| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Richard Gillespie FCCA |
| AUDITORS: |
| 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: |
| 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 |
| 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: |
| 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. |
| for and on behalf of |
| Suite 4 |
| 2nd Floor |
| New Kings Court |
| Eastleigh |
| SO53 3LG |
| 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 |
| 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 |
| Investment property | 16 |
| CURRENT ASSETS |
| Debtors | 18 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 19 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
20 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 25 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 436,891 | 2,694,013 |
| The financial statements were approved by the director and authorised for issue on |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 November 2024 |
| 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 |
| 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. |
| 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 buildings | 12.5% on reducing balance |
| Leasehold improvements | 20% reducing balance |
| Plant and machinery | 12.5% on reducing balance |
| Fixtures and fittings | 20% on reducing balance |
| Computer equipment | 20% on reducing balance |
| Motor vehicles | 25% 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 |
| 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 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| 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 | - | - |
| Other debtors | 24,952 | 25,619 |
| VAT | - | - |
| Prepayments and accrued income | 1,398,405 | 1,121,282 |
| 4,691,565 | 3,878,184 |
| Amounts falling due after more than one | year: |
| Prepayments and accrued income | 216,915 | - |
| Aggregate amounts | 4,908,480 | 3,878,184 |
| 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 |
| Hire purchase contracts (see note 22) | 1,220,536 | 839,614 |
| Trade creditors | 2,500,225 | 1,950,047 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 609,725 | - |
| Social security and other taxes | 55,318 | 47,271 |
| VAT | 250,708 | 226,982 | - | - |
| Other creditors | 462,923 | 335,332 |
| Directors' current accounts | 1,292 | 1,293 | 1,293 | 1,293 |
| Accruals and deferred income | 355,585 | 404,748 |
| 6,093,115 | 4,238,084 |
| 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 |
| Hire purchase contracts (see note 22) | 1,758,712 | 1,771,319 |
| 4,414,697 | 4,614,877 |
| 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 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 2,009,226 | 2,761,446 |
| 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 |
| £ | £ |
| 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. |