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REGISTERED NUMBER: 12958423 (England and Wales)















Understeer Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2024






Understeer Ltd (Registered number: 12958423)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Understeer Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTOR: A J Fenwick



REGISTERED OFFICE: Carlton House
Maundrell Road
Calne
Wiltshire
SN11 9PU



REGISTERED NUMBER: 12958423 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: Starling Bank
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP

Understeer Ltd (Registered number: 12958423)

Abridged Statement of Financial Position
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 415,000 415,000

CURRENT ASSETS
Debtors 16,400 15,879
Cash at bank 5,692 2,492
22,092 18,371
CREDITORS
Amounts falling due within one year 203,991 195,378
NET CURRENT LIABILITIES (181,899 ) (177,007 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

233,101

237,993

CREDITORS
Amounts falling due after more than one
year

230,710

230,710
NET ASSETS 2,391 7,283

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,390 7,282
SHAREHOLDERS' FUNDS 2,391 7,283

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Understeer Ltd (Registered number: 12958423)

Abridged Statement of Financial Position - continued
31 October 2024


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 23 January 2025 and were signed by:





A J Fenwick - Director


Understeer Ltd (Registered number: 12958423)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Understeer Ltd 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Understeer Ltd (Registered number: 12958423)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2023
and 31 October 2024 415,000
NET BOOK VALUE
At 31 October 2024 415,000
At 31 October 2023 415,000

6. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Bank loans 230,710 230,710

Bank loans are secured by a legal charge over the property held at 11 Quemerford, Calne, Wiltshire.

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Fenwick.

The above shareholder controlled the company during the current period by virtue of the fact that they own all of the issued share capital.