1 January 2021 false No description of principal activity Taxfiler 2022.8.3 05319757business:PrivateLimitedCompanyLtd2021-01-012021-12-31 053197572020-12-31 053197572021-01-012021-12-31 05319757business:AuditExemptWithAccountantsReport2021-01-012021-12-31 05319757business:FullAccounts2021-01-012021-12-31 053197572021-12-31 05319757business:Director12021-01-012021-12-31 05319757business:Director22021-01-012021-12-31 05319757business:CompanySecretary12021-01-012021-12-31 05319757business:RegisteredOffice2021-01-012021-12-31 053197572020-12-31 05319757core:WithinOneYear2021-12-31 05319757core:WithinOneYear2020-12-31 05319757core:ShareCapital2021-12-31 05319757core:ShareCapital2020-12-31 05319757core:RevaluationReserve2021-12-31 05319757core:RevaluationReserve2020-12-31 05319757core:RetainedEarningsAccumulatedLosses2021-12-31 05319757core:RetainedEarningsAccumulatedLosses2020-12-31 05319757business:SmallEntities2021-01-012021-12-31 05319757countries:EnglandWales2021-01-012021-12-31 05319757core:FurnitureFittings2021-01-012021-12-31 05319757core:FurnitureFittings2020-12-31 05319757core:FurnitureFittings2021-12-31 053197572020-01-012020-12-31 iso4217:GBP xbrli:pure
Company Registration No. 05319757 (England and Wales)
Steg Developments Limited Unaudited accounts for the year ended 31 December 2021
Steg Developments Limited Unaudited accounts Contents
Page
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Steg Developments Limited Company Information for the year ended 31 December 2021
Directors
P W M Waterman M A Waterman
Secretary
P W M Waterman
Company Number
05319757 (England and Wales)
Registered Office
Southpool Pachesham Park Leatherhead Surrey KT22 0DJ
Accountants
M A Accountancy Group Wolfe Mead Farnham Road Bordon Hampshire GU35 0NH
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Steg Developments Limited Statement of financial position as at 31 December 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Investment property
1,150,000 
1,029,000 
Current assets
Debtors
1,895 
- 
Cash at bank and in hand
22,782 
9,886 
24,677 
9,886 
Creditors: amounts falling due within one year
(946,370)
(950,459)
Net current liabilities
(921,693)
(940,573)
Total assets less current liabilities
228,307 
88,427 
Provisions for liabilities
Deferred tax
(67,599)
(44,609)
Net assets
160,708 
43,818 
Capital and reserves
Called up share capital
100 
100 
Revaluation reserve
396,401 
298,391 
Profit and loss account
(235,793)
(254,673)
Shareholders' funds
160,708 
43,818 
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2022 and were signed on its behalf by
P W M Waterman Director Company Registration No. 05319757
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Steg Developments Limited Notes to the Accounts for the year ended 31 December 2021
1
Statutory information
Steg Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 05319757. The registered office is Southpool, Pachesham Park, Leatherhead, Surrey, KT22 0DJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied net of returns. Revenue is recognised in the accounting period in which the rents were due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% on cost
Investment property
Investment properties are shown at fair value. Any aggregate surplus or deficit that arises from a change in fair value is recognised in the income statement, net of deferred tax . On an annual basis this surplus or deficit is transferred from retained profits into a separate, non-distributable reserve called the "Revaluation reserve".
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Steg Developments Limited Notes to the Accounts for the year ended 31 December 2021
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 January 2021
29,832 
At 31 December 2021
29,832 
Depreciation
At 1 January 2021
29,832 
At 31 December 2021
29,832 
Net book value
At 31 December 2021
- 
5
Investment property
2021 
£ 
Fair value at 1 January 2021
1,029,000 
Net gain from fair value adjustments
121,000 
At 31 December 2021
1,150,000 
The directors confirm that the property remains valued on an open market basis, based on all available market data, at £1,150,000 at the year end (2020 - £1,029,000)
6
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade debtors
1,895 
- 
7
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Bank loans and overdrafts
- 
588,000 
Trade creditors
- 
2,093 
Taxes and social security
2,457 
- 
Loans from directors
943,313 
356,813 
Accruals
600 
3,553 
946,370 
950,459 
8
Average number of employees
During the year the average number of employees was 2 (2020: 2).
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