M J Stevens Ltd - Period Ending 2021-09-30
M J Stevens Ltd - Period Ending 2021-09-30
Year Ended
Registration number:
M J Stevens Ltd
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
M J Stevens Ltd
Company Information
|
Directors |
Mr L P Greenaway Mr R T Beesley Mr S Clewer |
|
Company secretary |
Mr R T Beesley |
|
Registered office |
|
|
Accountants |
|
M J Stevens Ltd
Balance Sheet
30 September 2021
|
Note |
|
2020 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Shareholders' funds |
|
|
M J Stevens Ltd
Balance Sheet
30 September 2021
For the financial period ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
|
......................................... |
......................................... |
Company Registration Number: 06512806
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 7
Splatford Business Park
Kennford
Exeter
EX6 7BT
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in pounds sterling.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
Contract revenue recognition
Turnover represents revenue earned under a variety of contracts to provide services. Revenue is recognised as earned when; and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.
Revenue is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to customers is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Income that is contingent on events outside the control of the company is recognised when the contingent event occurs.
Government grants
During the year the company recognised Coronavirus Job Retention Scheme ("CJRS") grant income from the government designed to mitigate the impact of Covid 19. The company has elected to account for such grants under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Short leasehold property improvements |
16.67% straight line basis (over term of lease) |
|
Plant and equipment |
20% straight line basis |
|
Computer equipment |
33.33% straight line basis |
|
Motor vehicles |
25% straight line basis |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are 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.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
Financial instruments
Classification
• Short term trade and other debtors and creditors
• Cash and bank balances.
• Bank borrowings
• Finance lease liabilities
All financial instruments are classified as basic, except for finance lease liabilities and long term borrowings.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, basic financial instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 October 2020 |
|
|
|
At 30 September 2021 |
|
|
|
Amortisation |
||
|
At 1 October 2020 |
|
|
|
Amortisation charge |
|
|
|
At 30 September 2021 |
|
|
|
Carrying amount |
||
|
At 30 September 2021 |
|
|
|
At 30 September 2020 |
|
|
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
|
Tangible assets |
|
Short leasehold property improvements |
Computer Equipment |
Motor vehicles |
Plant and equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 October 2020 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
|
At 30 September 2021 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 October 2020 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
|
At 30 September 2021 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 30 September 2021 |
- |
|
|
|
|
|
At 30 September 2020 |
|
|
|
|
|
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
|
Stocks |
|
|
|
|
|
Raw materials and consumables |
|
|
|
Debtors |
|
|
|
|
|
Trade debtors |
|
|
|
Amounts due from group undertakings |
|
|
|
Other debtors including contract work in progress |
|
|
|
Prepayments |
|
|
|
|
|
|
|
Less amounts due after one year |
( |
( |
|
|
|
Amounts due greater than one year relate to retentions.
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
|
Creditors |
|
Note |
|
2020 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accrued expenses |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
|
|
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
|
Loans and borrowings |
|
|
|
|
|
Loans and borrowings due after one year |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
|
|
|
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
HP and finance lease liabilities |
|
|
|
|
|
|
Finance lease and hire purchase liabilities are secured against the assets to which they relate.
Bank borrowings are secured by way of a debenture. Interest is not charged on the loan in the first 12 months and thereafter interest is charged at 3.97% over base rate. The loan is due for final repayment in August 2026 and £nil (2020: £45,834) of the loan is due greater than 5 years.
|
Share capital |
Allotted, called up and fully paid shares
|
|
|
|||
|
No. |
£ |
No. |
£ |
|
|
Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
M J Stevens Ltd
Notes to the Unaudited Financial Statements
Year Ended 30 September 2021
|
Parent and ultimate parent undertaking |
The company's immediate parent is
|
COVID-19 |
The directors of M J Stevens Limited have considered the impact of COVID-19.
During the previous period, the company drewdown on a Coronavirus Business Interruption Loan. Funds were received in August 2020. No interest was charged for the first twelve months. Thereafter, interest is charged at 3.97% above the Bank of England base rate. Interest incurred is charged to the Profit and Loss account in the period to which it relates.
During the current and prior period, the company also received funds under the Coronavirus Job Retention Scheme. The company received £59,044 (2020: £135,898) from the Coronavirus Job Retention Scheme. The schme closed on 30 September 2021 so no further funds will be received after these financial statements. The grant income is realised through the Profit and Loss account in the period to which it relates.
Given the company's support and performance during the pandemic, is is the opinion of the directors that the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future. These financial statements have therefore been prepared on a going concern basis.