Company No: 05929781 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
				Restated - note 2
Fixed assets
Tangible assets	5	9,476,080		9,285,249
Investment property	6	3,050,000		3,050,000
		12,526,080		12,335,249
Current assets
Stocks		2,534,255		2,190,666
Debtors	7	478,821		231,040
Cash at bank and in hand		5,069		2,518
		3,018,145		2,424,224
Creditors: amounts falling due within one year	8	( 2,294,231)		( 1,724,796)
Net current assets		723,914		699,428
Total assets less current liabilities		13,249,994		13,034,677
Creditors: amounts falling due after more than one year	9	( 4,459,249)		( 4,804,307)
Provision for liabilities		( 1,038,086)		( 928,580)
Net assets		7,752,659		7,301,790
Capital and reserves
Called-up share capital		100		100
Revaluation reserve		874,833		874,833
Other reserves		990,932		990,932
Profit and loss account		5,886,794		5,435,925
Total shareholders' funds		7,752,659		7,301,790

For the financial year ending 31 January 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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; 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 G M Stephenson Limited (registered number: 05929781) were approved and authorised for issue by the Board of Directors on 30 October 2026. They were signed on its behalf by:

Mr G M Stephenson Director

Mrs D Stephenson 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

G M Stephenson Limited (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 Danebury Manor Farmhouse, Flixton, Scarborough, YO11 3UJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

During the year, the directors identified that certain machinery included within the fixed asset register at the prior year end were either sold or transferred into stock before the balance sheet date, and therefore should have been disposed of in the previous accounting period.

Within this review, the directors also identified undervalued livestock, upon review of the unit prices paid to suppliers.

The adjustments are outlined within note 2 of the accounts.

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. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

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	5 years straight line
Other intangible assets	8 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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
	not depreciated
Plant and machinery	5 - 10 % reducing balance
Vehicles	20 % reducing balance
Office 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

2. Prior year adjustment

During the year, the directors identified that certain machinery included within the fixed asset register at the prior year end were either sold or transferred into stock before the balance sheet date, and therefore should have been disposed of in the previous accounting period.

Within this review, the directors also identified undervalued livestock, upon review of the unit prices paid to suppliers.

The table below reflects the adjustments made to the comparative accounts:

		As previously reported		Adjustment		As restated
Year ended 31 January 2025		£		£		£
Stock		2,053,212		137,454		2,190,666
Plant and machinery - cost		2,722,959		(346,236)		2,376,723
Plant and machinery - depreciation		875,132		(70,583)		804,549
Deferred tax		980,936		(52,356)		928,580
Corporation tax liability		127,137		34,365		161,502
Retained earnings		5,556,132		(120,207)		5,435,925

3. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		7

4. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 February 2025	65,000		19,738		84,738
At 31 January 2026	65,000		19,738		84,738
Accumulated amortisation
At 01 February 2025	65,000		19,738		84,738
At 31 January 2026	65,000		19,738		84,738
Net book value
At 31 January 2026	0		0		0
At 31 January 2025	0		0		0

5. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 February 2025	7,831,942		2,126,594		225,986		24,143		10,208,665
Additions	171,497		648,178		35,439		1,660		856,774
Disposals	( 349,928)		( 213,859)		( 16,450)		( 960)		( 581,197)
At 31 January 2026	7,653,511		2,560,913		244,975		24,843		10,484,242
Accumulated depreciation
At 01 February 2025	118,867		685,454		98,856		20,239		923,416
Charge for the financial year	60,954		128,259		27,335		2,979		219,527
Disposals	( 26,824)		( 94,877)		( 12,133)		( 947)		( 134,781)
At 31 January 2026	152,997		718,836		114,058		22,271		1,008,162
Net book value
At 31 January 2026	7,500,514		1,842,077		130,917		2,572		9,476,080
At 31 January 2025	7,713,075		1,441,140		127,130		3,904		9,285,249

Revaluation of tangible assets

The note above includes within land and buildings a revaluation of £913,866, per an open market valuation by the directors on 31 January 2025.
The historical cost of land and buildings is noted in the information below:

	2026		2025
	£		£
Historical cost	6,739,645		6,918,076
Accumulated depreciation	(152,997)		(118,867)
Carrying value	6,586,648		6,799,209

6. Investment property

	Investment property
	£
Valuation
As at 01 February 2025	3,050,000
As at 31 January 2026	3,050,000

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2026		2025
	£		£
Historic cost	1,781,206		1,781,206

7. Debtors

	2026		2025
	£		£
Trade debtors	374,159		207,913
Prepayments and accrued income	25,726		17,935
VAT recoverable	38,970		0
Other debtors	39,966		5,192
	478,821		231,040

8. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans and overdrafts	1,332,438		1,209,599
Trade creditors	348,394		102,112
Amounts owed to directors	21,864		724
Accruals and deferred income	94,637		49,779
Taxation and social security	121,010		172,238
Obligations under finance leases and hire purchase contracts	366,203		186,058
Other creditors	9,685		4,286
	2,294,231		1,724,796

Hire purchase contracts are secured against the assets to which they relate.

The bank loans and overdrafts of £1,332,438 (2025: £1,209,599) are secured by way of a fixed and floating charges over land at Danebury Manor Farm and Southfield Farm.

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

	2026		2025
	£		£
Bank loans	4,351,209		4,696,215
Accruals and deferred income	6,783		6,868
Obligations under finance leases and hire purchase contracts	101,257		101,224
	4,459,249		4,804,307

Hire purchase contracts are secured against the assets to which they relate.

The bank loans and overdrafts of £4,351,209 (2025: £4,696,215) are secured by way of a fixed and floating charges over land at Danebury Manor Farm and Southfield Farm

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2026		2025
	£		£
Bank loans	2,035,385		2,817,083