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Registration number: 02084701

Steeple Court Limited

Annual Report and Unaudited Financial Statements

for the Period from 31 May 2020 to 29 May 2021

 

Steeple Court Limited

(Registration number: 02084701)
Balance Sheet as at 29 May 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

39,948

50,036

Current assets

 

Stocks

5

4,081,844

3,888,154

Debtors

6

293,384

286,594

Cash at bank and in hand

 

816,386

1,130,623

 

5,191,614

5,305,371

Creditors: Amounts falling due within one year

7

(518,537)

(444,290)

Net current assets

 

4,673,077

4,861,081

Total assets less current liabilities

 

4,713,025

4,911,117

Creditors: Amounts falling due after more than one year

7

(4,591,029)

(4,752,314)

Net assets

 

121,996

158,803

Capital and reserves

 

Called up share capital

8

140,970

140,970

Retained earnings

(18,974)

17,833

Shareholders' funds

 

121,996

158,803

 

Steeple Court Limited

(Registration number: 02084701)
Balance Sheet as at 29 May 2021

For the financial period ending 29 May 2021 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 accounts for the period in question in accordance with section 476; and

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 August 2022 and signed on its behalf by:
 

.........................................
Mr Andrew Howard
Director

 

Steeple Court Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2020 to 29 May 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Princes House
Princes Street
Norwich
NR3 1FH

These financial statements were authorised for issue by the Board on 22 August 2022.

2

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The current income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Steeple Court Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2020 to 29 May 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

Motor vehicles

20% reducing balance

Fixtures and fittings

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Steeple Court Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2020 to 29 May 2021

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Steeple Court Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2020 to 29 May 2021

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 4 (2020 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 31 May 2020

83,211

60,505

143,716

At 29 May 2021

83,211

60,505

143,716

Depreciation

At 31 May 2020

81,579

12,101

93,680

Charge for the period

407

9,681

10,088

At 29 May 2021

81,986

21,782

103,768

Carrying amount

At 29 May 2021

1,225

38,723

39,948

At 30 May 2020

1,632

48,404

50,036

 

Steeple Court Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2020 to 29 May 2021

5

Stocks

2021
£

2020
£

Work in progress

3,808,857

3,695,934

Finished goods and goods for resale

270,487

189,720

Other inventories

2,500

2,500

4,081,844

3,888,154

6

Debtors

Current

2021
£

2020
£

Trade debtors

-

5,000

Prepayments

6,214

6,115

Other debtors

287,170

275,479

 

293,384

286,594

 

Steeple Court Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2020 to 29 May 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

215,435

133,987

Trade creditors

 

67,302

7,289

Taxation and social security

 

-

17,473

Accruals and deferred income

 

28,760

36,260

Other creditors

 

207,040

249,281

 

518,537

444,290

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

4,591,029

4,752,314

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A Shares of £1 each

96,029

96,029

96,029

96,029

Ordinary B Shares of £1 each

46,941

46,941

46,941

46,941

 

142,970

142,970

142,970

142,970

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

4,591,029

4,752,314

 

Steeple Court Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2020 to 29 May 2021

2021
£

2020
£

Current loans and borrowings

Bank borrowings

215,435

133,987