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Company No: 00717176 (England and Wales)

STEERSIDE LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

STEERSIDE LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

STEERSIDE LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
STEERSIDE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
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
STEERSIDE LIMITED

BALANCE SHEET

As at 30 November 2023
STEERSIDE LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 139,953 77,693
Investment property 5 1,535,679 1,197,000
Investments 6 1,098,279 920,319
2,773,911 2,195,012
Current assets
Stocks 7 28,960 18,900
Debtors 8 1,659,750 1,379,752
Cash at bank and in hand 5,973 403,497
1,694,683 1,802,149
Creditors: amounts falling due within one year 9 ( 1,394,754) ( 1,246,765)
Net current assets 299,929 555,384
Total assets less current liabilities 3,073,840 2,750,396
Net assets 3,073,840 2,750,396
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 3,073,740 2,750,296
Total shareholders' funds 3,073,840 2,750,396

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Steerside Limited (registered number: 00717176) were approved and authorised for issue by the Director on 20 June 2024. They were signed on its behalf by:

Mr S F C Jeffery
Director
STEERSIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
STEERSIDE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Plant and machinery 10 % reducing balance
Vehicles 20 % reducing balance
Office equipment 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

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.

Investment property

Investment property is measured 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

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 instruments

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

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.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 3

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 58,173 44,125 126,061 19,789 248,148
Additions 0 0 92,378 141 92,519
Disposals 0 0 ( 57,463) 0 ( 57,463)
At 30 November 2023 58,173 44,125 160,976 19,930 283,204
Accumulated depreciation
At 01 December 2022 16,577 33,903 107,372 12,603 170,455
Charge for the financial year 2,327 1,022 18,031 722 22,102
Disposals 0 0 ( 49,306) 0 ( 49,306)
At 30 November 2023 18,904 34,925 76,097 13,325 143,251
Net book value
At 30 November 2023 39,269 9,200 84,879 6,605 139,953
At 30 November 2022 41,596 10,222 18,689 7,186 77,693

Included within the net book value of land and buildings above is £39,269 (2022: £41,596) in respect of freehold land and buildings.

5. Investment property

Investment property
£
Valuation
As at 01 December 2022 1,197,000
Additions 338,679
As at 30 November 2023 1,535,679

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.

6. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 December 2022 920,319 920,319
Additions 2,032,819 2,032,819
Disposals ( 1,854,859) ( 1,854,859)
At 30 November 2023 1,098,279 1,098,279
Carrying value at 30 November 2023 1,098,279 1,098,279
Carrying value at 30 November 2022 920,319 920,319

7. Stocks

2023 2022
£ £
Livestock 28,960 18,900

8. Debtors

2023 2022
£ £
Trade debtors 351,620 326,974
Amounts owed by Group undertakings 1 1
Corporation tax 21,061 21,061
Other debtors 1,287,068 1,031,716
1,659,750 1,379,752

9. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 25,110 0
Trade creditors 66,249 91,180
Amounts owed to Group undertakings 425 425
Taxation and social security 114,941 64,490
Other creditors 1,188,029 1,090,670
1,394,754 1,246,765

There are no amounts included above in respect of which any security has been given by the small entity for the current year. Creditors for 2023 include bank loans and overdrafts of £25,110 which were secured by way of fixed and floating charges over the assets of the company.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each 100 100

11. Related party transactions

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.