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Company Registration number: 02675469

Steadychance Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Steadychance Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Steadychance Limited

(Registration number: 02675469)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,393,469

1,429,350

Current assets

 

Stocks

5

58,266

51,003

Debtors

6

61,386

51,905

Cash at bank and in hand

 

159,818

79,168

 

279,470

182,076

Creditors: Amounts falling due within one year

7

(530,006)

(439,680)

Net current liabilities

 

(250,536)

(257,604)

Total assets less current liabilities

 

1,142,933

1,171,746

Creditors: Amounts falling due after more than one year

7

(699,942)

(807,594)

Provisions for liabilities

(11,251)

(12,614)

Net assets

 

431,740

351,538

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

430,740

350,538

Shareholders' funds

 

431,740

351,538

 

Steadychance Limited

(Registration number: 02675469)
Balance Sheet as at 30 April 2024

For the financial year ending 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 January 2025
 

.........................................
Mr M I Sharples
Director

   
     
 

Steadychance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Caesars Arms
Creigiau
Cardiff
CF15 9NN

These financial statements were authorised for issue by the director on 22 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Steadychance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on cost

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

33% on cost

Freehold property and improvements

5% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Steadychance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 64 (2023 - 70).

 

Steadychance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 May 2023

1,322,508

350,887

183,832

15,580

167,787

Additions

-

-

6,952

1,494

-

At 30 April 2024

1,322,508

350,887

190,784

17,074

167,787

Depreciation

At 1 May 2023

28,108

332,353

164,468

14,353

71,962

Charge for the year

2,155

4,634

12,769

813

23,956

At 30 April 2024

30,263

336,987

177,237

15,166

95,918

Carrying amount

At 30 April 2024

1,292,245

13,900

13,547

1,908

71,869

At 30 April 2023

1,294,400

18,534

19,364

1,227

95,825

Total
£

Cost or valuation

At 1 May 2023

2,040,594

Additions

8,446

At 30 April 2024

2,049,040

Depreciation

At 1 May 2023

611,244

Charge for the year

44,327

At 30 April 2024

655,571

Carrying amount

At 30 April 2024

1,393,469

At 30 April 2023

1,429,350

Included within the net book value of land and buildings above is £1,292,245 (2023 - £1,294,400) in respect of freehold land and buildings.
 

 

Steadychance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Other inventories

58,266

51,003

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,033

2,240

Prepayments

40,814

19,488

Other debtors

19,539

30,177

 

61,386

51,905

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

149,526

101,721

Trade creditors

 

223,522

189,868

Taxation and social security

 

84,228

73,043

Accruals and deferred income

 

60,750

67,515

Other creditors

 

11,980

7,533

 

530,006

439,680

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £139,319 (2023 - £91,073).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

699,942

807,594

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £687,810 (2023 - £785,087).

Creditors include bank loans repayable by instalments of £415,216 (2023 - £485,571) due after more than five years.

 

Steadychance Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

684,659

708,042

Hire purchase contracts

15,283

99,552

699,942

807,594

2024
£

2023
£

Current loans and borrowings

Bank borrowings

62,263

93,759

Hire purchase contracts

87,263

7,962

149,526

101,721

10

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Interest free and unsecured

(382)

17,409

(19,487)

(2,460)

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Interest free and unsecured

(40)

119,823

(120,165)

(382)