Registration number:
Steadplan Group Limited
for the Year Ended 30 June 2024
Steadplan Group Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
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 |
|
Notes to the Financial Statements |
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 |
|
Auditors |
|
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
......................................... |
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:
The following directors were appointed after the year end:
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
......................................... |
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
......................................
For and on behalf of
St James House
St James's Row
Burnley
Lancashire
BB11 1DR
Steadplan Group Limited
Consolidated Profit and Loss Account for the Year Ended 30 June 2024
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
|
( |
|
Profit for the financial year |
|
|
|
Profit/(loss) attributable to: |
|||
Owners of the company |
|
|
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 |
|
|
Disposal of subsidiaries gains |
- |
|
Total comprehensive income for the year |
|
|
Total comprehensive income attributable to: |
||
Owners of the company |
|
|
Steadplan Group Limited
(Registration number: 09687480)
Consolidated Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
Steadplan Group Limited
(Registration number: 09687480)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investments |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
( |
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
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
......................................... |
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 |
|
|
|
|
Profit for the year |
- |
|
|
|
Dividends |
- |
( |
( |
( |
At 30 June 2024 |
|
|
|
|
Share capital |
Retained earnings |
Total |
Total equity |
|
At 1 July 2022 |
|
|
|
|
Profit for the year |
- |
|
|
|
Other comprehensive income |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
( |
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 |
|
( |
( |
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 30 June 2024 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 July 2022 |
|
( |
( |
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
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 |
1,017,937 |
878,457 |
|
Profit on disposal of tangible assets |
(5,890) |
(85,901) |
|
Finance costs |
582,831 |
220,171 |
|
Income tax expense |
(4,995) |
558,035 |
|
2,223,321 |
3,555,771 |
||
Working capital adjustments |
|||
Increase in stocks |
(1,250,257) |
(562,258) |
|
(Increase)/decrease in trade debtors |
(804,198) |
235,513 |
|
Increase in trade creditors |
589,026 |
878,970 |
|
Cash generated from operations |
757,892 |
4,107,996 |
|
Income taxes paid |
(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 |
(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 |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Loss on disposal of tangible assets |
- |
100 |
|
Finance costs |
13,977 |
17,360 |
|
|
135,811 |
||
Working capital adjustments |
|||
(Increase)/decrease in trade debtors |
( |
|
|
Increase in trade creditors |
|
|
|
Net cash flow from operating activities |
(240,924) |
633,811 |
|
Cash flows from investing activities |
|||
Proceeds from sale of subsidiaries |
- |
|
|
Proceeds from sale of tangible assets |
- |
( |
|
Net cash flows from investing activities |
- |
- |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
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
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
Revenue |
The analysis of the group's turnover for the year by class of business is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Rendering of services |
|
|
Commissions receivable |
111,907 |
- |
|
|
The analysis of the group's turnover for the year by market is as follows:
2024 |
2023 |
|
UK |
|
|
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 |
|
|
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Operating lease expense - other |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Interest expense on other finance liabilities |
|
|
Foreign exchange gains |
|
|
|
|
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
( |
( |
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Sales, distribution and workshop |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
- |
Contributions paid to money purchase schemes |
- |
|
614,487 |
210,000 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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 |
|
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
( |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax (receipt)/expense in the income statement |
( |
|
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
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
Tax decrease from other short-term timing differences |
( |
( |
Effect of changes in rate of corporation tax |
|
- |
UK deferred tax expense/(credit) relating to changes in tax rates or laws |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Total tax (credit)/charge |
( |
|
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Group
Goodwill |
Total |
|
Cost |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Amortisation |
||
At 1 July 2023 |
|
|
At 30 June 2024 |
|
|
Net book value |
||
At 30 June 2024 |
- |
- |
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Group
Leasehold improvements |
Fixtures and fittings |
Motor vehicles |
Plant and equipment |
Total |
|
Cost |
|||||
At 1 July 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
- |
( |
At 30 June 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 July 2023 |
- |
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 June 2024 |
- |
|
|
|
|
Net book value |
|||||
At 30 June 2024 |
|
|
|
|
|
At 30 June 2023 |
|
|
|
|
|
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 |
Investments |
Company
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 July 2023 |
|
Carrying amount |
|
At 30 June 2024 |
|
At 30 June 2023 |
|
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 |
|||||||
|
Whitehall Road Industrial Estate, Ashfield Way, Leeds, LS12 5JB England |
|
|
|
|||
|
Whitehall Road Industrial Estate, Ashfield Way, Leeds, LS12 5JB England |
|
|
|
|||
|
Whitehall Road Industrial Estate, Ashfield Way, Leeds, LS12 5JB England |
|
|
|
Subsidiary undertakings |
Steadplan Limited The principal activity of Steadplan Limited is |
Steadplan Rental Limited The principal activity of Steadplan Rental Limited is |
Steadplan Truck and Trailer Sales Ltd The principal activity of Steadplan Truck and Trailer Sales Ltd is |
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Stocks |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Work in progress |
|
|
- |
- |
Other inventories |
|
|
- |
- |
|
|
- |
- |
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Debtors |
Group |
Company |
||||
Current |
Note |
2024 |
2023 |
2024 |
2023 |
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Income tax asset |
|
- |
- |
- |
|
|
|
|
|
Cash and cash equivalents |
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
Cash at bank |
|
|
|
|
Creditors |
Group |
Company |
||||
Note |
2024 |
2023 |
2024 |
2023 |
|
Due within one year |
|||||
Loans and borrowings |
1,522,933 |
737,938 |
101,852 |
111,111 |
|
trade creditors |
2,124,474 |
3,060,295 |
- |
- |
|
Amounts due to related parties |
- |
- |
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 |
- |
308,790 |
- |
- |
|
8,987,274 |
7,922,043 |
1,212,113 |
1,047,071 |
||
Due after one year |
|||||
Loans and borrowings |
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.
Provisions for liabilities |
Group
Deferred tax |
Total |
|
At 1 July 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 June 2024 |
|
|
|
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 £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
4 |
|
4 |
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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 |
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 |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Steadplan Group Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
Related party transactions |
Group
Summary of transactions with all entities with joint control or significant interest
(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 |
|
|
2023 |
Entities with joint control or significant influence |
Leases |
|
|
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 |
|
|
Advanced |
|
|
At end of period |
|
|
|
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
Loans from related parties
2024 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2023 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
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 |
- |
|
|
Advanced |
|
- |
|
Repaid |
- |
|
|
At end of period |
|
|
|
|
2023 |
Entities with joint control or significant influence |
Subsidiary |
Total |
At start of period |
|
|
|
Repaid |
( |
( |
( |
At end of period |
- |
|
|
|
Loans from related parties
2024 |
Entities with joint control or significant influence |
Subsidiary |
Total |
At start of period |
|
|
|
Advanced |
|
- |
|
Repaid |
- |
( |
( |
At end of period |
|
|
|
|
2023 |
Entities with joint control or significant influence |
Subsidiary |
Total |
At start of period |
- |
|
|
Advanced |
|
|
|
At end of period |
|
|
|
|
Controlling party |
The group is controlled by