REGISTERED NUMBER: 02473100 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
M C Stennett & Sons (Holdings) Limited |
REGISTERED NUMBER: 02473100 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Audited Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
for |
M C Stennett & Sons (Holdings) Limited |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 | to | 7 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 | to | 15 |
Notes to the Consolidated Financial Statements | 16 | to | 31 |
M C Stennett & Sons (Holdings) Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Group Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their strategic report of the company and the group for the year ended 31 March 2023. |
PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS |
The principal activities of the group during the year were those of road haulage, storage and allied support services. The group is also involved in farming and property letting through its partnership interest (joint venture). In addition, the group has a 30.6% interest in a related company, J R Stennett (Holdings) Ltd which is principally involved in agricultural plant hire and arable farming. |
The directors are satisfied with both the trading performance of the company during the year to 31st March 2023 and the financial position as at that date given the trading conditions. |
The group's gross profit shows a higher gross profit margin of 16.6% (2022 : 14.7%). |
Elsewhere within the group, gross profit / (loss) on farming activities has increased with 11.7% being achieved compared to a margin of 1.3% in 2022. Net income from lettings has decreased by 0.8% in the year (2022: decrease of 12.3%). |
The group has remained profitable and it has achieved a modest post-tax return on capital employed of 4.3% (2022: 5.5%) which the directors consider is satisfactory in difficult market conditions. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group's financial and commercial risks are kept under regular review by the directors and senior management. Policies are in place to ensure such risks are minimised primarily through safe working practices, regular risk assessments and the maintenance and regular review of commercial insurance cover. |
FUTURE DEVELOPMENTS |
The directors aim to continue the trend to growth, in particular growing the group's capital value and where appropriate, extending and rationalising investments consistent with overall business objectives. |
ON BEHALF OF THE BOARD: |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2023. |
DIVIDENDS |
No dividends are proposed in respect of the year to 31 March 2023 and none have been paid in the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
M C Stennett & Sons (Holdings) Limited |
Opinion |
We have audited the financial statements of M C Stennett & Sons (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
M C Stennett & Sons (Holdings) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
M C Stennett & Sons (Holdings) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatement in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating sector; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; |
- investigated the rationale behind significant or unusual transactions; |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; |
- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors; |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
Report of the Independent Auditors to the Members of |
M C Stennett & Sons (Holdings) Limited |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Eldo House |
Kempson Way |
Suffolk Business Park |
Bury St Edmunds |
Suffolk |
IP32 7AR |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 7,357,188 | 6,253,212 |
Cost of sales | 6,135,604 | 5,332,163 |
GROSS PROFIT | 1,221,584 | 921,049 |
Administrative expenses | 812,779 | 614,761 |
408,805 | 306,288 |
Other operating income | 146,053 | 175,589 |
OPERATING PROFIT | 4 | 554,858 | 481,877 |
Income from interest in associated undertakings |
5 |
13,091 |
1,186 |
Income from other participating interests | 6 | 3,000 | 12,586 |
Interest receivable and similar income | 24 | 130 |
16,115 | 13,902 |
570,973 | 495,779 |
Interest payable and similar expenses | 7 | 13,501 | 12,382 |
PROFIT BEFORE TAXATION | 557,472 | 483,397 |
Tax on profit | 8 | 211,755 | 65,173 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
345,717 |
418,224 |
Profit attributable to: |
Owners of the parent | 345,717 | 418,224 |
Total comprehensive income attributable to: |
Owners of the parent | 345,717 | 418,224 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Consolidated Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 2,506,891 | 2,101,970 |
Investments | 11 |
Interest in joint venture |
Share of gross assets | 4,447,630 | 4,347,654 |
4,447,630 | 4,347,654 |
Interest in associate | 509,689 | 496,598 |
Investment property | 12 | 985,000 | 985,000 |
8,449,210 | 7,931,222 |
CURRENT ASSETS |
Stocks | 13 | 132,686 | 109,920 |
Debtors | 14 | 1,255,064 | 1,215,939 |
Cash at bank and in hand | 407,600 | 519,780 |
1,795,350 | 1,845,639 |
CREDITORS |
Amounts falling due within one year | 15 | 1,419,783 | 1,540,959 |
NET CURRENT ASSETS | 375,567 | 304,680 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,824,777 | 8,235,902 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(202,611 |
) |
(171,208 |
) |
PROVISIONS FOR LIABILITIES | 19 | (673,457 | ) | (461,702 | ) |
NET ASSETS | 7,948,709 | 7,602,992 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,000 | 1,000 |
Share premium | 21 | 208,072 | 208,072 |
Fair value reserve | 21 | 533,144 | 569,675 |
Retained earnings | 21 | 7,206,493 | 6,824,245 |
SHAREHOLDERS' FUNDS | 7,948,709 | 7,602,992 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by: |
Mr M C Stennett - Director |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Company Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Merger reserve | 21 |
Fair value reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 89,021 | 134,492 |
The financial statements were approved by the Board of Directors and authorised for issue on |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up | Fair |
share | Retained | Share | value | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 | 1,000 | 6,406,021 | 208,072 | 569,675 | 7,184,768 |
Changes in equity |
Total comprehensive income | - | 418,224 | - | - | 418,224 |
Balance at 31 March 2022 | 1,000 | 6,824,245 | 208,072 | 569,675 | 7,602,992 |
Changes in equity |
Total comprehensive income | - | 345,717 | - | - | 345,717 |
Transfer between reserves | - | 36,531 | - | (36,531 | ) | - |
Balance at 31 March 2023 | 1,000 | 7,206,493 | 208,072 | 533,144 | 7,948,709 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up | Fair |
share | Retained | Merger | value | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Total comprehensive income | - |
Transfer between reserves | - | 36,531 | - | (36,531 | ) | - |
Balance at 31 March 2023 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 976,017 | 835,181 |
Interest paid | (474 | ) | (559 | ) |
Interest element of hire purchase payments paid |
(13,027 |
) |
(11,823 |
) |
Tax paid | (7,892 | ) | (66,138 | ) |
Net cash from operating activities | 954,624 | 756,661 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,001,860 | ) | (689,907 | ) |
Purchase of fixed asset investments | (113,067 | ) | (166,281 | ) |
Sale of tangible fixed assets | 73,504 | 117,000 |
Interest received | 24 | 130 |
Dividends received | 16,091 | 13,772 |
Net cash from investing activities | (1,025,308 | ) | (725,286 | ) |
Cash flows from financing activities |
New HP/Finance Leases | 574,104 | 428,913 |
Grants received | - | 19,654 |
Capital repayments in year | (615,600 | ) | (603,312 | ) |
Net cash from financing activities | (41,496 | ) | (154,745 | ) |
Decrease in cash and cash equivalents | (112,180 | ) | (123,370 | ) |
Cash and cash equivalents at beginning of year |
2 |
519,780 |
643,150 |
Cash and cash equivalents at end of year | 2 | 407,600 | 519,780 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 557,472 | 483,397 |
Depreciation charges | 559,544 | 481,478 |
Profit on disposal of fixed assets | (36,109 | ) | (19,049 | ) |
Government grants | - | (19,654 | ) |
Finance costs | 13,501 | 12,382 |
Finance income | (16,115 | ) | (13,902 | ) |
1,078,293 | 924,652 |
Increase in stocks | (22,766 | ) | (21,420 | ) |
(Increase)/decrease in trade and other debtors | (39,125 | ) | 22,139 |
Decrease in trade and other creditors | (40,385 | ) | (90,190 | ) |
Cash generated from operations | 976,017 | 835,181 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 407,600 | 519,780 |
Year ended 31 March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 519,780 | 643,150 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 519,780 | (112,180 | ) | 407,600 |
519,780 | (112,180 | ) | 407,600 |
Debt |
Finance leases | (442,704 | ) | 41,496 | (401,208 | ) |
(442,704 | ) | 41,496 | (401,208 | ) |
Total | 77,076 | (70,684 | ) | 6,392 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2023 |
4. | MATERIAL TRANSACTIONS NOT RESULTING IN A MOVEMENT OF CASH |
The Group's share of profits from Genevieve Farms of £3,000 (2022: was £12,586) accounted for by way of an addition to the Genevieve Farms fixed asset investment account. |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
M C Stennett & Sons (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The financial statements contain information about M C Stennett & Sons (Holdings) Ltd as a group and are prepared in accordance with FRS 102 and drawn up to 31 March each year. The results of subsidiaries acquired or sold are consolidated from or to the date control passes to or from the group. |
The groups interest in its associate and joint venture is accounted for under the equity accounting method in accordance with FRS 102 section 14 (Associates) and section 15 (Joint Ventures). |
Significant judgements and estimates |
In the application of the group's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised if revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Critical judgements and key sources of estimation uncertainty in applying the group's accounting policies |
The following are critical judgements including those involving estimations, that the directors have made in the process of applying the group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Depreciation of tangible fixed assets |
Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit and loss the economic consumption of those assets during the accounting period. The charge is calculated as described below and is based on the directors knowledge of the reduction in the residual value of tractor units and trailers on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to residual value at the end of the economic lives of the assets. |
Revaluation of investment properties |
The group holds an investment property at fair value, with changes in fair value being recognised in the profit ad loss account. The Directors have determined fair value based on the expected open market value for the location and nature of the property comparable to other known sales or potential sales in the region. |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover and revenue recognition |
Turnover represents the total value, excluding value added tax, of services provided to customers which fall within the company's ordinary activities. |
Haulage income is recognised upon completion of the underlying work. Work in progress at the accounting date is insignificant and no allowance is made. |
Storage income is recognised in accordance with the terms of the underlying contracts. Where contracts straddle the accounting date income is neither accrued nor deferred unless the amounts are material in relation to total storage income. Where amounts are material, income is accrued or deferred so as to recognise revenue on a constant basis over the contract period. |
Tangible fixed assets |
Tangible assets with a useful economic life of over two years held for the company's trade are capitalised at cost and depreciated in accordance with the policy below. An annual impairment review is completed for all material tangible fixed assets and provision is made where economic value is deemed to be permanently less than depreciated cost. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold improvements | - 10 - 25% on cost |
Plant and machinery | - 10 - 33% on cost |
Motor vehicles | - 20 - 25% on reducing balance |
Depreciation is not provided on specific assets where residual value is greater than depreciated cost. |
Investment property and other fixed asset investments |
In accordance with section 16 of FRS 102, investment property held to earn rental income and/or capital appreciation is included in the balance sheet at fair value where such value can be measured reliably without undue cost or effort on an ongoing basis. Fair value adjustments are taken to the profit and loss account. In that no depreciation is charged, this is a departure from the requirements of the Companies Act 2006. In the directors opinion to charge depreciation (a measure of consumption) would not produce a true and fair view given that the property is held for investment and, it is considered the amount of the charge is not material in the context of the group financial statements. |
The group's other participating interest, the partnership interest in Genevieve Farms, is stated at cost plus the accumulated share of profits and losses since acquisition. Amounts transferred to the partnership from the company are treated as equity in nature. This treatment is in accordance with the requirements of Financial Reporting Standard 102 (equity method option). The profit share and tax charge are included in the Groups profit and loss account so as to produce a revenue statement showing a true and fair view. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 taxation |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and depreciated over their estimated 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. |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group makes contributions to a defined contribution scheme on behalf of its employees. The assets of the scheme are held independently from those of the group. The pension costs charged in the financial statements represent the contributions payable by the group during the year. |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
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 accounts receivable and payable, and loans from banks or other related parties. |
Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. |
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 the Statement of Comprehensive Income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
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. |
Impairment |
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
Transport, storage and support services | 47 | 46 |
Management | 4 | 4 |
51 | 50 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
2023 | 2022 |
£ | £ |
Directors' remuneration | 16,272 | 15,466 |
Directors' pension contributions to money purchase schemes | 301 | 277 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Operating lease rentals - |
plant and machinery | 77,444 | 80,124 |
Depreciation - owned assets | 284,109 | 213,503 |
Depreciation - assets on hire purchase contracts | 275,435 | 267,973 |
Profit on disposal of fixed assets | (36,109 | ) | (19,049 | ) |
Auditor's remuneration | 24,033 | 20,315 |
Other non- audit services | 17,226 | 6,650 |
5. | INCOME FROM INTEREST IN ASSOCIATED UNDERTAKINGS |
2023 | 2022 |
£ | £ |
Interest in associate undertakings | 13,091 | 1,186 |
The Group has an interest of 30.6% in the net profits / (losses) of its associate, J. R. Stennett (Holdings) Ltd. |
6. | INCOME FROM OTHER PARTICIPATING INTERESTS |
2023 | 2022 |
£ | £ |
Share of profit from Genevieve |
Farms | 3,000 | 12,586 |
The Group had an interest of 45% of the residual profits / (losses) of its joint venture, Genevieve Farms (2022: 45%). There was a first charge on profits received of £NIL in the year (2022 : £NIL). |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank charges | 474 | 559 |
Hire purchase interest | 13,027 | 11,823 |
13,501 | 12,382 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | - | 7,892 |
Deferred tax | 211,755 | 57,281 |
Tax on profit | 211,755 | 65,173 |
UK corporation tax has been charged at 19 % (2022 - 19 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 557,472 | 483,397 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
105,920 |
91,845 |
Effects of: |
Expenses not deductible for tax purposes | 178 | (1,501 | ) |
Capital allowances in excess of depreciation | (145,867 | ) | (79,334 | ) |
Deferred Tax | 211,755 | 57,281 |
Joint venture and associate interest profit adjustment | (435 | ) | 501 |
Profit on disposal of assets not taxable | (6,861 | ) | (3,619 | ) |
investment property |
Unrelieved losses c/fwd | 47,065 | - |
Total tax charge | 211,755 | 65,173 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Leasehold | Plant and | and | Motor |
improvements | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 | 791,171 | 672,610 | 1,895 | 4,815,538 | 6,281,214 |
Additions | 10,200 | 7,690 | - | 983,970 | 1,001,860 |
Disposals | - | - | - | (335,640 | ) | (335,640 | ) |
At 31 March 2023 | 801,371 | 680,300 | 1,895 | 5,463,868 | 6,947,434 |
DEPRECIATION |
At 1 April 2022 | 784,960 | 596,789 | 1,832 | 2,795,663 | 4,179,244 |
Charge for year | 3,557 | 13,168 | 9 | 542,810 | 559,544 |
Eliminated on disposal | - | - | - | (298,245 | ) | (298,245 | ) |
At 31 March 2023 | 788,517 | 609,957 | 1,841 | 3,040,228 | 4,440,543 |
NET BOOK VALUE |
At 31 March 2023 | 12,854 | 70,343 | 54 | 2,423,640 | 2,506,891 |
At 31 March 2022 | 6,211 | 75,821 | 63 | 2,019,875 | 2,101,970 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2022 | 1,411,682 |
Additions | 478,420 |
Transfer to ownership | (691,767 | ) |
At 31 March 2023 | 1,198,335 |
DEPRECIATION |
At 1 April 2022 | 467,735 |
Charge for year | 275,435 |
Transfer to ownership | (393,700 | ) |
At 31 March 2023 | 349,470 |
NET BOOK VALUE |
At 31 March 2023 | 848,865 |
At 31 March 2022 | 943,947 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest | Interest |
in joint | in |
venture | associate | Totals |
£ | £ | £ |
COST |
At 1 April 2022 | 4,347,654 | 496,598 | 4,844,252 |
Additions | 99,976 | 13,091 | 113,067 |
At 31 March 2023 | 4,447,630 | 509,689 | 4,957,319 |
NET BOOK VALUE |
At 31 March 2023 | 4,447,630 | 509,689 | 4,957,319 |
At 31 March 2022 | 4,347,654 | 496,598 | 4,844,252 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
Group |
Interest in associate |
The interest in the group's associate company comprises: |
2023 | 2022 |
£ | £ |
Interest in net assets of Associate at 31 March 2023 | 574,504 | 561,414 |
Negative goodwill on acquisition of Associate | (64,815 | ) | (64,815 | ) |
Net book value at 31 March 2023 | 509,689 | 496,598 |
Cost of acquisition | 160,175 | 160,175 |
Share of unrealised gain on property revaluation | 58,725 | 58,725 |
Post-acquisition profits | 290,789 | 277,698 |
509,689 | 496,598 |
Share of profit attributable to the group | 13,091 | 1,186 |
Negative goodwill will be released to the profit and loss account when the underlying assets are realised. |
Company |
Interest |
Shares in | Interest | in other |
group | in | participating |
undertakings | associate | interests | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 | 4,347,654 | 4,767,311 |
Additions | 99,976 | 99,976 |
At 31 March 2023 | 4,447,630 | 4,867,287 |
NET BOOK VALUE |
At 31 March 2023 | 4,447,630 | 4,867,287 |
At 31 March 2022 | 4,347,654 | 4,767,311 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: The Coach House, Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk IP28 6TS |
Nature of business: |
% |
Class of shares: | holding |
This subsidiary is accounted for at cost less accumulated impairment in the single company financial statements of M C Stennett & Sons (Holdings) Limited. |
This subsidiary is fully consolidated in the consolidated financial statements of M C Stennett & Sons (Holdings) Limited. |
Associated company |
Registered office: The Coach House, Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk IP28 6TS |
Nature of business: |
% |
Class of shares: | holding |
This associate is accounted for at cost less accumulated impairment in the single company financial statements of M C Stennett & Sons (Holdings) Limited. |
This associate is accounted for under the equity method in the consolidated financial statements of M C Stennett & Sons (Holdings) Limited. |
Other participating interest |
Genevieve Farms |
Interest in other participating interests comprises a 45% (2022: 45%) share in residual profits/(losses) in Genevieve Farms, a farming partnership based at Park Farm, Fornham St Genevieve, Bury St Edmunds, Suffolk. |
This investment is accounted for under the equity method in the financial statements. |
The aggregate capital and the results of this undertaking for the last relevant financial year are as follows: |
2023 | 2022 |
£ | £ |
Capital as at 31st March 2023 | 14,837,973 | 14,082,887 |
(Loss)/Profit for the year to 31st March 2023 | 802,666 | 133,968 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 | 985,000 |
NET BOOK VALUE |
At 31 March 2023 | 985,000 |
At 31 March 2022 | 985,000 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2003 | 59,904 |
Valuation in 2006 | 20,000 |
Valuation in 2017 | 30,000 |
Valuation in 2020 | 575,520 |
Cost | 299,576 |
985,000 |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2003 | 59,904 |
Valuation in 2006 | 20,000 |
Valuation in 2017 | 30,000 |
Valuation in 2020 | 575,520 |
Cost | 299,576 |
985,000 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | INVESTMENT PROPERTY - continued |
Company |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 299,576 | 299,576 |
Investment properties were valued on an open market basis on 31 March 2023 by the directors . |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks - fuel and spares | 132,686 | 109,920 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 962,929 | 965,035 |
Amounts owed by participating interests | 155 | 155 | - | - |
Other debtors | 206,850 | 200,000 |
Prepayments and accrued income | 85,130 | 50,749 |
1,255,064 | 1,215,939 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Hire purchase contracts (see note 17) | 198,597 | 271,496 |
Trade creditors | 445,716 | 405,816 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | 41,197 | 81,197 | 41,197 | 81,197 |
Corporation tax | - | 7,892 |
Social security and other tax | 149,143 | 207,723 |
Other creditors | 483 | 1,891 |
Payroll control | - | 27,203 | - | - |
Pension contributions | 8,835 | 8,034 | - | - |
Directors' loan accounts | 367,684 | 367,684 | 367,684 | 367,684 |
Accruals and deferred income | 208,128 | 162,023 |
1,419,783 | 1,540,959 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 17) | 202,611 | 171,208 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 198,597 | 271,496 |
Between one and five years | 202,611 | 171,208 |
401,208 | 442,704 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | - | 37,483 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 401,208 | 442,704 |
The bank overdraft facility is secured by a personal guarantee given by Mr M C Stennett for £175,000. |
Finance lease and hire purchase creditors are secured on the underlying tangible fixed assets. |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Accelerated capital allowances |
Other timing differences | 152,280 | 115,749 | 152,280 | 115,749 |
Deferred taxation |
Accelerated capital allowances | 583,104 | 345,953 | - | - |
Unrelieved tax losses c/fwd | (61,927 | ) | - | - | - |
673,457 | 461,702 | 152,280 | 115,749 |
Group |
Accelerated |
capital |
allowances |
£ |
Balance at 1 April 2022 | 461,702 |
Provided during year | 211,755 |
Balance at 31 March 2023 | 673,457 |
Company |
Accelerated |
capital |
allowances |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
ordinary | £1 | 1,000 | 1,000 |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
21. | RESERVES |
Group |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 6,824,245 | 208,072 | 569,675 | 7,601,992 |
Profit for the year | 345,717 | 345,717 |
Transfer between reserves | 36,531 | - | (36,531 | ) | - |
At 31 March 2023 | 7,206,493 | 208,072 | 533,144 | 7,947,709 |
Company |
Fair |
Retained | Merger | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 4,308,605 |
Profit for the year |
Transfer between reserves | 36,531 | - | (36,531 | ) | - |
At 31 March 2023 | 4,397,626 |
The fair value reserve contains unrealised profits on the revaluation of investment properties. The fair value reserve is therefore not distributable. |
22. | PENSION COMMITMENTS |
The group makes contributions to an employees pension scheme. The amount payable to the scheme at the year end was £8,835 (2022: £8,034). |
23. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | 307,863 | 478,420 |
24. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Bank borrowings are secured by a director's personal guarantee of £175,000. |
M C Stennett & Sons (Holdings) Limited (Registered number: 02473100) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2023 |
24. | RELATED PARTY DISCLOSURES - continued |
Entities over which the entity has control, joint control or significant influence |
2023 | 2022 |
£ | £ |
Sales | 74,059 | 93,626 |
Purchases | 71,124 | 92,250 |
Amount due from related party | 16,112 | 15,579 |
Amount due to related party | 61,172 | 101,172 |
Other related parties |
2023 | 2022 |
£ | £ |
Amount due from related party | 200,000 | 200,000 |
25. | ULTIMATE CONTROLLING PARTY |
Mr M C Stennett controls the group by virtue of his majority shareholding. |