Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 December 2022 false 1 January 2023 31 December 2023 31 December 2023 02683105 P T Hemsley D E Stoneham P D Churchill Quadrant Ventures Limited Quadrant Ventures Limited 67 South Street, Epsom, Surrey, KT18 7PY true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02683105 2022-12-31 02683105 2023-12-31 02683105 2023-01-01 2023-12-31 02683105 frs-core:CurrentFinancialInstruments 2023-12-31 02683105 frs-core:BetweenOneFiveYears 2023-12-31 02683105 frs-core:ComputerEquipment 2023-01-01 2023-12-31 02683105 frs-core:FurnitureFittings 2023-12-31 02683105 frs-core:FurnitureFittings 2023-01-01 2023-12-31 02683105 frs-core:FurnitureFittings 2022-12-31 02683105 frs-core:NetGoodwill 2023-12-31 02683105 frs-core:NetGoodwill 2023-01-01 2023-12-31 02683105 frs-core:NetGoodwill 2022-12-31 02683105 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 02683105 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 02683105 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 02683105 frs-core:MoreThanFiveYears 2023-12-31 02683105 frs-core:MotorVehicles 2023-12-31 02683105 frs-core:MotorVehicles 2023-01-01 2023-12-31 02683105 frs-core:MotorVehicles 2022-12-31 02683105 frs-core:PlantMachinery 2023-12-31 02683105 frs-core:PlantMachinery 2023-01-01 2023-12-31 02683105 frs-core:PlantMachinery 2022-12-31 02683105 frs-core:WithinOneYear 2023-12-31 02683105 frs-core:ShareCapital 2023-12-31 02683105 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02683105 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02683105 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 02683105 frs-bus:SmallEntities 2023-01-01 2023-12-31 02683105 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02683105 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02683105 frs-bus:OrdinaryShareClass3 2023-01-01 2023-12-31 02683105 frs-bus:OrdinaryShareClass3 2023-12-31 02683105 frs-bus:PreferenceShareClass3 2023-01-01 2023-12-31 02683105 frs-bus:PreferenceShareClass3 2023-12-31 02683105 1 2023-01-01 2023-12-31 02683105 frs-bus:Director1 2023-01-01 2023-12-31 02683105 frs-bus:Director2 2023-01-01 2023-12-31 02683105 frs-bus:Director3 2023-01-01 2023-12-31 02683105 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 02683105 frs-countries:EnglandWales 2023-01-01 2023-12-31 02683105 2022-11-30 02683105 2022-12-31 02683105 2022-12-01 2022-12-31 02683105 frs-core:CurrentFinancialInstruments 2022-12-31 02683105 frs-core:BetweenOneFiveYears 2022-12-31 02683105 frs-core:MoreThanFiveYears 2022-12-31 02683105 frs-core:WithinOneYear 2022-12-31 02683105 frs-core:ShareCapital 2022-12-31 02683105 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 02683105 frs-bus:OrdinaryShareClass3 2022-12-01 2022-12-31 02683105 frs-bus:PreferenceShareClass3 2022-12-01 2022-12-31
Registered number: 02683105
Steelplan Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02683105
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 149,111 134,799
149,111 134,799
CURRENT ASSETS
Stocks 6 596,230 653,437
Debtors 7 520,504 642,578
1,116,734 1,296,015
Creditors: Amounts Falling Due Within One Year 8 (1,176,242 ) (1,294,979 )
NET CURRENT ASSETS (LIABILITIES) (59,508 ) 1,036
TOTAL ASSETS LESS CURRENT LIABILITIES 89,603 135,835
NET ASSETS 89,603 135,835
CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Profit and Loss Account 69,603 115,835
SHAREHOLDERS' FUNDS 89,603 135,835
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
P D Churchill
Director
14 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Steelplan Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02683105 . The registered office is 67 South Street, Epsom, KT18 7PY.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the amount derived from the provision of goods and services to third parties which fall within the company's ordinary activities, stated net of value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the term of the lease
Plant & Machinery straight line over 3 years
Motor Vehicles straight line over 5 years
Fixtures & Fittings straight line over 3-10 years
Computer Equipment straight line over 3-10 years
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees during the year was: 22 (2022: 21)
22 21
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 57,571
As at 31 December 2023 57,571
Amortisation
As at 1 January 2023 57,571
As at 31 December 2023 57,571
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2023 11,021 551,148 1,000 87,432 650,601
Additions 29,611 52,675 - - 82,286
Disposals - - (1,000 ) (3,693 ) (4,693 )
As at 31 December 2023 40,632 603,823 - 83,739 728,194
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 4,440 462,485 1,000 47,877 515,802
Provided during the period 2,147 42,687 - 23,140 67,974
Disposals - - (1,000 ) (3,693 ) (4,693 )
As at 31 December 2023 6,587 505,172 - 67,324 579,083
Net Book Value
As at 31 December 2023 34,045 98,651 - 16,415 149,111
As at 1 January 2023 6,581 88,663 - 39,555 134,799
6. Stocks
31 December 2023 31 December 2022
£ £
Stock of raw materials 396,466 373,137
Stock of finished goods 131,781 200,907
Work in progress 67,983 79,393
596,230 653,437
7. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Trade debtors 260,727 258,751
Amounts owed by group undertakings 69,806 193,790
Other debtors 104,591 190,037
435,124 642,578
Due after more than one year
Other debtors 85,380 -
520,504 642,578
8. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 322,966 347,595
Bank loans and overdrafts 109,346 93,140
Amounts owed to group undertakings 472,641 560,166
Other creditors 229,684 251,763
Taxation and social security 41,605 42,315
1,176,242 1,294,979
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9. Secured Creditors
Of the creditors the following amounts are secured.
2023
2022
£
£
Bank overdrafts
109,346
93,140
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image
National Westminster Bank PLC holds a fixed and floating charge over certain assets of the company.
10. Share Capital
31 December 2023 31 December 2022
Allotted, called up and fully paid £ £
20,000 Ordinary B shares of £ 0.1675 each 3,350 3,350
Preference Shares
31 December 2023 31 December 2022
Allotted, called up and fully paid £ £
1,110,000 Preference B shares of £ 0.0150 each 16,650 16,650
Each class of share ranks pari passu except for the Preference B shares which have no right to receive notice or attend general meetings and shall not be entitled to vote upon any resolution thereof.
11. Contingent Liabilities
The company has a cross guarantee with group companies in respect of borrowings from National Westminster Bank Plc. As at 31 December 2023 the company had borrowings of £109,345 directly (2022: £93,140) and the total group borrowings were £504,229 (2022: £359,627). The guarantee is secured with fixed and floating charge over all the property or undertaking of the company and group companies.
The company is part of a group VAT election and is therefore jointly and severally liable for the VAT liability of other group companies. The total group liability at the year end is £64,209 (2022: £70,158).
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2023 31 December 2022
£ £
Not later than one year 215,189 199,227
Later than one year and not later than five years 1,125,983 747,101
Later than five years 1,639,225 -
2,980,397 946,328
13. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Quadrant Ventures Limited whose registered office address is 67 South Street, Epsom, Surrey, KT18 7PY
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