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Registered Number: 11329430
England and Wales

 

 

 

STEP2INNOVATE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 May 2023

End date: 30 April 2024
Director M Janaway
Registered Number 11329430
Registered Office 144A High Street
Rayleigh
Essex
SS6 7BU
Accountants Booksure Accounting Limited
144A High Street
Rayleigh
Essex
SS6 7BU
1
Director's report and financial statements
The director presents his annual report and the financial statements for the year ended 30 April 2024.
Principal activities
Principal activity of the company during the financial year was the manufacture and retail of specialized products.
Director
The director who served the company throughout the year was as follows:
M Janaway
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
M Janaway
Director

Date approved: 28 January 2025
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 April 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Booksure Accounting Limited
30 April 2024



....................................................
Booksure Accounting Limited
144A High Street
Rayleigh
Essex
SS6 7BU
28 January 2025
3
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 4,000    5,000 
Tangible fixed assets 4 34,768    45,112 
38,768    50,112 
Current assets      
Stocks 5 1,866    570 
Debtors 6   81,299 
Cash at bank and in hand 12,461    26,742 
14,327    108,611 
Creditors: amount falling due within one year 7 (37,192)   (116,561)
Net current assets (22,865)   (7,950)
 
Total assets less current liabilities 15,903    42,162 
Net assets 15,903    42,162 
 

Capital and reserves
     
Called up share capital 8 100    100 
Profit and loss account 15,803    42,062 
Shareholders' funds 15,903    42,162 
 


For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the director on 28 January 2025 and were signed by:


-------------------------------
M Janaway
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 May 2022 100  18,344  18,444 
Profit for the year 23,718  23,718 
Total comprehensive income for the year 23,718  23,718 
Total investments by and distributions to owners
At 30 April 2023 100  42,062  42,162 
At 01 May 2023 100  42,062  42,162 
Profit for the year (26,259) (26,259)
Total comprehensive income for the year (26,259) (26,259)
Total investments by and distributions to owners
At 30 April 2024 100  15,803  15,903 
5
General Information
Step2Innovate Ltd is a private company, limited by shares, registered in England and Wales, registration number 11329430, registration address 144A High Street, Rayleigh, Essex, SS6 7BU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 May 2023 10,000    10,000 
Additions  
Disposals  
At 30 April 2024 10,000    10,000 
Amortisation
At 01 May 2023 5,000    5,000 
Charge for year 1,000    1,000 
On disposals  
At 30 April 2024 6,000    6,000 
Net book values
At 30 April 2024 4,000    4,000 
At 30 April 2023 5,000    5,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Total
  £   £
At 01 May 2023 78,374    78,374 
Additions  
Disposals  
At 30 April 2024 78,374    78,374 
Depreciation
At 01 May 2023 33,262    33,262 
Charge for year 10,344    10,344 
On disposals  
At 30 April 2024 43,606    43,606 
Net book values
Closing balance as at 30 April 2024 34,768    34,768 
Opening balance as at 01 May 2023 45,112    45,112 


5.

Stocks

2024
£
  2023
£
Stocks 1,866    570 
1,866    570 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors   80,480 
VAT   819 
  81,299 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 36,671    37,377 
Accrued Expenses 350   
Directors' Current Accounts   79,184 
VAT 171   
37,192    116,561 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

6