Stephensons of Essex Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01815977 (England and Wales)

Audited Financial Statements

for the Year Ended 31st July 2021

for

STEPHENSONS OF ESSEX LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr W Hiron

Mr G J Raven

SECRETARY:

Mr G J Raven

REGISTERED OFFICE:

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

REGISTERED NUMBER:

01815977 (England and Wales)

AUDITORS:

Denmark Forrester Limited Statutory Auditor

Office 12, The Bentalls Centre

Colchester Road

Heybridge

Maldon

Essex

CM9 4GD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,096,004

4,284,513

2,096,004

4,284,513

CURRENT ASSETS

Stocks

172,937

162,214

Debtors

6

4,343,951

2,822,054

Cash at bank and in hand

3,987,262

3,337,766

8,504,150

6,322,034

CREDITORS

Amounts falling due within one year

7

2,396,801

1,857,480

NET CURRENT ASSETS

6,107,349

4,464,554

TOTAL ASSETS LESS CURRENT LIABILITIES

8,203,353

8,749,067

CREDITORS

Amounts falling due after more than one year

8

(346,895

)

(736,663

)

PROVISIONS FOR LIABILITIES

(250,572

)

(467,176

)

NET ASSETS

7,605,886

7,545,228

CAPITAL AND RESERVES

Called up share capital

6,000

6,000

Capital redemption reserve

3,000

3,000

Retained earnings

7,596,886

7,536,228

SHAREHOLDERS' FUNDS

7,605,886

7,545,228

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th April 2022 and were signed on its behalf by:

Mr W Hiron - Director

1.	STATUTORY INFORMATION

Stephensons of Essex Limited 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 company's place of business is Riverside Industrial Estate, South Street, Rochford, Essex, SS4 1BS.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The 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 the revenue is recognised:

Sale of goods

Revenue 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 revenue 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

Revenue 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 revenue 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.

Goodwill

Goodwill represents the amount paid in connection with the acquisition of the company's trading activities at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

The estimated useful life is as follows:

Goodwill - Straight line over 7.5 years

Tangible fixed assets

Tangible fixed assets 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 residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Land and buildings

- Evenly over the lease term

Plant and machinery

- 15%, 17% and 20% Straight Line

Motor vehicles

- Over the operating life of the asset

The asset's 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.

Stocks

Stocks are stated at the lower of cost and 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 balance sheet 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 and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st August 2020

and 31st July 2021

40,000

AMORTISATION

At 1st August 2020

and 31st July 2021

40,000

NET BOOK VALUE

At 31st July 2021

-

At 31st July 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st August 2020

480,889

10,737,265

11,218,154

Additions

-

58,202

58,202

Disposals

-

(1,793,481

)

(1,793,481

)

At 31st July 2021

480,889

9,001,986

9,482,875

DEPRECIATION

At 1st August 2020

321,772

6,611,869

6,933,641

Charge for year

19,892

1,340,186

1,360,078

Eliminated on disposal

-

(906,848

)

(906,848

)

At 31st July 2021

341,664

7,045,207

7,386,871

NET BOOK VALUE

At 31st July 2021

139,225

1,956,779

2,096,004

At 31st July 2020

159,117

4,125,396

4,284,513

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

778,498

386,081

Amounts owed by group undertakings

1,187,778

1,432,372

Other debtors

2,377,675

1,003,601

4,343,951

2,822,054

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts (see note 9)

385,637

468,417

Trade creditors

1,327,265

700,628

Taxation and social security

45,667

57,363

Other creditors

638,232

631,072

2,396,801

1,857,480

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts (see note 9)

346,516

732,153

Other creditors

379

4,510

346,895

736,663

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

385,637

468,417

Between one and five years

346,516

732,153

732,153

1,200,570

Non-cancellable

operating leases

2021

2020

£

£

Within one year

190,325

202,350

Between one and five years

607,025

592,200

In more than five years

290,350

195,000

1,087,700

989,550

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

732,153

1,200,570

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

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Easby ACA (Senior Statutory Auditor)

for and on behalf of Denmark Forrester Limited Statutory Auditor

12.	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.

13.	ULTIMATE CONTROLLING PARTY

The ultimate parent company during the year was Eastern Transport Holdings Limited. Its registered office is at Monometer House, Rectory Grove, Leigh on Sea, Essex, SS9 2HL.

The ultimate controlling party is Mr W Hiron due to the 100% shareholding in Eastern Transport Holdings Limited.

The parent of the group into which the results of this company are consolodated is Eastern Transport Holdings Limited. Copies of the group financial statements can be obtained from companies house.