concluded that it will be no less than the asset’s historical cost. This assumption reflects independent market valuations obtained, current and expected use of the property by the business, and the absence of indicators of impairment. By setting the residual value equal to cost will result in in a lower annual depreciation charge. Management reviews this judgment at each reporting date; any evidence that the fair value at the end of an asset’s useful life may fall below cost would prompt a revision of the residual value estimate and could materially increase future depreciation or give rise to an impairment loss.

Classification of Lease premiums
Management have been required to make certain judgements in respect of initial direct costs of the lease incurred at inception. Management considers the substance of these transactions over their legal form. In doing so they have considered whether these costs represent consideration for the right to use an asset over the lease term warranting recognition as an intangible fixed asset or constitutes a prepayment of future lease rentals. Management will consider factors such as the non-refundable nature of the premium, the length of the lease (including renewal options), and whether the benefit derives solely from occupying the leased asset or from future service concessions. Where the premium is directly attributable to acquiring the lease right, it is capitalised and amortised on a straight-line basis over the lease term; if it instead relates to future rental obligations, it is treated as a prepayment and recognised in profit or loss over the period of benefits.

Valuation of extracted aggregate stock
The valuation of certain stock items involves assumptions with regards to the quantification of the stock held following extraction or washing. The estimation is undertaken internally by the company based upon their knowledge and experience of the industry from which they have devised a unit-of-production basis which includes an allocation of the costs in extracting, processing and other site overheads. In performing their assessment the directors have concluded that the valuation in place remains appropriate

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2024 2023
as restated
£    £   
Sale of aggregates 15,664,506 11,151,444
Rendering of tipping services 1,585,755 1,737,216
Rental income 513,314 526,842
17,763,575 13,415,502

The turnover of the group arose wholly on goods and services provided within the UK.

5. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 2,426,558 2,166,559
Social security costs 253,568 225,485
Other pension costs 52,908 48,413
2,733,034 2,440,457

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

Management 4 4
Administration 4 4
Sales 5 5
Operations 52 48
65 61

2024 2023
as restated
£    £   
Director's remuneration - -

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


6. OPERATING PROFIT

2024 2023
£ £
Hire of plant and machinery 698,275 275,496
Other operating leases 311,167 275,600
Depreciation - owned assets 276,038 352,586
Depreciation - HP 714,726 524,464
Amortisation 45,729 53,350
(Profit)/loss on disposal of fixed assets (19,239 ) 17,528

7. AUDITORS' REMUNERATION
2024 2023
as restated
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

23,413

30,939
Auditors' remuneration for non audit work 10,802 12,703

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
Bank interest 82,622 -
Bank loan interest 269,165 205,383
Hire purchase 96,450 86,924
448,237 292,307

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 609,725 -

Deferred tax (42,261 ) 347,126
Tax on profit 567,464 347,126

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


9. 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
as restated
£    £   
Profit before tax 2,474,133 1,187,716
Profit multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 23 %)

618,533

273,175

Effects of:
Expenses not deductible for tax purposes 148,197 1,714
Income not taxable for tax purposes (128,329 ) (161,706 )
Capital allowances in excess of depreciation (82,880 ) (28,770 )
Utilisation of tax losses - (62,831 )
Deferred tax movement (42,261 ) 347,126
Other movements 54,204 (21,582 )
Total tax charge 567,464 347,126

10. 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.


11. DIVIDENDS
2024 2023
as restated
£    £   
Interim 40,000 87,000

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


12. PRIOR YEAR ADJUSTMENT

Premiums paid totaling £457,285 for the right to use an asset over the lease term have been reclassified from Investment property to Intangible fixed assets to better reflect its nature. Following reclassification an amortisation charge has been appropriately charged. The impact on the financial statements is detailed below.




Equity as at1
December 2022


Equity
movements in
the year


Equity as at 30
November
2023

As previously stated 7,809,720 758,941 8,568,661

Amortisation of Lease premium - (53,350 ) (53,350 )
As restated 7,809,720 705,591 8,515,311

A reclassification has been posted between Revaluation reserves and Retained earnings to reflect previously unrecognised fair value movements and the corresponding deferred taxation arising. This has resulted in a decrease to revaluation reserve of £396,380 with a corresponding uplift to Retained earnings. The correction has been reflection as at 1 December 2022.

13. INTANGIBLE FIXED ASSETS

Group
Lease
premium
£   
COST
At 1 December 2023
and 30 November 2024 457,285
AMORTISATION
At 1 December 2023 53,350
Amortisation for year 45,729
At 30 November 2024 99,079
NET BOOK VALUE
At 30 November 2024 358,206
At 30 November 2023 403,935

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


14. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 December 2023 1,990,456 456,185 7,015,949
Additions - 335,593 448,388
Disposals - - (13,400 )
At 30 November 2024 1,990,456 791,778 7,450,937
DEPRECIATION
At 1 December 2023 637 17,967 3,027,894
Charge for year 1,235 131,615 504,311
Eliminated on disposal - - (4,784 )
At 30 November 2024 1,872 149,582 3,527,421
NET BOOK VALUE
At 30 November 2024 1,988,584 642,196 3,923,516
At 30 November 2023 1,989,819 438,218 3,988,055

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 58,582 3,158,768 9,205 12,689,145
Additions - 847,220 3,040 1,634,241
Disposals - (315,283 ) - (328,683 )
At 30 November 2024 58,582 3,690,705 12,245 13,994,703
DEPRECIATION
At 1 December 2023 30,150 1,800,311 1,184 4,878,143
Charge for year 4,236 348,661 2,053 992,111
Eliminated on disposal - (298,638 ) - (303,422 )
At 30 November 2024 34,386 1,850,334 3,237 5,566,832
NET BOOK VALUE
At 30 November 2024 24,196 1,840,371 9,008 8,427,871
At 30 November 2023 28,432 1,358,457 8,021 7,811,002

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1 December 2023
and 30 November 2024 3,000
NET BOOK VALUE
At 30 November 2024 3,000
At 30 November 2023 3,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Gretton Brook Estates Limited
Registered office: Furnace Park Old Telford Way, Telford Way Industrial Estate, Kettering, Northamptonshire, England, NN16 8UN
Nature of business: Development of building projects
%
Class of shares: holding
Ordinary shares 100.00

Storefield Aggregates Limited
Registered office: Furnace Park Old Telford Way, Telford Way Industrial Estate, Kettering, Northamptonshire, England, NN16 8UN
Nature of business: Mining and quarrying
%
Class of shares: holding
Ordinary 90.00

Storefield Environmental Limited
Registered office: Furnace Park Old Telford Way, Telford Way Industrial Estate, Kettering, Northamptonshire, England, NN16 8UN
Nature of business: Waste management services
%
Class of shares: holding
Ordinary shares 100.00

Storefield Plant Rushton Limited
Registered office: Furnace Park Old Telford Way, Telford Way Industrial Estate, Kettering, Northamptonshire, England, NN16 8UN
Nature of business: Rental of construction machinery and equipment
%
Class of shares: holding
Ordinary shares 100.00


STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


15. FIXED ASSET INVESTMENTS - continued


All subsidiaries are exempt from the requirement of an audit in accordance with Section 479A of the Companies Act 2006.

16. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 December 2023 5,755,833
Additions 1,300,128
At 30 November 2024 7,055,961
NET BOOK VALUE
At 30 November 2024 7,055,961
At 30 November 2023 5,755,833

Fair value at 30 November 2024 is represented by:
£   
Valuation in 2020 267,221
Valuation in 2022 198,645
Cost 6,590,095
7,055,961

Investment property comprises land and property at Gretton Brook Estate in Corby and Telford Way in Kettering. The properties were valued by Eddisons Chartered Surveyors in January 2022. The valuation is still considered to be the best estimate of the fair value of the property at 30 November 2024. The valuation was made on an open market value basis.

17. STOCKS

Group
2024 2023
as restated
£    £   
Consumables and spares 139,247 140,040
Raw materials 114,200 378,650
253,447 518,690

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


18. DEBTORS

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year:
Trade debtors 3,268,208 2,731,283 - -
Amounts owed by group undertakings - - 6,697,295 6,626,087
Other debtors 24,952 25,619 - -
VAT - - 4,551 2,945
Prepayments and accrued income 1,398,405 1,121,282 - -
4,691,565 3,878,184 6,701,846 6,629,032

Amounts falling due after more than one year:
Prepayments and accrued income 216,915 - - -

Aggregate amounts 4,908,480 3,878,184 6,701,846 6,629,032

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 21) 636,803 432,797 468,003 362,797
Hire purchase contracts (see note 22) 1,220,536 839,614 - -
Trade creditors 2,500,225 1,950,047 3,343 5,193
Amounts owed to group undertakings - - 48,238 -
Corporation tax 609,725 - - -
Social security and other taxes 55,318 47,271 - -
VAT 250,708 226,982 - -
Other creditors 462,923 335,332 3,135 -
Directors' current accounts 1,292 1,293 1,293 1,293
Accruals and deferred income 355,585 404,748 9,500 6,800
6,093,115 4,238,084 533,512 376,083



STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Bank loans (see note 21) 2,655,985 2,843,558 2,230,118 2,662,725
Hire purchase contracts (see note 22) 1,758,712 1,771,319 - -
4,414,697 4,614,877 2,230,118 2,662,725

21. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 636,803 432,797 468,003 362,797
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,009,226 2,761,446 1,583,359 2,662,725
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 646,759 82,112 646,759 -

22. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase
contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 1,220,536 839,614
Between one and five years 1,758,712 1,771,319
2,979,248 2,610,933

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


22. LEASING AGREEMENTS - continued

Group
Non-cancellable
operating leases
2024 2023
as restated
£    £   
Within one year 92,825 58,824
Between one and five years 206,589 129,414
In more than five years 129,011 -
428,425 188,238

Hire purchase payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Hire purchase obligations are secured on the assets to which they relate.

At the balance sheet date, the Group had contracted with tenants for the following future minimum lease payments receivable under non-cancellable operating leases

Group
Operating lease
income
2024 2023
£    £   
Within one year 515,590 515,590
Between one and five year 1,645,421 1,645,421
In more than five years 3,504,836 4,020,426
5,665,847 6,181,437

23. SECURED DEBTS

The bank lending facilities are secured by way of a debenture over the assets in favour of Lloyds Bank plc and an unlimited intercompany guarantee provided by Storefield Group Limited, Storefield Plant Rushton Limited, Storefield Aggregates Limited, Storefield Environmental Limited and Gretton Brook Estates Limited.

Lloyds Bank plc holds legal charges over the land and units at Telford Way, Kettering and units and land at Gretton Brook road, Corby.

24. PROVISIONS FOR LIABILITIES

Group
2024 2023
as restated
£    £   
Deferred tax 1,217,254 1,259,515

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


24. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 December 2023 1,259,515
Provided during year (42,261 )
Balance at 30 November 2024 1,217,254

25. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
1,000 Ordinary £1 1,000 1,000

26. RESERVES

Retained earnings
This reserves represent the cumulative net profit or loss since inception, less dividends declared and transfers to other reserves, and reflects the portion of profits retained for reinvestment in the business or distribution to owners.

Merger relief reserve
This reserve represents the difference between the nominal value of shares issued by the company and the nominal value of shares acquired on group reconstructions accounted for under the merger accounting principles.

Revaluation reserve
This reserve represents the cumulative net increase in the carrying amount of investment property held by the group less the associated deferred tax liability. Included within the merger reserve, is an amount totalling £208,471 that represents the revaluation reserve in Gretton Brook Estates Ltd at the date of merger.

27. NON-CONTROLLING INTERESTS

The non-controlling reserve represents the equity interest in Storefield Aggregates Limited not attributable to the parent company, reflecting the share of net assets and results held by minority shareholders.

28. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

STOREFIELD GROUP LIMITED (REGISTERED NUMBER: 06189477)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
For The Year Ended 30 November 2024


28. RELATED PARTY DISCLOSURES - continued

Entities with control, joint control or significant influence over the entity
2024 2023
as restated
£    £   
Sales - 29,880
Purchases 227,813 163,770

During the year, a total of key management personnel compensation of £ 138,113 (2023 - £ 128,695 ) was paid.

No remuneration is paid to the director. The key management personnel comprises other employees of the group who have authority and responsibility for planning, directing and controlling the activities of the group.

During the year the company paid dividends on shares held by the director amounting to £80,500 (2023; £87,000).

At the year end there is a directors loan account payable amounting to £1,292 (2023: £1,292)

The group utilises property held by the director which expires in 2033. The annual charge is £34,000.

29. POST BALANCE SHEET EVENTS

Since the balance sheet date, the Group has purchased plant and machinery under hire purchase contracts with a book value of £1,024,105. There are fixed and floating charges held over these assets. The Group has also entered into two new bank loan agreements, both with total principal values of £1,010,000. The loan is subject to a fixed and floating charge over land held by the Group and are repayable in instalments over 5 years. The Bank loan is intended to support the Group's ongoing operational and strategic objectives with an additional investment in plant and machinery totalling £384,360, and £2,000,000 has been incurred on land acquisition, the purchase of which has not yet completed at the date of signing these financial statements.