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03893025







STEP COMMUNICATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023

































STEP COMMUNICATIONS LIMITED
REGISTERED NUMBER:03893025

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
36,916
51,910

Current assets
  

Debtors: amounts falling due within one year
 5 
300,197
365,265

Bank and cash balances
  
1,814,163
1,451,875

  
2,114,360
1,817,140

Creditors: amounts falling due within one year
 6 
(560,857)
(556,214)

Net current assets
  
 
 
1,553,503
 
 
1,260,926

Total assets less current liabilities
  
1,590,419
1,312,836

Provisions for liabilities
  

Deferred Taxation
  
(2,768)
-

  
 
 
(2,768)
 
 
-

Net assets
  
1,587,651
1,312,836


Capital and reserves
  

Called up share capital 
  
750
750

Capital redemption reserve
  
750
750

Profit and loss account
  
1,586,151
1,311,336

  
1,587,651
1,312,836


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

STEP COMMUNICATIONS LIMITED
REGISTERED NUMBER:03893025
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Robert Kyte
Director

Date: 9 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

STEP COMMUNICATIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Step Communications Limited ('the Company') is a private company, limited by shares, domiciled in England and Wales.  The registered office and principal place of business is Step House, North Farm Road, Tunbridge Wells, Kent, TN2 3DR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Monetary amounts in these financial statements are stated in pounds sterling and rounded to the nearest whole pound.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency
The Company's functional and presentational currency is sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised on an accruals basis, based on the date of the publication to which it relates.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

STEP COMMUNICATIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

 Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

STEP COMMUNICATIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% reducing balance
Office equipment
-
33/20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

Cash

Cash is represented by deposits with financial institutions.

 
2.10

 Creditors

Short-term creditors are measured at the transaction price. 

 
2.11

 Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 19).

Page 5

STEP COMMUNICATIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost 


At 1 January 2023
3,074
73,749
76,823


Disposals
(1,397)
-
(1,397)


Transfers between classes
56,586
(56,586)
-



At 31 December 2023

58,263
17,163
75,426



Depreciation


At 1 January 2023
1,760
23,153
24,913


Charge for the year on owned assets
11,654
3,341
14,995


Disposals
(1,397)
-
(1,397)


Transfers between classes
13,203
(13,203)
-



At 31 December 2023

25,220
13,291
38,511



Net book value



At 31 December 2023
33,043
3,872
36,915



At 31 December 2022
1,314
50,596
51,910

Page 6

STEP COMMUNICATIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
276,755
332,780

Prepayments
23,442
32,485

300,197
365,265



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
18,722
53,702

Corporation tax
184,609
164,124

Other taxation and social security
109,670
122,998

Other creditors
7,042
12,589

Accruals and deferred income
240,814
202,801

560,857
556,214



7.


Deferred taxation




2023


£






Charged to profit or loss
2,768



At end of year
2,768

The deferred taxation balance is made up as follows:

2023
2022
£
£


Fixed asset timing differences
3,734
-

Short term timing differences
(966)
-

2,768
-

Page 7

STEP COMMUNICATIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
38,000
16,550

Later than 1 year and not later than 5 years
131,546
-

169,546
16,550

Page 8