Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseproperty developers33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07794411 2023-01-01 2023-12-31 07794411 2021-11-01 2022-12-31 07794411 2023-12-31 07794411 2022-12-31 07794411 2021-11-01 07794411 c:Director1 2023-01-01 2023-12-31 07794411 d:FreeholdInvestmentProperty 2023-01-01 2023-12-31 07794411 d:FreeholdInvestmentProperty 2023-12-31 07794411 d:FreeholdInvestmentProperty 2022-12-31 07794411 d:CurrentFinancialInstruments 2023-12-31 07794411 d:CurrentFinancialInstruments 2022-12-31 07794411 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07794411 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07794411 d:ShareCapital 2023-12-31 07794411 d:ShareCapital 2022-12-31 07794411 d:OtherMiscellaneousReserve 2023-01-01 2023-12-31 07794411 d:OtherMiscellaneousReserve 2023-12-31 07794411 d:OtherMiscellaneousReserve 2022-12-31 07794411 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07794411 d:RetainedEarningsAccumulatedLosses 2023-12-31 07794411 d:RetainedEarningsAccumulatedLosses 2022-12-31 07794411 c:FRS102 2023-01-01 2023-12-31 07794411 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07794411 c:FullAccounts 2023-01-01 2023-12-31 07794411 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07794411 d:OtherDeferredTax 2023-12-31 07794411 d:OtherDeferredTax 2022-12-31 07794411 2 2023-01-01 2023-12-31 07794411 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07794411









2 STEP INVESTMENTS LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
2 STEP INVESTMENTS LTD
REGISTERED NUMBER: 07794411

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                    Note
£
£

Fixed assets
  

Investment property
 4 
6,448,739
6,144,273

Current assets
  

Stocks
  
624,049
-

Debtors: amounts falling due within one year
 5 
332,106
316,524

Cash at bank and in hand
 6 
325,957
41,659

  
1,282,112
358,183

Creditors: amounts falling due within one year
 7 
(2,221,720)
(1,240,326)

Net current liabilities
  
 
 
(939,608)
 
 
(882,143)

Total assets less current liabilities
  
5,509,131
5,262,130

Provisions for liabilities
  

Deferred tax
 8 
(1,085,756)
(1,085,756)

Net assets
  
4,423,375
4,176,374


Capital and reserves
  

Called up share capital 
  
1
1

Non-distributable reserves
 9 
3,517,848
3,517,848

Profit and loss account
 9 
905,526
658,525

  
4,423,375
4,176,374


Page 1

 
2 STEP INVESTMENTS LTD
REGISTERED NUMBER: 07794411
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.






D Flannery
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
2 STEP INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

2 Step Investments Ltd is a company limted by shares, incorporated in England.  The company's principal activity is that of property developers. The registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional currency is Euro. This differs from the presentational currency which is GBP. The reason for the difference is that the property developments are currently taking place in Ireland.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
2 STEP INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
2 STEP INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss.

 
2.9

Stocks

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 stock. 

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
2 STEP INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 -3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
6,144,273


Additions at cost
304,466



At 31 December 2023
6,448,739

The 2023 valuations were made by the directors, on an open market value for existing use basis.




Page 6

 
2 STEP INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
13,179
3,433

Other debtors
318,927
266,369

Prepayments and accrued income
-
46,722

332,106
316,524



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
325,957
41,659



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
7,342

Other loans
1,033,807
-

Trade creditors
38,675
33,157

Corporation tax
77,843
75,410

Other taxation and social security
-
31,780

Other creditors
993,226
1,029,378

Accruals and deferred income
78,169
63,259

2,221,720
1,240,326


Page 7

 
2 STEP INVESTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,085,756)
(825,174)


Charged to profit or loss
-
(260,582)



At end of year
(1,085,756)
(1,085,756)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Investment property revaluation
(1,085,756)
(1,085,756)


9.


Reserves

Non-distributable reserves

Non-distributable reserves relating to the unrealised gain or loss on fair value adjustments of investment properties.
Deferred tax has been provided on the revaluation of investment properties.

Profit and loss account

Includes all current and prior period retained profits and losses.


10.


Related party transactions




2023
2022
£
£

Amounts due from connected companies
18,988
18,451
Amounts due to connected parties
74,798
704,708
Purchases from connected companies
964,974
214,352


11.


Charges

Allied Irish Banks Plc have a charge secured over the company's asset dated 2 October 2015.


 
Page 8