ACCOUNTS - Final Accounts

Registered number: SC212943

GORDON STEPHEN AND CO LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

GORDON STEPHEN & CO LIMITED

COMPANY INFORMATION

DIRECTORS	Mr J M Stephen
	Mrs J M Stephen
	Mr J G Stephen
	Mrs P M Stephen


COMPANY SECRETARY	Mrs J M Stephen


REGISTERED NUMBER	SC212943


REGISTERED OFFICE	Westby
	64 West High Street
	Forfar
	Angus
	DD8 1BJ


ACCOUNTANTS	EQ Accountants Limited
	Chartered Accountants
	Westby
	64 West High Street
	Forfar
	Angus
	DD8 1BJ

GORDON STEPHEN & CO LIMITED

REGISTERED NUMBER: SC212943

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
		£		£

FIXED ASSETS
Tangible assets	4		4,278,882		4,173,684
Investments	5		386		50
			4,279,268		4,173,734
CURRENT ASSETS
Stocks		742,133		754,249
Debtors: amounts falling due within one year	6	221,947		208,293
Cash at bank and in hand		561,344		406,728
		1,525,424		1,369,270
Creditors: amounts falling due within one year	7	(956,009)		(942,178)
NET CURRENT ASSETS			569,415		427,092
TOTAL ASSETS LESS CURRENT LIABILITIES			4,848,683		4,600,826
Creditors: amounts falling due after more than one year	8		(175,813)		(211,643)
PROVISIONS FOR LIABILITIES
Deferred Tax		(250,252)		(205,690)
			(250,252)		(205,690)
NET ASSETS			4,422,618		4,183,493

CAPITAL AND RESERVES
Called up share capital	9		800,100		800,100
Profit and loss account			3,622,518		3,383,393
			4,422,618		4,183,493

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GORDON STEPHEN & CO LIMITED

REGISTERED NUMBER: SC212943

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 December 2025.

Mr J M Stephen

Director

The notes on pages 3 to 8 form part of these financial statements.

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GORDON STEPHEN & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

Gordon Stephen & Co Limited is a Limited Company, registered in Scotland, with the registered office situated at Westby, 64 West High Street, Forfar, Angus, DD8 1BJ. The principal place of business is Inch of Arnhall, Edzell, Angus, DD9 7UY.

The following principal accounting policies have been applied:

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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GORDON STEPHEN & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.3

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance basis.

Depreciation is provided on the following basis:

				Property improvements	-	4% straight line
				Plant and Machinery	-	12.5% reducing balance
				Motor Vehicles	-	25% reducing balance
				Wind Turbine	-	4% straight line
				Tractors and Combines	-	12.5% reducing balance

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation has been charged on land and buildings.

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GORDON STEPHEN & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.7

AGRICULTURAL SUPPORT SCHEMES

Income from the Basic Payment Scheme is not recognised until 31 December of the relevant scheme year, when all conditions of the scheme have been complied with.

Income received under livestock support schemes is recognised as income when the business receives the payment, and not when the business has met all the criteria which entitles it to the income.

3.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 10 (2024 - 10).

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		GORDON STEPHEN & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

	4.	TANGIBLE FIXED ASSETS

		Tenants improvements	Land and buildings	Plant and Machinery	Motor Vehicles	Wind turbine	Tractors and Combines	Total
		£	£	£	£	£	£	£
	COST OR VALUATION
	At 1 April 2024	661,344	2,890,425	1,277,934	51,300	170,000	350,316	5,401,319
	Additions	-	-	161,158	50,000	-	108,500	319,658
	Disposals	-	-	(78,772)	-	-	-	(78,772)
	At 31 March 2025	661,344	2,890,425	1,360,320	101,300	170,000	458,816	5,642,205
	DEPRECIATION
	At 1 April 2024	240,974	-	764,760	36,292	40,800	144,809	1,227,635
	Charge for the year on owned assets	26,454	-	84,170	16,252	6,800	39,251	172,927
	Disposals	-	-	(37,239)	-	-	-	(37,239)
	At 31 March 2025	267,428	-	811,691	52,544	47,600	184,060	1,363,323
	NET BOOK VALUE
	At 31 March 2025	393,916	2,890,425	548,629	48,756	122,400	274,756	4,278,882
	At 31 March 2024	420,370	2,890,425	513,174	15,008	129,200	205,507	4,173,684

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GORDON STEPHEN & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

5.	FIXED ASSET INVESTMENTS

		Unlisted Investments
		£
	COST OR VALUATION
	At 1 April 2024	50
	Additions	336
	At 31 March 2025	386

6.

DEBTORS

					2025	2024
					£	£


	Trade debtors	165,555	174,561
	Other debtors	50,348	30,794
	Prepayments and accrued income	6,044	2,938
		221,947	208,293

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
					2025	2024
					£	£

	Bank loans	45,000	45,000
	Other loans	85,933	67,569
	Trade creditors	197,044	176,190
	Other taxation and social security	80,803	76,228
	Net obligations under finance lease and hire purchase contracts	5,667	-
	Other creditors	517,304	554,434
	Accruals and deferred income	24,258	22,757
		956,009	942,178

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GORDON STEPHEN & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

8.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
					2025	2024
					£	£

	Bank loans	160,724	211,643
	Other loans	9,422	-
	Net obligations under finance leases and hire purchase contracts	5,667	-
		175,813	211,643

9.	SHARE CAPITAL
					2025	2024
					£	£

		ALLOTTED, CALLED UP AND FULLY PAID

		100 (2024 - 100) Ordinary shares of £1.00 each	100	100
		800,000 (2024 - 800,000) Preference shares of £1.00 each	800,000	800,000

			800,100	800,100

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