REGISTERED NUMBER: |
Steele & Bray Limited |
Audited Financial Statements |
For The Year Ended 30th June 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 999 | 999 |
Non distributable reserves | 9 | 200,000 | - |
Fair value reserve | 9 | 189,957 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) | ( |
) |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts recoverable on long term contacts |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |