2023-01-012023-12-312023-12-31false05319757STEG DEVELOPMENTS 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STEG DEVELOPMENTS LIMITED

Registered Number
05319757
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

STEG DEVELOPMENTS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

WATERMAN, Margaret Anne
WATERMAN, Patrick William Mark

Company Secretary

WATERMAN, Patrick William Mark

Registered Address

Southpool, Pachesham Park
Leatherhead
Surrey
KT22 0DJ

Registered Number

05319757 (England and Wales)
STEG DEVELOPMENTS LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property41,150,0001,150,000
1,150,0001,150,000
Current assets
Debtors-1,225
Cash at bank and on hand13,43552,332
13,43553,557
Creditors amounts falling due within one year5(892,379)(950,185)
Net current assets (liabilities)(878,944)(896,628)
Total assets less current liabilities271,056253,372
Provisions for liabilities6(67,599)(67,599)
Net assets203,457185,773
Capital and reserves
Called up share capital100100
Revaluation reserve396,401396,401
Profit and loss account(193,044)(210,728)
Shareholders' funds203,457185,773
The financial statements were approved and authorised for issue by the Board of Directors on 27 August 2024, and are signed on its behalf by:
WATERMAN, Patrick William Mark
Director
Registered Company No. 05319757
STEG DEVELOPMENTS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from rendering of services
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services supplied net of returns. Revenue is recognised in the accounting period in which the rents were due.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings15
Investment property
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets
4.Investment property
The directors confirm that the property remains valued on an open market basis, based on all available market data, at £1,150,000 at the year end.

£
Fair value at 01 January 231,150,000
At 31 December 231,150,000
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables417-
Taxation and social security4,1485,872
Other creditors887,214943,714
Accrued liabilities and deferred income600599
Total892,379950,185
Other creditors is the Directors loan of £887,214 (2022: £943,714)
6.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)67,59967,599
Total67,59967,599