2023-01-012023-12-312023-12-31false10880923STEP EXCHANGE 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STEP EXCHANGE LIMITED

Registered Number
10880923
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

STEP EXCHANGE LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

CRESSWELL-TURNER, Miles Marius
GEORGE, Dan

Registered Address

Stepex / Complete Hq 2 Bridge Court
Kingsmill Road
Saltash
PL12 6LS

Registered Number

10880923 (England and Wales)
STEP EXCHANGE LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3-2,213
Tangible assets43,4653,841
3,4656,054
Current assets
Debtors155,456208,289
Cash at bank and on hand92,174279,651
247,630487,940
Creditors amounts falling due within one year5(45,961)(124,427)
Net current assets (liabilities)201,669363,513
Total assets less current liabilities205,134369,567
Creditors amounts falling due after one year6(20,077)(40,167)
Net assets185,057329,400
Capital and reserves
Called up share capital22
Share premium1,447,9801,405,499
Profit and loss account(1,262,925)(1,076,101)
Shareholders' funds185,057329,400
The financial statements were approved and authorised for issue by the Board of Directors on 29 October 2024, and are signed on its behalf by:
GEORGE, Dan
Director
Registered Company No. 10880923
STEP EXCHANGE 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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
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:
2.Average number of employees

20232022
Average number of employees during the year88
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 2310,62110,621
At 31 December 2310,62110,621
Amortisation and impairment
At 01 January 238,4088,408
Charge for year2,2132,213
At 31 December 2310,62110,621
Net book value
At 31 December 23--
At 31 December 222,2132,213
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 239,8519,851
Additions3,4983,498
At 31 December 2313,34913,349
Depreciation and impairment
At 01 January 236,0106,010
Charge for year3,8743,874
At 31 December 239,8849,884
Net book value
At 31 December 233,4653,465
At 31 December 223,8413,841
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables4,15210,344
Bank borrowings and overdrafts10,026-
Taxation and social security12,06214,984
Other creditors18,07019,360
Accrued liabilities and deferred income1,65179,739
Total45,961124,427
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts20,07740,167
Total20,07740,167