M C Stennett & Sons (Holdings) Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 02473100 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2025

for

M C Stennett & Sons (Holdings) Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

7

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

to

18

DIRECTORS:

Mr M C Stennett

Mrs G M Stennett

Mr C Stennett

Mr F Stennett

SECRETARY:

Mrs G M Stennett

REGISTERED OFFICE:

The Coach House

Park Farm

Fornham St Genevieve

Bury St Edmunds

Suffolk

IP28 6TS

REGISTERED NUMBER:

02473100 (England and Wales)

AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

The directors present their strategic report for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

The company is a holding company with a wholly owned subsidiary principally involved in road haulage and storage, and an equity partner in a farming partnership, Genevieve Farms, which is involved with arable farming and commercial property letting. The company also receives income from letting its own property and inter-group management charges. In addition, the company has a 30.6% interest in a related company, J R Stennett (Holdings) Ltd.

The directors are satisfied with both the results for the year to 31st March 2025 and the company's financial position as at that date. The results for the year are set out on page 8 and show a profit for the year after taxation of £177,523. The balance sheet on page 9 reveals a sound financial position with shareholders funds amounting to £4,746,846.

Investment assets have overall shown a reasonably healthy capital appreciation and satisfactory revenue results given the economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's commercial risks relate substantially to the underlying value and performance of the businesses in which it has investments and the directors keep these factors under regular review. The operational risks of the company's own business are not significant.

FUTURE DEVELOPMENTS

The directors aim to continue the trend to growth; in particular, growing the company's capital value and where appropriate, extending and rationalising investments consistent with overall business objectives.

ON BEHALF OF THE BOARD:

Mr F Stennett - Director

3 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

No dividends are proposed in respect of the year to 31 March 2025 and none have been paid in the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mr M C Stennett

Mrs G M Stennett

Mr C Stennett

Mr F Stennett

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr F Stennett - Director

3 December 2025

Opinion

We have audited the financial statements of M C Stennett & Sons (Holdings) Ltd (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31 March 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

James Knights BSc ACA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

4 December 2025

TURNOVER

-

Administrative expenses

6,177

5,913

(6,177

)

(5,913

)

Other operating income / (losses)

243,873

203,647

OPERATING PROFIT

4

237,696

197,734

Income from fixed asset investments

40,000

277,696

237,734

Interest payable and similar expenses

5

52,562

49,182

PROFIT BEFORE TAXATION

225,134

188,552

Tax on profit

6

47,611

17,855

PROFIT FOR THE FINANCIAL YEAR

177,523

170,697

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

177,523

170,697

FIXED ASSETS

Tangible assets

7

-

46

Investments

8

5,351,340

5,129,868

Investment property

9

735,000

985,000

6,086,340

6,114,914

CURRENT ASSETS

Debtors

10

368,803

234,235

Cash at bank

117,095

41,758

485,898

275,993

CREDITORS

Amounts falling due within one year

11

1,681,512

1,669,304

NET CURRENT LIABILITIES

(1,195,614

)

(1,393,311

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,890,726

4,721,603

PROVISIONS FOR LIABILITIES

12

143,880

152,280

NET ASSETS

4,746,846

4,569,323

CAPITAL AND RESERVES

Called up share capital

13

1,000

Other reserves

14

258,482

Fair value reserve

14

431,640

533,144

Retained earnings

14

4,055,724

3,776,697

SHAREHOLDERS' FUNDS

4,746,846

4,569,323

The financial statements were approved by the Board of Directors and authorised for issue on 3 December 2025 and were signed on its behalf by:

Mr F Stennett - Director

Called up

Fair

share

Retained

Other

value

Total

capital

earnings

reserves

reserve

equity

£

Balance at 1 April 2023

1,000

3,606,000

258,482

533,144

4,398,626

Changes in equity

Total comprehensive income

-

170,697

-

170,697

Balance at 31 March 2024

1,000

3,776,697

258,482

533,144

4,569,323

Changes in equity

Total comprehensive income

-

279,027

-

(101,504

)

177,523

Balance at 31 March 2025

1,000

4,055,724

258,482

431,640

4,746,846

1.	STATUTORY INFORMATION

M C Stennett & Sons (Holdings) Ltd 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

In the application of the company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that and future periods.

The following are critical judgements including those involving estimations, that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Revaluation of investment properties

The company holds an investment property at fair value, with changes in fair value being recognised in the profit ad loss account. The Directors have determined fair value based on the expected open market value for the location and nature of the property comparable to other known sales or potential sales in the region.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Investments in subsidiaries and associates

Investments in the company's subsidiary and associate are recognised at cost less provision for diminution in value where applicable.

Investment property and other fixed asset investments

Investment property held to earn rental income and/or capital appreciation is included in the balance sheet at fair value where such value can be measured reliably without undue cost or effort on an ongoing basis. Fair value adjustments are taken to the profit and loss account. The property is not depreciated which is a treatment contrary to the Companies Act 2006 however in the opinion of the Directors the policy adopted by the Company provides a true and fair view.

The company's joint venture, the partnership interest in Genevieve Farms, is stated at cost plus the accumulated share of profits and losses since acquisition. Amounts transferred to the partnership from the company are treated as equity in nature. This treatment is in accordance with the requirements of Financial Reporting Standard 102 (equity method option). The profit share and tax charge are included in the Company's profit and loss account so as to produce a revenue statement showing a true and fair view.

Financial instruments

All financial assets and liabilities are basic short term financial instruments and accounted for at cost less provision for non-recovery where applicable. These comprise non-trade debtors and creditors realisable within one year.

Cash at bank and in hand comprises short term bank and cash deposits none of which have restricted access terms.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 taxation

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.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

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

2025

2024

Management and administration

4

2025

2024

£

Directors' remuneration

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

Depreciation - owned assets

7

8

Profit on disposal of fixed assets

(73,381

)

-

Auditors' remuneration

3,562

3,576

Auditors' remuneration for non audit work

1,815

696

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Loan interest

52,483

49,142

Bank charges

79

40

52,562

49,182

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

Current tax:

UK corporation tax

56,011

17,855

Deferred tax

(8,400

)

-

Tax on profit

47,611

17,855

UK corporation tax has been charged at 25% (2024 - 25%).

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:

2025

2024

£

Profit before tax

225,134

188,552

Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

56,284

47,138

Effects of:

Expenses not deductible for tax purposes

(18,346

)

-

Depreciation in excess of capital allowances

2

Joint venture taxable profit adjustment

3,115

(5,997

)

Dividends received not taxable

(10,000

)

(10,000

)

Deferred tax charge

(8,400

)

-

Chargeable gain

24,956

-

Group relief claim

-

(13,288

)

Total tax charge

47,611

17,855

7.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024

1,895

Disposals

(1,895

)

At 31 March 2025

-

DEPRECIATION

At 1 April 2024

1,849

Charge for year

7

Eliminated on disposal

(1,856

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

46

8.	FIXED ASSET INVESTMENTS

Interest

Shares in

Interest

in other

group

in

participating

undertakings

associate

interests

Totals

£

COST

At 1 April 2024

259,482

160,175

4,710,211

5,129,868

Additions

-

221,472

At 31 March 2025

259,482

160,175

4,931,683

5,351,340

NET BOOK VALUE

At 31 March 2025

259,482

160,175

4,931,683

5,351,340

At 31 March 2024

259,482

160,175

4,710,211

5,129,868

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

Subsidiary

M C Stennett & Sons Limited

Registered office: The Coach House, Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk IP28 6TS

Nature of business: Road haulage and storage

%

Class of shares:

holding

Ordinary

100.00

This subsidiary is accounted for at cost less accumulated impairment in the single company financial statements of M C Stennett & Sons (Holdings) Limited.

This subsidiary is fully consolidated in the consolidated financial statements of M C Stennett & Sons (Holdings) Limited.

Associated company

J R Stennett (Holdings) Limited

Registered office: The Coach House, Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk IP28 6TS

Nature of business: Non-trading holding company

%

Class of shares:

holding

Ordinary

30.60

This associate is accounted for at cost less accumulated impairment in the single company financial statements of M C Stennett & Sons (Holdings) Limited.

This associate is accounted for under the equity method in the consolidated financial statements of M C Stennett & Sons (Holdings) Limited.

Other participating interest

Genevieve Farms

Interest in other participating interests comprises a 40% (2024: 40%) share in residual profits/(losses) in Genevieve Farms, a farming partnership based at Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk.

This investment is accounted for under the equity method in the financial statements.

The aggregate capital and the results of this undertaking for the last relevant financial year are as follows:

2025

2024

£

Capital as at 31st March 2025

15,619,093

15,111,172

(Loss)/Profit for the year to 31st March 2025

538,441

275,980

9.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

985,000

Disposals

(250,000

)

At 31 March 2025

735,000

NET BOOK VALUE

At 31 March 2025

735,000

At 31 March 2024

985,000

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

-

33,539

Amounts owed by participating interests

168,803

-

Other debtors

200,000

Prepayments and accrued income

-

696

368,803

234,235

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

-

9,391

Amounts owed to group undertakings

1,209,487

1,206,280

Amounts owed to participating interests

-

31,197

Corporation tax

56,011

17,855

Directors' loan accounts

367,684

Accruals and deferred income

48,330

36,897

1,681,512

1,669,304

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

Other timing differences

143,880

152,280

Deferred

tax

£

Balance at 1 April 2024

152,280

Provided during year

(8,400

)

Balance at 31 March 2025

143,880

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

1,000

ordinary

£1

1,000

14.

RESERVES

Fair

Retained

Other

value

earnings

reserves

reserve

Totals

£

At 1 April 2024

3,776,697

258,482

533,144

4,568,323

Profit for the year

177,523

Reserve transfer

101,504

-

(101,504

)

-

At 31 March 2025

4,055,724

258,482

431,640

4,745,846

The fair value reserve contains unrealised profits on the revaluation of investment properties. The fair value reserve is therefore not distributable.

15.	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.

The following transactions were made with entities under common control with the company:

2025

2024

£

Rental income recharged to company

-

1,500

Purchases and expenses recharged to company

-

Profit/(Loss) share from joint venture (farming partnership)

12,973

67,992

Capital gain share from joint venture (farming partnership)

-

At the balance sheet date the company had the following balances with related entities:

Amounts receivable from related entities

200,000

Amounts payable to related entities

168,803

31,197

16.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M C Stennett.