IRIS Accounts Production v24.3.0.553 09659729 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh096597292023-09-30096597292024-09-30096597292023-10-012024-09-30096597292022-09-30096597292022-10-012023-09-30096597292023-09-3009659729ns15:EnglandWales2023-10-012024-09-3009659729ns14:PoundSterling2023-10-012024-09-3009659729ns10:Director12023-10-012024-09-3009659729ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3009659729ns10:SmallEntities2023-10-012024-09-3009659729ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3009659729ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3009659729ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3009659729ns10:FullAccounts2023-10-012024-09-300965972912023-10-012024-09-3009659729ns10:Director22023-10-012024-09-3009659729ns10:Director32023-10-012024-09-3009659729ns10:Director42023-10-012024-09-3009659729ns10:RegisteredOffice2023-10-012024-09-3009659729ns5:CurrentFinancialInstruments2024-09-3009659729ns5:CurrentFinancialInstruments2023-09-3009659729ns5:Non-currentFinancialInstruments2024-09-3009659729ns5:Non-currentFinancialInstruments2023-09-3009659729ns5:ShareCapital2024-09-3009659729ns5:ShareCapital2023-09-3009659729ns5:RetainedEarningsAccumulatedLosses2024-09-3009659729ns5:RetainedEarningsAccumulatedLosses2023-09-300965972912023-10-012024-09-3009659729ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3009659729ns5:LandBuildings2023-10-012024-09-3009659729ns5:PlantMachinery2023-10-012024-09-3009659729ns5:ComputerSoftware2023-09-3009659729ns5:ComputerSoftware2023-10-012024-09-3009659729ns5:ComputerSoftware2024-09-3009659729ns5:ComputerSoftware2023-09-3009659729ns5:LandBuildings2023-09-3009659729ns5:PlantMachinery2023-09-3009659729ns5:LandBuildings2024-09-3009659729ns5:PlantMachinery2024-09-3009659729ns5:LandBuildings2023-09-3009659729ns5:PlantMachinery2023-09-3009659729ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3009659729ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3009659729ns5:Non-currentFinancialInstruments2023-10-012024-09-3009659729ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-09-3009659729ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-09-3009659729ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3009659729ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3009659729ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-3009659729ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3009659729ns5:HirePurchaseContracts2024-09-3009659729ns5:HirePurchaseContracts2023-09-3009659729ns5:WithinOneYear2024-09-3009659729ns5:WithinOneYear2023-09-3009659729ns5:BetweenOneFiveYears2024-09-3009659729ns5:BetweenOneFiveYears2023-09-3009659729ns5:AllPeriods2024-09-3009659729ns5:AllPeriods2023-09-3009659729ns5:Secured2024-09-3009659729ns5:Secured2023-09-3009659729ns5:RetainedEarningsAccumulatedLosses2023-09-3009659729ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-30
REGISTERED NUMBER: 09659729 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Next Step Independence Limited

Next Step Independence Limited (Registered number: 09659729)






Contents of the Financial Statements
for the Year Ended 30 September 2024




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 2024







DIRECTORS: J W Balchin
Mrs A D Balchin
Mrs J Nicholson
J N Hargreaves





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 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,413 6,213
Tangible assets 5 1,691,142 1,682,340
1,696,555 1,688,553

CURRENT ASSETS
Debtors 6 525,208 719,030
Cash at bank 334,155 169,681
859,363 888,711
CREDITORS
Amounts falling due within one year 7 1,245,749 1,598,756
NET CURRENT LIABILITIES (386,386 ) (710,045 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,310,169

978,508

CREDITORS
Amounts falling due after more than one
year

8

1,581,704

1,866,310
NET LIABILITIES (271,535 ) (887,802 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 12 (271,735 ) (888,002 )
(271,535 ) (887,802 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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 20 November 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 2024

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 2024

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 92 (2023 - 56 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 October 2023
and 30 September 2024 9,300
AMORTISATION
At 1 October 2023 3,087
Amortisation for year 800
At 30 September 2024 3,887
NET BOOK VALUE
At 30 September 2024 5,413
At 30 September 2023 6,213

Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 1,504,120 462,127 1,966,247
Additions 14,165 89,084 103,249
At 30 September 2024 1,518,285 551,211 2,069,496
DEPRECIATION
At 1 October 2023 23,882 260,025 283,907
Charge for year 9,164 85,283 94,447
At 30 September 2024 33,046 345,308 378,354
NET BOOK VALUE
At 30 September 2024 1,485,239 205,903 1,691,142
At 30 September 2023 1,480,238 202,102 1,682,340

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 381,331 546,490
Other debtors 43,686 63,739
Tax 60,316 75,163
Prepayments 39,875 33,638
525,208 719,030

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 331,824 162,812
Hire purchase contracts (see note 10) 19,050 13,631
Trade creditors 16,453 18,128
Social security and other taxes 192,438 272,282
Other creditors 409,773 942,107
Directors' current accounts 180,832 162,341
Accruals and deferred income 61,528 17,955
Accrued expenses 33,851 9,500
1,245,749 1,598,756

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 9) 945,038 847,066
Hire purchase contracts (see note 10) 6,409 11,359
Other creditors 630,257 1,007,885
1,581,704 1,866,310

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 286,941 318,680

Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

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:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 331,824 162,812

Amounts falling due between two and five years:
Bank loans - 2-5 years 658,097 528,386

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 286,941 318,680

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 19,050 13,631
Between one and five years 6,409 11,359
25,459 24,990

Non-cancellable operating leases
2024 2023
£    £   
Within one year 87,307 137,787
Between one and five years 359,610 342,626
446,917 480,413

Next Step Independence Limited (Registered number: 09659729)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,276,862 1,009,878
Hire purchase contracts 25,459 24,990
1,302,321 1,034,868

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 2023 (888,002 )
Profit for the year 616,267
At 30 September 2024 (271,735 )

13. GOING CONCERN

The company had an exceptional cost in the prior year resulting in a significant loss arising and resulting in net liabilities. The current year trading has been encouraging and the position has significantly reversed this year. Trading continues to be strong and the Directors expect the position to have fully reversed within the next 18 month and therefore the accounts have continued to be prepared on a going concern basis.