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
Steg Developments Limited
Company Information
for the year ended 31 December 2021
Directors
P W M Waterman
M A 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
Steg Developments Limited
Statement of financial position
as at 31 December 2021
Investment property
1,150,000
1,029,000
Cash at bank and in hand
22,782
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)
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
Steg Developments Limited
Notes to the Accounts
for the year ended 31 December 2021
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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 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.
Steg Developments Limited
Notes to the Accounts
for the year ended 31 December 2021
4
Tangible fixed assets
Fixtures & fittings
At 31 December 2021
29,832
At 31 December 2021
29,832
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
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
-
588,000
Taxes and social security
2,457
-
Loans from directors
943,313
356,813
8
Average number of employees
During the year the average number of employees was 2 (2020: 2).