Company No:
Contents
DIRECTOR | Mr S F C Jeffery |
SECRETARY | Mrs A Jeffery |
REGISTERED OFFICE | Ground Floor Blackbrook Gate 1 |
Blackbrook Park Avenue | |
Taunton | |
TA1 2PX | |
United Kingdom |
BUSINESS ADDRESS | Chilcotts Farm, Pitminster, Taunton, Somerset, TA3 7AZ |
COMPANY NUMBER | 00717176 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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Investments | 6 |
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2,773,911 | 2,195,012 | |||
Current assets | ||||
Stocks | 7 |
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Debtors | 8 |
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Cash at bank and in hand |
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1,694,683 | 1,802,149 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current assets | 299,929 | 555,384 | ||
Total assets less current liabilities | 3,073,840 | 2,750,396 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Steerside Limited (registered number:
Mr S F C Jeffery
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Steerside Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Ground Floor Blackbrook Gate 1, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom. The principal place of business is Chilcotts Farm, Pitminster, Taunton, Somerset, TA3 7AZ.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Land and buildings |
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Plant and machinery |
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Vehicles |
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Office equipment |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Listed shares are initially measured at transaction price, including transaction costs, and are subsequently measured at fair value with changes in fair value recognised in the profit and loss account.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
The director is satisfied, having considered the current financial position and performance of the company ,that the going concern assessment (which is a critical accounting judgement) remains appropriate. In making this assessment, the director has considered recoverability of debtors, future contracts and cash flow projections (from the date of approval of these financial statements) to take account of possible changes in income levels, in order to determine when, and to what extent any further cost management measures may need to be implemented.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Land and buildings | Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 December 2022 |
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Additions |
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Disposals |
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At 30 November 2023 |
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Accumulated depreciation | |||||||||
At 01 December 2022 |
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Charge for the financial year |
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Disposals |
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At 30 November 2023 |
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Net book value | |||||||||
At 30 November 2023 |
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At 30 November 2022 |
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Investment property | |
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Valuation | |
As at 01 December 2022 |
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Additions | 338,679 |
As at 30 November 2023 |
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Valuation
Investment properties are shown at fair value in the accounts. The fair value has been provided by the director; there has been no valuation of investment property by an independent valuer.
Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 December 2022 |
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Additions |
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Disposals | (
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Livestock |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Amounts owed to Group undertakings |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Directors loan | (1,919) | 47,048 |
Advances of £1,043 were made during the year (2022: £43,556) and repayments made of £50,010 (2022: £61,310). Interest was charged at HMRC official rates on overdrawn balances. The director's loan was in credit at the year end.