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REGISTERED NUMBER: 02192326 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

STEED CONSTRUCTION LIMITED

STEED CONSTRUCTION LIMITED (REGISTERED NUMBER: 02192326)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 7

STEED CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: B J Steed
N J Steed





SECRETARY: E H Steed





REGISTERED OFFICE: 20 Havelock Road
Hastings
East Sussex
TN34 1BP





REGISTERED NUMBER: 02192326 (England and Wales)





ACCOUNTANTS: Ashdown Hurrey
Chartered Accountants & Business Advisers
28 Wilton Road
Bexhill on Sea
East Sussex
TN40 1EZ

STEED CONSTRUCTION LIMITED (REGISTERED NUMBER: 02192326)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,387 42,331
Investment property 5 1,089,500 1,089,500
1,123,887 1,131,831

CURRENT ASSETS
Stocks 589,326 553,553
Debtors 6 328,508 315,770
Cash at bank and in hand 3,213,377 3,019,985
4,131,211 3,889,308
CREDITORS
Amounts falling due within one year 7 110,002 52,610
NET CURRENT ASSETS 4,021,209 3,836,698
TOTAL ASSETS LESS CURRENT LIABILITIES 5,145,096 4,968,529

PROVISIONS FOR LIABILITIES 8 8,633 8,043
NET ASSETS 5,136,463 4,960,486

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 5,135,463 4,959,486
SHAREHOLDERS' FUNDS 5,136,463 4,960,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STEED CONSTRUCTION LIMITED (REGISTERED NUMBER: 02192326)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2024 and were signed on its behalf by:





B J Steed - Director


STEED CONSTRUCTION LIMITED (REGISTERED NUMBER: 02192326)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Steed Construction 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have made an assessment about the company's ability to continue as a going concern and they do not consider there to be any material uncertainties. As a result they have adopted the going concern basis of accounting.

Turnover
Turnover represents net invoiced sales of building services excluding value added tax, net invoiced sales of properties and rental income.

Turnover is recognised at the point where rights to consideration falls due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Shared equity property
Shared equity property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to the profit and loss account.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

STEED CONSTRUCTION LIMITED (REGISTERED NUMBER: 02192326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023
and 31 December 2023 234,861 1,032 48,444 3,217 287,554
DEPRECIATION
At 1 January 2023 208,608 927 32,471 3,217 245,223
Charge for year 3,935 16 3,993 - 7,944
At 31 December 2023 212,543 943 36,464 3,217 253,167
NET BOOK VALUE
At 31 December 2023 22,318 89 11,980 - 34,387
At 31 December 2022 26,253 105 15,973 - 42,331

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,089,500
NET BOOK VALUE
At 31 December 2023 1,089,500
At 31 December 2022 1,089,500

Shared equity property represents the company's equity share retained in a flat built by it and sold on a long lease.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2011 (5,619 )
Valuation in 2013 2,500
Valuation in 2016 10,000
Cost 1,082,619
1,089,500

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

31.12.23 31.12.22
£    £   
Cost 1,082,619 1,082,619

Shared equity property was valued on an open market basis basis on 31 December 2020 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 328,508 315,770

STEED CONSTRUCTION LIMITED (REGISTERED NUMBER: 02192326)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,344 11,221
Taxation and social security 84,658 19,359
Other creditors 24,000 22,030
110,002 52,610

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 8,633 8,043

Deferred
tax
£   
Balance at 1 January 2023 8,043
Accelerated Capital Allowance 590
Property gain
Balance at 31 December 2023 8,633

9. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed an amount of £310,637 (2022: £299,837) by The Directors.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
STEED CONSTRUCTION LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steed Construction Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Steed Construction Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Steed Construction Limited and state those matters that we have agreed to state to the Board of Directors of Steed Construction Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steed Construction Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Steed Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Steed Construction Limited. You consider that Steed Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Steed Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Ashdown Hurrey
Chartered Accountants & Business Advisers
28 Wilton Road
Bexhill on Sea
East Sussex
TN40 1EZ


18 April 2024