Registered number
08334856
Step Sourcing Ltd
Filleted Accounts
31 December 2023
Step Sourcing Ltd
Registered number: 08334856
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 10,708 13,920
Tangible assets 4 1,283,492 1,325,500
1,294,200 1,339,420
Current assets
Debtors 5 53,414 23,411
Cash at bank and in hand 61,458 99,642
114,872 123,053
Creditors: amounts falling due within one year 6 (1,167,426) (1,163,464)
Net current liabilities (1,052,554) (1,040,411)
Total assets less current liabilities 241,646 299,009
Creditors: amounts falling due after more than one year 7 (394,358) (442,343)
Provisions for liabilities (20,596) (23,832)
Net liabilities (173,308) (167,166)
Capital and reserves
Called up share capital 100 100
Profit and loss account (173,408) (167,266)
Shareholders' funds (173,308) (167,166)
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.
S Wylie
Director
Approved by the board on 23 April 2024
Step Sourcing Ltd
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 32,121
At 31 December 2023 32,121
Amortisation
At 1 January 2023 18,201
Provided during the year 3,212
At 31 December 2023 21,413
Net book value
At 31 December 2023 10,708
At 31 December 2022 13,920
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 1,356,699 231,571 1,588,270
At 31 December 2023 1,356,699 231,571 1,588,270
Depreciation
At 1 January 2023 111,372 151,398 262,770
Charge for the year 25,974 16,034 42,008
At 31 December 2023 137,346 167,432 304,778
Net book value
At 31 December 2023 1,219,353 64,139 1,283,492
At 31 December 2022 1,245,327 80,173 1,325,500
5 Debtors 2023 2022
£ £
Trade debtors 36,000 5,615
Other debtors 17,414 17,796
53,414 23,411
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 46,759 45,007
Trade creditors 1,117,419 1,115,419
Other creditors 3,248 3,038
1,167,426 1,163,464
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 394,358 442,343
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 207,324 262,316
Secured bank loans 223,542 241,568
The company has a 15 year mortgage with HSBC Bank which commenced on 15 August 2017 on the land and building of the company.
9 Other information
Step Sourcing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Ash Hill Common
Sherfield English
Romsey
Hampshire
SO51 6FU
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