Registered number
10206251
STEELE PROPERTIES LIMITED
Filleted Accounts
31 May 2024
STEELE PROPERTIES LIMITED
Registered number: 10206251
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 461,183 468,212
Current assets
Debtors 4 414 1,320
Cash at bank and in hand 2,412 6,813
2,826 8,133
Creditors: amounts falling due within one year 5 (8,422) (7,891)
Net current (liabilities)/assets (5,596) 242
Total assets less current liabilities 455,587 468,454
Creditors: amounts falling due after more than one year 6 (571,576) (589,299)
Net liabilities (115,989) (120,845)
Capital and reserves
Called up share capital 2 2
Profit and loss account (115,991) (120,847)
Shareholders' funds (115,989) (120,845)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Steele
Director
Approved by the board on 7 February 2025
STEELE PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the gross rental income received from property rentals and equipment hire.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Nil
Fixtures and equipment 15% per annum of net book value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Fixtures & Equipment Total
£ £ £
Cost
At 1 June 2023 421,351 58,020 479,371
At 31 May 2024 421,351 58,020 479,371
Depreciation
At 1 June 2023 - 11,159 11,159
Charge for the year - 7,029 7,029
At 31 May 2024 - 18,188 18,188
Net book value
At 31 May 2024 421,351 39,832 461,183
At 31 May 2023 421,351 46,861 468,212
4 Debtors 2024 2023
£ £
Trade debtors 414 1,320
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 7,642 7,171
Accruals and deferred income 780 720
8,422 7,891
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 215,648 225,729
Obligations under finance lease and hire purchase contracts 17,492 25,134
Directors loans 338,436 338,436
571,576 589,299
7 Events after the reporting date
There were no material post balance sheet events up to the 7th February 2025, being the date of approval of the rfinancial statements by the board of directors.
8 Other information
STEELE PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
43 Jesmond Crescent
Crewe
Cheshire
CW2 8NJ
STEELE PROPERTIES LIMITED 10206251 false 2023-06-01 2024-05-31 2024-05-31 VT Final Accounts July 2024 B Steele No description of principal activity 10206251 2022-06-01 2023-05-31 10206251 core:WithinOneYear 2023-05-31 10206251 core:AfterOneYear 2023-05-31 10206251 core:ShareCapital 2023-05-31 10206251 core:RetainedEarningsAccumulatedLosses 2023-05-31 10206251 2023-06-01 2024-05-31 10206251 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10206251 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10206251 bus:Director40 2023-06-01 2024-05-31 10206251 1 2023-06-01 2024-05-31 10206251 2 2023-06-01 2024-05-31 10206251 core:LandBuildings 2023-06-01 2024-05-31 10206251 core:PlantMachinery 2023-06-01 2024-05-31 10206251 1 2023-06-01 2024-05-31 10206251 countries:England 2023-06-01 2024-05-31 10206251 bus:FRS102 2023-06-01 2024-05-31 10206251 bus:FilletedAccounts 2023-06-01 2024-05-31 10206251 2024-05-31 10206251 core:WithinOneYear 2024-05-31 10206251 core:AfterOneYear 2024-05-31 10206251 core:ShareCapital 2024-05-31 10206251 core:RetainedEarningsAccumulatedLosses 2024-05-31 10206251 core:LandBuildings 2024-05-31 10206251 core:PlantMachinery 2024-05-31 10206251 2023-05-31 10206251 core:LandBuildings 2023-05-31 10206251 core:PlantMachinery 2023-05-31 iso4217:GBP xbrli:pure