Registered number
12619020
Stable Steps Ltd
Filleted Accounts
31 May 2024
Stable Steps Ltd
Registered number: 12619020
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 240,282 283,034
Current assets
Debtors 4 216,041 155,342
Cash at bank and in hand 1,081,112 278,328
1,297,153 433,670
Creditors: amounts falling due within one year 5 (417,417) (170,895)
Net current assets 879,736 262,775
Total assets less current liabilities 1,120,018 545,809
Creditors: amounts falling due after more than one year 6 (313,778) (334,688)
Net assets 806,240 211,121
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 805,240 210,121
Shareholders' funds 806,240 211,121
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.
Mirza Faraz Baig
Director
Approved by the board on 24 February 2025
Stable Steps Ltd
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Leasehold land and buildings over terms of the lease
Fixtures, fittings, tools and equipment 15% reducing balance
Motor vehicles 15% reducing balance
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 47 43
3 Tangible fixed assets
Leasehold property Fixtures, Fittings and equipments Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 127,406 66,690 163,090 357,186
Additions 28,570 1,005 - 29,575
At 31 May 2024 155,976 67,695 163,090 386,761
Depreciation
At 1 June 2023 42,469 25,567 6,116 74,152
Charge for the year 42,469 6,312 23,546 72,327
At 31 May 2024 84,938 31,879 29,662 146,479
Net book value
At 31 May 2024 71,038 35,816 133,428 240,282
At 31 May 2023 84,937 41,123 156,974 283,034
4 Debtors 2024 2023
£ £
Trade debtors 171,041 108,490
Other debtors 45,000 46,852
216,041 155,342
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,562 -
Trade creditors 42,482 32,692
Taxation and social security costs 231,098 31,863
Other creditors 138,275 106,340
417,417 170,895
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 116,640 137,550
Directors' loan account 197,138 197,138
313,778 334,688
7 Other information
Stable Steps Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Stable Steps Care Centre
47 Adswood Lane
Stockport
SK3 8HZ
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