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Registration number: 09687480

Steadplan Group Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 June 2024

 

Steadplan Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 36

 

Steadplan Group Limited

Company Information

Directors

Mr J A Smith

Mr H B Jackson

Ms M M Bolton

Mr J J Smith

Mr E M Smith

Mr D J Farragher

Registered office

Whitehall Road Industrial Estate
Ashfield Way
Leeds
West Yorkshire
LS12 5JB

Auditors

Kneeshaws
Chartered Accountants and Statutory AuditorsFourth Floor
St James House
St James's Row
Burnley
Lancashire
BB11 1DR

 

Steadplan Group Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the group is that of a holding company. The principal activity of the group is that of haulage services, vehicle sales, hire, servicing, maintenance and repairs.

Fair review of the business

The accounts of the group have been prepared on a consolidated basis and the business review is based upon the consolidated financial statements. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced by the group. The key financial performance indicators are those that communicate the financial performance and strength of the group as a whole; these being turnover, gross profit, operating profit and return on capital employed.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

28,386,556

39,314,464

Gross profit

%

14

14

Gross operating profit

£

1,211,565

2,765,386

Gross operating profit

%

4

7

Profit before taxation

£

628,443

2,543,044

Profit before taxation

%

2

6

Return on capital employed

%

13

37

Principal risks and uncertainties

There are a number of risks and uncertainties which could impact on the company's long term performance. They include the potential threat from our competitors, our relationship with key suppliers, customer credit risk, movement in economic cycles and foreign exchange risk. The directors routinely monitor all risks and uncertainties and appropriate action is taken to mitigate these risks.

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

.........................................
Mr H B Jackson
Director

 

Steadplan Group Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the for the year ended 30 June 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr J A Smith

Mr H B Jackson (appointed 20 November 2023)

The following directors were appointed after the year end:

Ms M M Bolton (appointed 10 January 2025)

Mr J J Smith (appointed 10 January 2025)

Mr E M Smith (appointed 10 January 2025)

Mr D J Farragher (appointed 10 January 2025)

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The group holds or issues financial instruments in order to achieve three main objectives, being:
(a) to finance its operations;
(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and
(c) for trading purposes.
In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations. Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.
(a) Credit risk
The group monitors credit risk closely and considers that its current policies of credit checks meet its objectives of managing exposure to risk. Receivable balances are monitored on an ongoing basis and provision is made for estimated irrecoverable amounts. The amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
(c) Liquidity risk
The group manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its business. The board monitors annual cash budgets and updated forecasts against actual cash flow on a monthly basis. At the balance sheet date, these projections indicated that the company expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances.
(d) Price risk
Supplier costs, discounts and rebates are monitored and checked in line with the budgets and documentary evidence. Wherever possible, contracts are in place with key suppliers which define price and terms.
The group has considerable financial backing from other companies under the control of the directors, together with contracts with a number of customers and suppliers across different geographical areas and industries. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the current economic outlook.
After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue its operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

 

Steadplan Group Limited

Directors' Report for the Year Ended 30 June 2024

Employee involvement

Within the bounds of commercial responsibility, staff at all levels are kept fully informed of matters that affect the progress of the group and are of interest to them as employees. The group aims to recruit and retain sufficient skilled and motivated employees to meet the needs of the business. The required skills are defined and employees are encouraged to acquire additional skills where appropirate.

Ethics
The group's policy on ethics insists that its business activities are conducted in accordance with high standards.

Health & Safety
The group is committed to high standards in health & safety and environmental performance. It is the group's policy to abide by all laws, directives and regulations pertinent to its field of operations and to act in a manner so as to minimise the effects of its operations on the environment.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

.........................................
Mr H B Jackson
Director

 

Steadplan Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Steadplan Group Limited

Independent Auditor's Report to the Members of Steadplan Group Limited

Opinion

We have audited the financial statements of Steadplan Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Steadplan Group Limited

Independent Auditor's Report to the Members of Steadplan Group Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Steadplan Group Limited

Independent Auditor's Report to the Members of Steadplan Group Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the director and other management (as required by auditing standards), and from inspection of the company's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation, taxation legislation and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: anti-bribery and certain aspects of company legislation recognising the financial nature of the company's activities. Auditing standards, limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we are not aware of actual or suspected non-compliance and this did not affect our procedures on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Steadplan Group Limited

Independent Auditor's Report to the Members of Steadplan Group Limited

......................................
Andrew Davies BFP FCA (Senior Statutory Auditor)
For and on behalf of Kneeshaws, Statutory Auditor
 Fourth Floor
St James House
St James's Row
Burnley
Lancashire
BB11 1DR

13 March 2025

 

Steadplan Group Limited

Consolidated Profit and Loss Account for the Year Ended 30 June 2024

Note

Total
2024
£

Total
2023
£

Turnover

3

28,386,556

39,314,464

Cost of sales

 

(24,430,245)

(33,799,926)

Gross profit

 

3,956,311

5,514,538

Administrative expenses

 

(2,839,595)

(2,811,307)

Other operating income

94,849

62,056

Operating profit

5

1,211,565

2,765,287

Interest payable and similar expenses

6

(583,122)

(222,243)

Profit before tax

 

628,443

2,543,044

Tax on profit

10

4,995

(558,035)

Profit for the financial year

 

633,438

1,985,009

Profit/(loss) attributable to:

 

Owners of the company

 

633,438

1,985,009

The group has no recognised gains or losses for the year other than the results above.

 

Steadplan Group Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

633,438

1,985,009

Disposal of subsidiaries gains

-

30,872

Total comprehensive income for the year

633,438

2,015,881

Total comprehensive income attributable to:

Owners of the company

633,438

2,015,881

 

Steadplan Group Limited

(Registration number: 09687480)
Consolidated Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

7,436,807

5,323,391

Current assets

 

Stocks

14

6,110,838

4,860,581

Debtors

15

4,409,076

3,561,890

Cash at bank and in hand

 

525,580

1,692,300

 

11,045,494

10,114,771

Creditors: Amounts falling due within one year

17

(8,987,274)

(7,922,043)

Net current assets

 

2,058,220

2,192,728

Total assets less current liabilities

 

9,495,027

7,516,119

Creditors: Amounts falling due after more than one year

17

(2,898,917)

(1,391,440)

Provisions for liabilities

18

(429,226)

(391,232)

Net assets

 

6,166,884

5,733,447

Capital and reserves

 

Called up share capital

20

4

4

Retained earnings

6,166,880

5,733,443

Equity attributable to owners of the company

 

6,166,884

5,733,447

Shareholders' funds

 

6,166,884

5,733,447

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

.........................................
Mr H B Jackson
Director

 

Steadplan Group Limited

(Registration number: 09687480)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

13

9

9

Current assets

 

Debtors

15

1,060,524

474,650

Cash at bank and in hand

 

900

600,936

 

1,061,424

1,075,586

Creditors: Amounts falling due within one year

17

(1,212,113)

(1,047,071)

Net current (liabilities)/assets

 

(150,689)

28,515

Total assets less current liabilities

 

(150,680)

28,524

Creditors: Amounts falling due after more than one year

17

-

(101,852)

Net liabilities

 

(150,680)

(73,328)

Capital and reserves

 

Called up share capital

20

4

4

Retained earnings

(150,684)

(73,332)

Shareholders' deficit

 

(150,680)

(73,328)

The company made a profit after tax for the financial year of £156,672 (2023 - profit of £118,351).

Approved and authorised by the Board on 13 March 2025 and signed on its behalf by:
 

.........................................
Mr H B Jackson
Director

 

Steadplan Group Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 June 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2023

4

5,733,442

5,733,446

5,733,446

Profit for the year

-

633,438

633,438

633,438

Dividends

-

(200,000)

(200,000)

(200,000)

At 30 June 2024

4

6,166,880

6,166,884

6,166,884

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 July 2022

4

3,853,446

3,853,450

3,853,450

Profit for the year

-

1,985,009

1,985,009

1,985,009

Other comprehensive income

-

30,872

30,872

30,872

Total comprehensive income

-

2,015,881

2,015,881

2,015,881

Dividends

-

(135,884)

(135,884)

(135,884)

At 30 June 2023

4

5,733,443

5,733,447

5,733,447

 

Steadplan Group Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

4

(73,332)

(73,328)

Profit for the year

-

156,672

156,672

Dividends

-

(234,024)

(234,024)

At 30 June 2024

4

(150,684)

(150,680)

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

4

(55,799)

(55,795)

Profit for the year

-

118,351

118,351

Dividends

-

(135,884)

(135,884)

At 30 June 2023

4

(73,332)

(73,328)

 

Steadplan Group Limited

Consolidated Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

633,438

1,985,009

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,017,937

878,457

Profit on disposal of tangible assets

4

(5,890)

(85,901)

Finance costs

6

582,831

220,171

Income tax expense

10

(4,995)

558,035

 

2,223,321

3,555,771

Working capital adjustments

 

Increase in stocks

14

(1,250,257)

(562,258)

(Increase)/decrease in trade debtors

15

(804,198)

235,513

Increase in trade creditors

17

589,026

878,970

Cash generated from operations

 

757,892

4,107,996

Income taxes paid

10

(308,789)

(399,635)

Net cash flow from operating activities

 

449,103

3,708,361

Cash flows from investing activities

 

Acquisitions of tangible assets

(3,249,226)

(2,906,801)

Proceeds from sale of tangible assets

 

123,763

134,532

Net cash flows from investing activities

 

(3,125,463)

(2,772,269)

Cash flows from financing activities

 

Interest paid

6

(582,831)

(220,171)

Proceeds from bank borrowing draw downs

 

(129,299)

(219,841)

Repayment of other borrowing

 

9,454

(25,120)

Payments to finance lease creditors

 

2,412,317

(130,894)

Dividends paid

(200,000)

(135,884)

Net cash flows from financing activities

 

1,509,641

(731,910)

Net (decrease)/increase in cash and cash equivalents

 

(1,166,719)

204,182

Cash and cash equivalents at 1 July

 

1,692,300

1,489,387

Cash and cash equivalents at 30 June

 

525,581

1,693,569

 

Steadplan Group Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

156,672

118,351

Adjustments to cash flows from non-cash items

 

Loss on disposal of tangible assets

4

-

100

Finance costs

13,977

17,360

 

170,649

135,811

Working capital adjustments

 

(Increase)/decrease in trade debtors

15

(585,874)

35,600

Increase in trade creditors

17

174,301

462,400

Net cash flow from operating activities

 

(240,924)

633,811

Cash flows from investing activities

 

Proceeds from sale of subsidiaries

 

-

100

Proceeds from sale of tangible assets

 

-

(100)

Net cash flows from investing activities

 

-

-

Cash flows from financing activities

 

Interest paid

(13,977)

(17,360)

Proceeds from bank borrowing draw downs

 

(111,111)

(111,111)

Dividends paid

(234,024)

(135,884)

Net cash flows from financing activities

 

(359,112)

(264,355)

Net (decrease)/increase in cash and cash equivalents

 

(600,036)

369,456

Cash and cash equivalents at 1 July

 

600,936

231,480

Cash and cash equivalents at 30 June

 

900

600,936

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Whitehall Road Industrial Estate
Ashfield Way
Leeds
West Yorkshire
LS12 5JB

These financial statements were authorised for issue by the Board on 13 March 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 June 2024.

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

The current 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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 equipment

1.5 - 3 years straight line

Fixtures and fittings

1.5 - 3 years straight line

Computer equipment

1.5 - 3 years straight line

Motor vehicles

1.5 - 3 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 group 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.

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 group 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.

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

3

Revenue

The analysis of the group's turnover for the year by class of business is as follows:

2024
£

2023
£

Sale of goods

18,265,731

31,961,914

Rendering of services

10,008,918

7,352,550

Commissions receivable

111,907

-

28,386,556

39,314,464

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

28,274,649

39,314,464

4

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

5,890

85,901

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,017,937

878,457

Operating lease expense - plant and machinery

1,129,412

858,103

Operating lease expense - other

461

481

Profit on disposal of property, plant and equipment

(5,890)

(85,901)

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

17,449

25,150

Interest on obligations under finance leases and hire purchase contracts

317,133

110,983

Interest expense on other finance liabilities

248,249

84,038

Foreign exchange gains

291

2,072

583,122

222,243

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,782,700

2,449,297

Social security costs

419,179

267,456

Other short-term employee benefits

30,923

21,135

Pension costs, defined contribution scheme

109,283

549,952

Other employee expense

(639)

(3,084)

4,341,446

3,284,756

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

9

9

Sales, distribution and workshop

71

49

80

58

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

614,487

-

Contributions paid to money purchase schemes

-

210,000

614,487

210,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

3,500

2,900

Audit of the financial statements of subsidiaries of the company pursuant to legislation

21,500

21,000

25,000

23,900


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

(42,989)

296,498

Deferred taxation

Arising from origination and reversal of timing differences

37,994

261,537

Tax (receipt)/expense in the income statement

(4,995)

558,035

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

628,443

2,543,044

Corporation tax at standard rate

157,111

521,324

Tax increase from effect of capital allowances and depreciation

385

317

Tax decrease from other short-term timing differences

(173,869)

(31,890)

Effect of changes in rate of corporation tax

9,447

-

UK deferred tax expense/(credit) relating to changes in tax rates or laws

-

65,837

Effect of expense not deductible in determining taxable profit (tax loss)

1,931

2,447

Total tax (credit)/charge

(4,995)

558,035

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost

At 1 July 2023

488,722

488,722

At 30 June 2024

488,722

488,722

Amortisation

At 1 July 2023

488,722

488,722

At 30 June 2024

488,722

488,722

Net book value

At 30 June 2024

-

-

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12

Tangible assets

Group

Leasehold improvements
£

Fixtures and fittings
£

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost

At 1 July 2023

2,647,606

147,534

5,614,008

436,189

8,845,337

Additions

257,779

31,604

2,899,209

60,634

3,249,226

Disposals

-

-

(527,197)

-

(527,197)

At 30 June 2024

2,905,385

179,138

7,986,020

496,823

11,567,366

Depreciation

At 1 July 2023

-

76,182

3,268,440

177,324

3,521,946

Charge for the year

-

23,502

912,691

81,744

1,017,937

Eliminated on disposal

-

-

(409,324)

-

(409,324)

At 30 June 2024

-

99,684

3,771,807

259,068

4,130,559

Net book value

At 30 June 2024

2,905,385

79,454

4,214,213

237,755

7,436,807

At 30 June 2023

2,647,606

71,352

2,345,568

258,865

5,323,391

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Within the group, motor vehicles with a net book value of £3,488,436 (2023 - £1,847,661), are subsequently hired to third parties under cancellable operating leases.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

3,708,715

1,792,894

Plant and equipment

-

99,930

3,708,715

1,892,824

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

9

9

Subsidiaries

£

Cost or valuation

At 1 July 2023

9

Carrying amount

At 30 June 2024

9

At 30 June 2023

9

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Steadplan Limited

Whitehall Road Industrial Estate, Ashfield Way, Leeds, LS12 5JB

England

Ordinary shares

100%

100%

Steadplan Rental Limited

Whitehall Road Industrial Estate, Ashfield Way, Leeds, LS12 5JB

England

Ordinary shares

100%

100%

Steadplan Truck and Trailer Sales Ltd

Whitehall Road Industrial Estate, Ashfield Way, Leeds, LS12 5JB

England

Ordinary shares

100%

100%

Subsidiary undertakings

Steadplan Limited

The principal activity of Steadplan Limited is that of motor vehicle repairs and maintenance. The profit for the financial period of Steadplan Limited was £939,707 and the aggregate amount of capital and reserves at the end of the period was £2,021,915.

Steadplan Rental Limited

The principal activity of Steadplan Rental Limited is that of vehicle leasing and sales. The profit for the financial period of Steadplan Rental Limited was £98,671 and the aggregate amount of capital and reserves at the end of the period was £914,399.

Steadplan Truck and Trailer Sales Ltd

The principal activity of Steadplan Truck and Trailer Sales Ltd is that of sales of motor vehicles. The loss for the financial period of Steadplan Truck and Trailer Sales Ltd was £415,884 and the aggregate amount of capital and reserves at the end of the period was £3,368,837.

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

634,311

352,688

-

-

Other inventories

5,476,527

4,507,893

-

-

6,110,838

4,860,581

-

-

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

15

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,341,183

1,025,827

-

-

Amounts owed by related parties

23

-

-

409,650

359,650

Other debtors

 

2,705,763

2,246,433

650,874

115,000

Prepayments

 

319,142

289,630

-

-

Income tax asset

10

42,988

-

-

-

   

4,409,076

3,561,890

1,060,524

474,650

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

525,580

1,692,300

900

600,936

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

1,522,933

737,938

101,852

111,111

trade creditors

 

2,124,474

3,060,295

-

-

Amounts due to related parties

23

-

-

501,660

696,660

Social security and other taxes

 

400,396

359,272

-

-

Other payables

 

4,659,624

3,301,846

608,601

219,300

Accruals

 

279,847

153,902

-

20,000

Corporation tax payable

10

-

308,790

-

-

 

8,987,274

7,922,043

1,212,113

1,047,071

Due after one year

 

Loans and borrowings

21

2,898,917

1,391,440

-

101,852

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024


Secured creditors
The invoice discounting creditor of £Nil (2023 - £39,635), included in other creditors due within one year, is secured against the trade debtors of the trading entities.

The bank loan is secured on the fixed and floating asets of the company and is repayable over a fixed five year term at a rate of interest of 3.85%.

The stocking loan creditor of £2,087,599 (2023 - £1,911,598), included in other creditors due within one year, is secured against the trade debtors of the trading entities.

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Included within the obligations under finance leases and hire purchase contracts is an amount of £3,178,268 (2023 - £1,508,218). This relates to a liability for vehicles acquired by a subsidiary company which subsequently leases the vehicles to third parties under operating leases. In the event of a Voluntary Termination or a Hirer Default, the finance lessor (MAN Truck and Bus Limited) has agreed to accept return of the vehicles in lieu of the liability outstanding.

18

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 July 2023

391,232

391,232

Increase (decrease) in existing provisions

37,994

37,994

At 30 June 2024

429,226

429,226

19

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £109,283 (2023 - £549,952).

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       
 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

21

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

101,852

-

101,852

Finance lease liabilities

2,717,829

1,147,022

-

-

Other borrowings

152,020

142,566

-

-

HP and finance lease liability 1 (2-5 yrs)

29,068

-

-

-

2,898,917

1,391,440

-

101,852

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

101,852

129,299

101,852

111,111

Finance lease liabilities

1,421,081

608,639

-

-

1,522,933

737,938

101,852

111,111

22

Obligations under leases and hire purchase contracts

Group

Finance leases

Finance lease payments represent rentals payable by the group for certain capital items. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

1,421,081

608,639

Later than one year and not later than five years

2,717,829

1,147,022

4,138,910

1,755,661

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

869,416

801,457

Later than one year and not later than five years

1,307,333

1,370,076

2,176,749

2,171,533

The amount of non-cancellable operating lease payments recognised as an expense during the year was £1,116,127 (2023 - £849,899).

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

23

Related party transactions

Group

Summary of transactions with all entities with joint control or significant interest

Steadplan Properties Ltd
(A company in which Mr J A Smith is a director and shareholder)

A.J.A. Smith Properties Limited
( A company in which Mr J A Smith is a director and shareholder)

Ribble Valley Industrial Limited
(A company in which Mr J A Smith is a director and shareholder)

Excolo Investments Limited
(A company in which Mr J A Smith is a director and shareholder

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Leases

380,000

2023

Entities with joint control or significant influence
£

Leases

210,000

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

2,091,935

2,091,935

Advanced

293,741

293,741

At end of period

2,385,676

2,385,676

2023

Entities with joint control or significant influence
£

Total
£

At start of period

2,478,185

2,478,185

Repaid

(386,250)

(386,250)

At end of period

2,091,935

2,091,935

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

719,561

719,561

Advanced

253,210

253,210

At end of period

972,771

972,771

2023

Entities with joint control or significant influence
£

Total
£

At start of period

192,536

192,536

Advanced

527,025

527,025

At end of period

719,561

719,561

 

Steadplan Group Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Company

Loans to related parties

2024

Entities with joint control or significant influence
£

Subsidiary
£

Total
£

At start of period

-

359,650

359,650

Advanced

535,874

-

535,874

Repaid

-

50,000

50,000

At end of period

535,874

409,650

945,524

2023

Entities with joint control or significant influence
£

Subsidiary
£

Total
£

At start of period

123,600

386,650

510,250

Repaid

(123,600)

(27,000)

(150,600)

At end of period

-

359,650

359,650

Loans from related parties

2024

Entities with joint control or significant influence
£

Subsidiary
£

Total
£

At start of period

219,400

696,660

916,060

Advanced

389,201

-

389,201

Repaid

-

(195,000)

(195,000)

At end of period

608,601

501,660

1,110,261

2023

Entities with joint control or significant influence
£

Subsidiary
£

Total
£

At start of period

-

453,560

453,560

Advanced

219,400

243,100

462,500

At end of period

219,400

696,660

916,060

24

Controlling party

The group is controlled by Mr J A Smith by virtue of his majority shareholding in the company.