Company No: 06512806 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	107,849		185,770
		107,849		185,770
Current assets
Stocks		11,670		11,670
Debtors
- due within one year	5	1,648,669		1,790,689
- due after more than one year	5	360,621		328,233
Cash at bank and in hand		( 186,176)		15,549
		1,834,784		2,146,141
Creditors: amounts falling due within one year	6	( 642,227)		( 952,285)
Net current assets		1,192,557		1,193,856
Total assets less current liabilities		1,300,406		1,379,626
Creditors: amounts falling due after more than one year	7	( 71,016)		( 157,831)
Provision for liabilities		( 20,000)		( 39,000)
Net assets		1,209,390		1,182,795
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		1,209,290		1,182,695
Total shareholders' funds		1,209,390		1,182,795

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of M J Stevens Ltd (registered number: 06512806) were approved and authorised for issue by the Director on 24 September 2025. They were signed on its behalf by:

Mr L P Greenaway Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M J Stevens Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Construction contracts

Turnover and costs from contracts are recognised as earned when; and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.
Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to customers is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
If it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	5 years straight line
Vehicles	4 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	27		29

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 October 2023	3,535,678		3,535,678
At 30 September 2024	3,535,678		3,535,678
Accumulated amortisation
At 01 October 2023	3,535,678		3,535,678
At 30 September 2024	3,535,678		3,535,678
Net book value
At 30 September 2024	0		0
At 30 September 2023	0		0

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 October 2023	20,620		71,746		343,310		79,674		515,350
Additions	0		0		0		807		807
Disposals	0		( 18,200)		0		0		( 18,200)
At 30 September 2024	20,620		53,546		343,310		80,481		497,957
Accumulated depreciation
At 01 October 2023	9,526		66,614		192,323		61,117		329,580
Charge for the financial year	2,774		1,697		67,792		6,465		78,728
Disposals	0		( 18,200)		0		0		( 18,200)
At 30 September 2024	12,300		50,111		260,115		67,582		390,108
Net book value
At 30 September 2024	8,320		3,435		83,195		12,899		107,849
At 30 September 2023	11,094		5,132		150,987		18,557		185,770

5. Debtors

	2024		2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	785,041		553,092
Amounts owed by Parent undertakings	455,586		539,993
Prepayments	5,280		49,423
Other debtors	402,762		648,181
	1,648,669		1,790,689
Debtors: amounts falling due after more than one year
Trade debtors	360,621		328,233

Amounts due greater than one year relate to retentions

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	50,000		50,000
Trade creditors	275,467		447,014
Taxation and social security	167,219		147,235
Obligations under finance leases and hire purchase contracts	36,191		49,562
Other creditors	113,350		258,474
	642,227		952,285

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	45,834		95,834
Obligations under finance leases and hire purchase contracts	25,182		61,997
	71,016		157,831

Finance lease and hire purchase liabilities are secured against the assets to which they relate.

Bank loans are secured by way of a debenture. Interest is charged on the loan at 3.97% over base rate. The loan is due for final repayment in August 2026.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
90 Ordinary A shares of £ 1.00 each	90		90
5 Ordinary B shares of £ 1.00 each	5		5
5 Ordinary C shares of £ 1.00 each	5		5
	100		100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	23,900		23,900
between one and five years	39,833		63,733
	63,733		87,633

Operating lease commitments relate to property. A personal guarantee has been given by L P Greenaway in respect of the property from which the business operates.

10. Related party transactions

Transactions with the entity's director

	2024		2023
	£		£
Amounts owed by the director	0		5,531

Interest has been charged on overdrawn balances at a rate of 2.25%. There are no fixed dates for repayment.

11. Ultimate controlling party

Parent Company:

Woodcote Holdings Limited

Centenary House Peninsula Park Rydon Lane Exeter United Kingdom EX2 7XE

During the year, the company received £34,593 (2023: £37,811) from the parent in respect of management fees.