Company Registration No. 7886454 (England and Wales)
Steadways Limited
Unaudited accounts
for the year ended 31 December 2023
Steadways Limited
Unaudited accounts
Contents
Steadways Limited
Company Information
for the year ended 31 December 2023
Directors
G B Stead
P S Retter
Company Number
7886454 (England and Wales)
Registered Office
4 Parsons Walk
Walberton
Arundel
West Sussex
BN18 0PA
Accountants
Ian Sykes and Co Limited
1 Windlesham Gardens
Shoreham by Sea
West Sussex
BN43 5AD
Steadways Limited
Statement of financial position
as at 31 December 2023
Tangible assets
69,422
99,392
Investment property
471,406
459,406
Cash at bank and in hand
170,275
649,840
Creditors: amounts falling due within one year
(49,125)
(287,636)
Net current assets
383,634
586,137
Total assets less current liabilities
924,477
1,144,950
Creditors: amounts falling due after more than one year
(46,214)
(67,553)
Provisions for liabilities
Deferred tax
(13,192)
(18,885)
Net assets
865,071
1,058,512
Called up share capital
250
250
Profit and loss account
864,821
1,058,262
Shareholders' funds
865,071
1,058,512
For the year ending 31 December 2023 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 5 March 2024 and were signed on its behalf by
G B Stead
Director
Company Registration No. 7886454
Steadways Limited
Notes to the Accounts
for the year ended 31 December 2023
Steadways Limited is a private company, limited by shares, registered in England and Wales, registration number 7886454. The registered office is 4 Parsons Walk, Walberton, Arundel, West Sussex, BN18 0PA.
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.
Income shown as Revenue consists of commissions due in respect of financial products arranged for clients during the year together with income received from the Company's fixed asset investments.
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:
Motor vehicles
25% or 33.3% straight line
Fixtures & fittings
25% straight line
Fixed asset investments in unlisted companies are not revalued but shown at cost less impairment as their value cannot be reliably measured.
Investments in property are shown at the director's opinion of the fair value. Any movements in fair value are recognised in arriving at the profit/(loss) before tax. Deferred tax is provided against these movements.
Government grants are recognised under the accrual model meaning that grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Deferred tax has been provided in respect of taxation deferred by timing differences (including fair value adjustments) between the treatment of certain items for taxation and accounting purposes except where losses are available to set against the future tax liability. A deferred tax asset is only recognised to the extent that it is recoverable. Deferred tax is measured using the tax rate that is expected to apply in the periods in which the timing differences are expected to reverse.
Steadways Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2023
139,311
4,834
144,145
At 31 December 2023
139,311
15,891
155,202
At 1 January 2023
39,919
4,834
44,753
Charge for the year
39,921
1,106
41,027
At 31 December 2023
79,840
5,940
85,780
At 31 December 2023
59,471
9,951
69,422
At 31 December 2022
99,392
-
99,392
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
59,471
99,392
Fair value at 1 January 2023
459,406
At 31 December 2023
471,406
6
Investments
Other investments
Valuation at 1 January 2023
15
Valuation at 31 December 2023
15
Fixed assets investments consist of shares in unlisted companies together with a freehold property.
The directors are of the opinion that no impairment of the value of shares comprising the remaining investments in unlisted companies has taken place and, as their value cannot be reliably measured, these are included at their cost price.
Amounts falling due within one year
Accrued income and prepayments
1,129
1,003
Other debtors
61,174
28,000
Amounts falling due after more than one year
Other debtors
200,181
194,458
Steadways Limited
Notes to the Accounts
for the year ended 31 December 2023
8
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
46,127
45,610
Taxes and social security
-
240,166
9
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
46,214
67,553
During the year loans totalling £61,000 were made to the directors. This amount is included in Other debtors and will be repaid in full by 6 April 2024. The maximum amount outstanding during the year was £61,000.
11
Transactions with related parties
Loans of £50,000 have previously been made to 4 minority shareholders of the Company. The loans are repayable over 40 years and interest at a commercial rate is charged. The outstanding balance on these loans at 31 December 2023 was £200,181.
12
Average number of employees
During the year the average number of employees was 0 (2022: 0).