Registered number
10273968
Step Forward Property Ltd
Filleted Accounts
31 July 2023
Step Forward Property Ltd
Registered number: 10273968
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 199 1,316
Current assets
Debtors 4 1,650 4,350
Cash at bank and in hand 43,098 55,565
44,748 59,915
Creditors: amounts falling due within one year 5 (9,946) (18,108)
Net current assets 34,802 41,807
Total assets less current liabilities 35,001 43,123
Creditors: amounts falling due after more than one year 6 (31,965) (37,173)
Provisions for liabilities (40) (251)
Net assets 2,996 5,699
Capital and reserves
Called up share capital 10 10
Profit and loss account 2,986 5,689
Shareholders' funds 2,996 5,699
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Robert Smith
Director
Approved by the board on 2 April 2024
Step Forward Property Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Furniture & Fittings over 3 years
Lease Improvements over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Furniture & Fittings Lease Improvements Total
£ £ £
Cost
At 1 August 2022 44,741 26,932 71,673
At 31 July 2023 44,741 26,932 71,673
Depreciation
At 1 August 2022 44,142 26,215 70,357
Charge for the year 400 717 1,117
At 31 July 2023 44,542 26,932 71,474
Net book value
At 31 July 2023 199 - 199
At 31 July 2022 599 717 1,316
4 Debtors 2023 2022
£ £
Other debtors 1,650 4,350
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,346 5,346
Corp tax - 5,563
Other creditors 4,600 7,199
9,946 18,108
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,184 41,688
Other creditors (4,219) (4,515)
31,965 37,173
7 Related party transactions
There was an outstanding loan to one of the directors of £4,280 as at the year end, this was repaid in full on the 31st March 2024
8 Other information
Step Forward Property Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 11
Purdeys Way
Rochford
Essex
SS4 1ND
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