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REGISTERED NUMBER: 09659729 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Next Step Independence Limited

Next Step Independence Limited (Registered number: 09659729)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Next Step Independence Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: J W Balchin
Mrs A D Balchin
Mrs J Nicholson
J N Hargreaves
B M Drew-Spyer





REGISTERED OFFICE: Wellington House
East Reach Court
Queen Street
Taunton
Somerset
TA1 3UF





REGISTERED NUMBER: 09659729 (England and Wales)





ACCOUNTANTS: A C Mole LLP
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Next Step Independence Limited (Registered number: 09659729)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,213 7,013
Tangible assets 5 1,682,340 1,205,428
1,688,553 1,212,441

CURRENT ASSETS
Debtors 6 719,030 378,675
Cash at bank 169,681 221,190
888,711 599,865
CREDITORS
Amounts falling due within one year 7 1,598,756 410,626
NET CURRENT (LIABILITIES)/ASSETS (710,045 ) 189,239
TOTAL ASSETS LESS CURRENT
LIABILITIES

978,508

1,401,680

CREDITORS
Amounts falling due after more than one
year

8

(1,866,310

)

(736,159

)

PROVISIONS FOR LIABILITIES - (5,868 )
NET (LIABILITIES)/ASSETS (887,802 ) 659,653

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 12 (888,002 ) 659,453
(887,802 ) 659,653

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:




J W Balchin - Director


Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Next Step Independence Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain liabilities measured at fair value through the income statement.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors are of the opinion that there are no estimates and assumptions that could have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on cost, 25% on reducing balance and 10% on cost

Freehold property is not being depreciated as residual value is considered to be equal to or higher than cost.

Financial instruments
i) Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price and subsequently measured at amortised cost.

At the balance sheet date financial assets are assessed for evidence of impairment. If an asset is impaired the impairment loss is recognised in the income statement.

ii) Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price and subsequently measured at amortised cost. Bank loans are initially recognised as transaction price and subsequently measured at fair value through the income statement.


Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2022 - 56 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 October 2022
and 30 September 2023 9,300
AMORTISATION
At 1 October 2022 2,287
Amortisation for year 800
At 30 September 2023 3,087
NET BOOK VALUE
At 30 September 2023 6,213
At 30 September 2022 7,013

Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 1,108,633 288,335 1,396,968
Additions 395,487 173,792 569,279
At 30 September 2023 1,504,120 462,127 1,966,247
DEPRECIATION
At 1 October 2022 15,930 175,610 191,540
Charge for year 7,952 84,415 92,367
At 30 September 2023 23,882 260,025 283,907
NET BOOK VALUE
At 30 September 2023 1,480,238 202,102 1,682,340
At 30 September 2022 1,092,703 112,725 1,205,428

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 546,490 170,874
Other debtors 63,739 207,801
Tax 75,163 -
Prepayments 33,638 -
719,030 378,675

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 162,812 122,588
Hire purchase contracts (see note 10) 13,631 -
Trade creditors 18,128 22,396
Tax - 60,316
Social security and other taxes 272,282 150,730
Other creditors 942,107 10
Directors' current accounts 162,341 45,086
Accruals and deferred income 17,955 -
Accrued expenses 9,500 9,500
1,598,756 410,626

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 847,066 736,159
Hire purchase contracts (see note 10) 11,359 -
Other creditors 1,007,885 -
1,866,310 736,159

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 318,680 288,147

Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Included within bank loans is a loan in respect of the properties and a draw down in September 2020 and March 2021 under the CBILS provisions due to the Covid-19 pandemic.

The loan, which includes a 12 month interest and capital repayment holiday, carries interest at a fixed rate of 7.93% and is repayable in 48 monthly instalments from March 2022. The loan is repayable by February 2026.

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 162,812 122,588

Amounts falling due between two and five years:
Bank loans - 2-5 years 528,386 448,012

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 318,680 288,147

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 13,631 -
Between one and five years 11,359 -
24,990 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 137,787 89,955
Between one and five years 342,626 102,650
480,413 192,605

Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,009,878 858,747
Hire purchase contracts 24,990 -
1,034,868 858,747

The bank holds charges over all legal interest in the properties by way of legal mortgages and have a fixed charge over any other interest in the properties, all rents receivable from any lease granted of the properties, and the proceeds of any insurance affecting the properties.

The bank also has a fixed and floating charge over all the property or undertaking of the company.

12. RESERVES
Retained
earnings
£   

At 1 October 2022 659,453
Deficit for the year (1,547,455 )
At 30 September 2023 (888,002 )

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
J W Balchin
Balance outstanding at start of year (22,449 ) 22,361
Amounts advanced 21,800 -
Amounts repaid (41,616 ) (44,810 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (42,265 ) (22,449 )

Mrs A D Balchin
Balance outstanding at start of year (22,637 ) 22,363
Amounts repaid (41,616 ) (45,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (64,253 ) (22,637 )

Repayable on demand.

14. GOING CONCERN

The company had an exceptional cost during the year resulting in a significant loss been incurred and resulting in net liabilities at the year end. Trading post year end has been encouraging and the company is confident that the position will reverse within a 24 month period. Trading since the year end has supported this assertion and therefore the accounts have continued to be prepared on a going concern basis.