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Registration number: 6459542

Steve Crane Financial Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Steve Crane Financial Services Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Steve Crane Financial Services Limited

Company Information

Directors

Mr S Crane

Mrs S Crane

Registered office

4 Merryman Garth
Hedon
Hull
HU12 8NJ

 

Steve Crane Financial Services Limited

(Registration number: 6459542)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

976

Investment property

5

145,000

145,000

Investments

6

578,510

418,488

 

723,510

564,464

Current assets

 

Debtors

7

165,862

70,757

Cash at bank and in hand

 

286,158

887,090

 

452,020

957,847

Creditors: Amounts falling due within one year

8

(2,893)

(245,351)

Net current assets

 

449,127

712,496

Net assets

 

1,172,637

1,276,960

Capital and reserves

 

Called up share capital

100

100

Fair value reserve

21,000

21,000

Retained earnings

1,151,537

1,255,860

Shareholders' funds

 

1,172,637

1,276,960

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 July 2024 and signed on its behalf by:
 

.........................................
Mr S Crane
Director

 

Steve Crane Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 6459542.

The address of its registered office is:
4 Merryman Garth
Hedon
Hull
HU12 8NJ

These financial statements were authorised for issue by the Board on 19 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of financial services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Steve Crane Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on written down value

Equipment, fixtures and fittings

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Steve Crane Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 2).

 

Steve Crane Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

425

23,105

23,530

Disposals

-

(23,105)

(23,105)

At 31 December 2023

425

-

425

Depreciation

At 1 January 2023

425

22,129

22,554

Eliminated on disposal

-

(22,129)

(22,129)

At 31 December 2023

425

-

425

Carrying amount

At 31 December 2023

-

-

-

At 31 December 2022

-

976

976

5

Investment properties

2023
£

At 1 January

145,000

At 31 December

145,000

There has been no valuation of investment property by an independent valuer.

The directors consider the property to be in at fair value.

6

Investments

2023
£

2022
£

Other investments

578,510

418,488

Other investments

£

Cost

At 1 January 2023

418,488

Revaluation

27,150

Additions

142,872

Disposals

(10,000)

At 31 December 2023

578,510

Provision

Carrying amount

At 31 December 2023

578,510

At 31 December 2022

418,488

 

Steve Crane Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Other debtors

165,862

70,757

165,862

70,757

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

225,401

Accruals and deferred income

2,575

2,450

Other creditors

318

17,500

2,893

245,351

 

Steve Crane Financial Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Transactions with Directors

2023

At 1 January 2023
£

Advances to Director
£

Repayments by Director
£

At 31 December 2023
£

Unsecured, interest free, repayable on demand

69,482

163,010

(70,000)

162,492

         
       

 

Other transactions with directors

At the year end, the directors owed the company £162,492 (2022: £69,482). This amount is unsecured, interest free and repayable on demand.