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REGISTERED NUMBER: 03061087 (England and Wales)















Steele & Bray Limited

Audited Financial Statements

For The Year Ended 30th June 2023






Steele & Bray Limited (Registered number: 03061087)






Contents of the Financial Statements
For The Year Ended 30th June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


Steele & Bray Limited

Company Information
For The Year Ended 30th June 2023







DIRECTORS: I Chamberlain
S D Burditt
Mrs M Davis



SECRETARY: Mrs M Davis



REGISTERED OFFICE: 59-67 Moore Street
Kingsley
Northampton
NN2 7HU



REGISTERED NUMBER: 03061087 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Sparks FCA FCCA



AUDITORS: Cheney & Co
Statutory Auditor
310 Wellingborough Road
Northampton
NN1 4EP

Steele & Bray Limited (Registered number: 03061087)

Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 608,098 385,979

CURRENT ASSETS
Debtors 6 1,908,562 1,325,333
Cash at bank and in hand 1,062,452 1,055,426
2,971,014 2,380,759
CREDITORS
Amounts falling due within one year 7 1,300,566 738,745
NET CURRENT ASSETS 1,670,448 1,642,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,278,546

2,027,993

PROVISIONS FOR LIABILITIES 58,500 12,000
NET ASSETS 2,220,046 2,015,993

CAPITAL AND RESERVES
Called up share capital 999 999
Non distributable reserves 9 200,000 -
Fair value reserve 9 189,957 189,957
Retained earnings 1,829,090 1,825,037
SHAREHOLDERS' FUNDS 2,220,046 2,015,993

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd January 2024 and were signed on its behalf by:




S D Burditt - Director



I Chamberlain - Director


Steele & Bray Limited (Registered number: 03061087)

Notes to the Financial Statements
For The Year Ended 30th June 2023

1. STATUTORY INFORMATION

Steele & Bray Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company in the year under review was that of building and civil engineering.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistency applied to all years presented unless otherwise stated.

Turnover
Turnover arises from increases in valuations on contracts and is the gross value of work carried out for the period to the balance sheet date, including contract variations and claims.

Variations in contract work are only included to the extent that it is probable that they will result in revenue and that they are capable of being reliably measured.

Where the total income of a contract cannot be estimated reliably, contract revenue is recognised to the extent that it is probable contract costs will be recovered.

Profit on contracts is calculated in accordance with the accounting standards and industry practice. Profit recognition is based on an assessment of the overall profitability forecast on individual contracts and is recognised when the outcome of the contract can be assessed with reasonable certainty. The profit recognised reflects that part of the total profit currently estimated to arise over the duration of the contract that fairly represents the profit attributable to work performed at the balance sheet date. The assessment of the final outcome of each contract is determined by regular review of the revenues and costs to complete that contract.

Provisions are made for losses incurred or foreseen in bringing the contract to completion as soon as they become apparent.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - No dep'n and 2% on revalued amount
Plant and machinery etc - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Steele & Bray Limited (Registered number: 03061087)

Notes to the Financial Statements - continued
For The Year Ended 30th June 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Contributions outstanding at the year end amounted to £1,492 (2022-£4,476).

Profit recognition
Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contracts progress. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value and incudes retentions.

Retentions are amounts, which are not paid until the satisfaction of conditions specified in the contract for the payment of such amounts or until defects have been rectified.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 20 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1st July 2022 300,000 337,343 637,343
Additions - 33,617 33,617
Disposals - (24,373 ) (24,373 )
Revaluations 200,000 - 200,000
At 30th June 2023 500,000 346,587 846,587
DEPRECIATION
At 1st July 2022 23,068 228,296 251,364
Charge for year 3,300 27,624 30,924
Eliminated on disposal - (17,431 ) (17,431 )
Revaluation adjustments (26,368 ) - (26,368 )
At 30th June 2023 - 238,489 238,489
NET BOOK VALUE
At 30th June 2023 500,000 108,098 608,098
At 30th June 2022 276,932 109,047 385,979

Included in cost or valuation of land and buildings is freehold land of £ 135,000 (2022 - £ 135,000 ) which is not depreciated.

Steele & Bray Limited (Registered number: 03061087)

Notes to the Financial Statements - continued
For The Year Ended 30th June 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30th June 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 500,000 346,587 846,587

If the freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 135,000 -

Value of land in freehold land and buildings 135,000 -

Mr E.Norton MRICS of Eddisons valued on freehold land and build basis on 23rd June 2022 by an open market value .

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Amounts recoverable on long
term contracts 1,358,515 681,936
Amounts owed by group undertakings 412,500 462,500
Other debtors 24,701 175,206
1,795,716 1,319,642

Amounts falling due after more than one year:
Amounts recoverable on long term contacts 112,846 5,691

Aggregate amounts 1,908,562 1,325,333

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 215,941 218,832
Taxation and social security 210,292 159,111
Other creditors 874,333 360,802
1,300,566 738,745

8. SECURED DEBTS

There is a charge over the property at 59-67 Moore street in favour of Barclays Bank Plc dated the 28th June 1996.

Steele & Bray Limited (Registered number: 03061087)

Notes to the Financial Statements - continued
For The Year Ended 30th June 2023

9. RESERVES
Non Fair
distributable value
reserves reserve Totals
£    £    £   
At 1st July 2022 - 189,957 189,957
Arising on revaluation during year 200,000 - 200,000

At 30th June 2023 200,000 189,957 389,957

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Sparks FCA FCCA (Senior Statutory Auditor)
for and on behalf of Cheney & Co

11. CONTINGENT LIABILITIES

Steele & Bray Limited has in the normal course of business given guarantees for £254,410 in respect of bonds issued by a third party, securing the performance of various construction contracts of the company.

No liabilities are expected to arise other than those provided for in these accounts.

12. CAPITAL COMMITMENTS

There were no capital commitments as at 30th June 2023 or 30th June 2022.