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Registration number: 03978959

Steer Management Services Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Steer Management Services Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Steer Management Services Limited

(Registration number: 03978959)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,812

4,226

Investment property

5

2,040,000

1,920,000

 

2,043,812

1,924,226

Current assets

 

Debtors

6

3,169

2,801

Cash at bank and in hand

 

8,069

4,925

 

11,238

7,726

Creditors: Amounts falling due within one year

7

(326,500)

(299,332)

Net current liabilities

 

(315,262)

(291,606)

Total assets less current liabilities

 

1,728,550

1,632,620

Creditors: Amounts falling due after more than one year

7

(1,388,079)

(1,366,647)

Provisions for liabilities

(45,462)

(22,662)

Net assets

 

295,009

243,311

Capital and reserves

 

Called up share capital

340

340

Other reserves

371,301

274,101

Retained earnings

(76,632)

(31,130)

Shareholders' funds

 

295,009

243,311

 

Steer Management Services Limited

(Registration number: 03978959)
Statement of Financial Position 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.

Directors' 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 directors acknowledge their 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 Income Statement.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................
Mr M C Steer
Director

   
     
 

Steer Management Services 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 England and Wales.

The address of its registered office is:
Meadow Barn
Norley Lane
Crowton
CW8 2RR

These financial statements were authorised for issue by the Board on 31 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

At the balance sheet date, the company's net liabilities exceeded its net assets. The company has received assurances from the directors that they will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

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.

 

Steer Management Services Limited

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

Tax

The tax expense for the period comprises 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.

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 statement of financial position 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

15% Reducing Balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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 income statement 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.

 

Steer Management Services Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

12,334

12,334

Additions

349

349

At 30 April 2024

12,683

12,683

Depreciation

At 1 May 2023

8,108

8,108

Charge for the year

763

763

At 30 April 2024

8,871

8,871

Carrying amount

At 30 April 2024

3,812

3,812

At 30 April 2023

4,226

4,226

5

Investment properties

2024
£

At 1 May

1,920,000

Fair value adjustments

120,000

At 30 April

2,040,000

The investment properties class of fixed assets were revalued on 30 April 2024 by M Steer who is internal to the company. The basis of this valuation was open market. This class of assets has a current value of £2,040,000 (2023 - £1,920,000).

There has been no valuation of investment property by an independent valuer.

 

Steer Management Services Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,825

2,642

Other debtors

344

159

 

3,169

2,801

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,057

936

Amounts owed to group undertakings and undertakings in which the company has a participating interest

42,038

-

Accruals and deferred income

 

1,900

1,863

Other creditors

 

281,505

296,533

 

326,500

299,332

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,388,079

1,366,647

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,388,079 (2023 - £1,366,647).

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,388,079

1,366,647