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Registered number: 02323228










STEELARCH LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




















 
STEELARCH LIMITED
 
 
Company Information


Directors
C D Bamford (appointed 26 February 2024)
N M Sheridan 
E F Violaris 
V A Sheridan 
A L Sheridan 




Registered number
02323228



Registered office
3rd Floor
12 Gough Square

London

EC4A 3DW





 
STEELARCH LIMITED
Registered number: 02323228

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
649
98

Investments
 5 
1,354,166
1,176,049

Investment property
 6 
2,900,000
2,900,000

  
4,254,815
4,076,147

Current assets
  

Debtors: amounts falling due within one year
 7 
110,497
50,855

Cash at bank and in hand
  
258,379
320,016

  
368,876
370,871

Creditors: amounts falling due within one year
 8 
(76,887)
(69,469)

Net current assets
  
 
 
291,989
 
 
301,402

Total assets less current liabilities
  
4,546,804
4,377,549

Provisions for liabilities
  

Deferred tax
  
(492,593)
(503,084)

  
 
 
(492,593)
 
 
(503,084)

Net assets
  
4,054,211
3,874,465


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
 11 
4,054,111
3,874,365

  
4,054,211
3,874,465


Page 1

 
STEELARCH LIMITED
Registered number: 02323228
    
Balance sheet (continued)
As at 31 March 2024

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 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 11 February 2025.




N M Sheridan
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
STEELARCH LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

1.


General information

Steelarch Limited is a private limited company, incorporated in the United Kingdom and registered in England and Wales. The company's registered office address is 3rd Floor, 12 Gough Square, London, EC4A 3DW.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration recieved or recievable, excluding discounts, rebates, value added tax and other sales taxes. 
Rental income from investment property leased out under an operating lease are recognised within profit or loss in the statement of comprehensive income on a straight line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the net consideration for the use of the property and therefore are also recognised on the same straight line basis.
Rental revenues are accounted for on an accruals basis. Therefore, deferred revenue generally represents advance payments from tenants. Revenue is recognsied when it is probable that the economic benefits associated with the transaction will flow to the Company and the amount of revenue can be measured reliably. 

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
STEELARCH LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment
-
33.3% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.

 
2.4

Investment properties

Investment property is carried at fair value determined annually by a qualified professional 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 and loss account.

 
2.5

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.7

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. 

 
2.8

Creditors

Short-term creditors are measured at the transaction price. 

Page 4

 
STEELARCH LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.9

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.


  
2.10

Amounts due to tenants

Steelarch Limited, in the normal course of business, holds rent deposits on behalf of tenants. These funds are held in bank accounts which do not form part of these accounts.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 4).

Page 5

 
STEELARCH LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
1,266


Additions
973


Disposals
(1,266)



At 31 March 2024

973



Depreciation


At 1 April 2023
1,168


Charge for the year on owned assets
324


Disposals
(1,168)



At 31 March 2024

324



Net book value



At 31 March 2024
649



At 31 March 2023
98


5.


Fixed asset investments





Listed investments

£



Valuation


At 1 April 2023
1,176,050


Additions
710,011


Disposals
(736,346)


Revaluations
204,451



At 31 March 2024
1,354,166




Page 6

 
STEELARCH LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

6.


Investment properties


Long leasehold investment properties

£



Valuation


At 1 April 2023
2,900,000



At 31 March 2024
2,900,000

Investment properties were valued by a Director on an open market basis at 31 March 2024.

The historic cost of the investment properties is £730,448 (2023: £730,448).







7.


Debtors

2024
2023
£
£


Other debtors
87,670
50,855

Corporation tax recoverable
22,827
-

110,497
50,855


Page 7

 
STEELARCH LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
27,683
20,289

Other taxation and social security
-
3,324

Other creditors
49,204
45,856

76,887
69,469



9.


Deferred taxation




2024
2023


£

£






At beginning of year
(503,084)
(536,542)


Charged to profit or loss
10,491
33,458



At end of year
(492,593)
(503,084)

The deferred tax balance is made up as follows:

2024
2023
£
£


Gain on investment properties
(465,524)
(465,524)

Gain on listed investments
(27,069)
(37,560)

(492,593)
(503,084)






Page 8

 
STEELARCH LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 March 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



11.


Reserves

Profit & loss account

Included in the profit and loss account are non-distributable reserves of £1,704,029 (2023: £1,666,468).


12.


Transactions with directors

The company operates a director's current account with a director. At the balance sheet date the director owed the company £67,374 (2023: £24,043). This has not been repaid post year end.

 
Page 9