STEPHENSON FARMS LIMITED


Directors	D W STEPHENSON
	M STEPHENSON


Registered Address	New Farmhouse
	Ings Farm
	East Barkwith
	LN8 5RP


Registered Number	01745358 (England and Wales)

Balance Sheet as at
31 March 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		1,378,209		1,443,709
			1,378,209		1,443,709
Current assets
Debtors		325,756		343,744
		325,756		343,744
Creditors amounts falling due within one year		(426,133)		(367,086)
Net current assets (liabilities)			(100,377)		(23,342)
Total assets less current liabilities			1,277,832		1,420,367
Creditors amounts falling due after one year			(282,582)		(304,406)
Provisions for liabilities			(114,391)		(274,305)
Net assets			880,859		841,656
Capital and reserves
Called up share capital			30,000		30,000
Profit and loss account			850,859		811,656
Shareholders' funds			880,859		841,656

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 16 December 2025, and are signed on its behalf by:

D W STEPHENSON
Director
Registered Company No. 01745358

STEPHENSON FARMS LIMITED

Notes to the Financial Statements
for the year ended 31 March 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities. The financial statements have been prepared under the historical cost convention.

	Turnover policy
	Turnover represents the total invoice value, excluding value added tax, of sales made during the year as adjusted for crop stock movements.

	Employee benefits
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

	Current taxation
	Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Current taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

	Tangible fixed assets and depreciation
	Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property - not provided Short leasehold - 10% on cost Plant and machinery - 25% on reducing balance, 15% on reducing balance and 10% on reducing balance Motor vehicles - 25% on reducing balance

	Finance leases and hire purchase contracts
	Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period. Rental payments under operating leases are charged against income on a straight line basis over the lease term. Rental income from operating leases is recognised on a straight line basis over the term of the lease.

Finance leases and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rental payments under operating leases are charged against income on a straight line basis over the lease term. 
Rental income from operating leases is recognised on a straight line basis over the term of the lease.

	Stocks and work in progress
	Stock and work in progress are valued at the lower of cost and net realisable value. The cost of tenantright and harvested crops includes all production overheads and the attributable proportion of indirect overheads based on the normal level of activity. Net realisable value is based on estimated selling price, less the estimated cost of disposal.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	4		4

3.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 April 24	2,403,566
	Additions	86,700
	Disposals	(122,500)
	At 31 March 25	2,367,766
	Depreciation and impairment
	At 01 April 24	959,857
	Charge for year	94,713
	On disposals	(65,013)
	At 31 March 25	989,556
	Net book value
	At 31 March 25	1,378,209
	At 31 March 24	1,443,709

4.	Creditors: amounts due after 5 years
	Repayable by instalments (£) 2025 2024 Bank loans more than 5 years 1,832 26,195

5.	Secured creditors
	The following secured debts are included within creditors (£): 2025 2024 Bank overdraft 136,530 98,203 Hire purchase contracts 23,932 73,295 Total 160,462 171,498

6.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	24,988		73,295

7.	Related party transactions
	Included in creditors are loans from directors to the company totalling £200,037 (2024: £58,821). These loans are unsecured, repayable on demand and interest-free