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REGISTERED NUMBER: 02760701 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 July 2024

for

STEP PROPERTY LIMITED

STEP PROPERTY LIMITED (REGISTERED NUMBER: 02760701)

Contents of the Financial Statements
for the year ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


STEP PROPERTY LIMITED

Company Information
for the year ended 31 July 2024







Directors: Mr M W Perkins
Mr G J Perkins





Secretary: Mr M W Perkins





Registered office: 3rd Floor
86 - 90 Paul Street
London
EC2A 4NE





Registered number: 02760701 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

STEP PROPERTY LIMITED (REGISTERED NUMBER: 02760701)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 190,719 249,934

Current assets
Debtors 5 5,121,924 3,803,919
Cash at bank and in hand 303,839 989,243
5,425,763 4,793,162
Creditors
Amounts falling due within one year 6 900,306 1,083,760
Net current assets 4,525,457 3,709,402
Total assets less current liabilities 4,716,176 3,959,336

Provisions for liabilities 8 33,453 47,349
Net assets 4,682,723 3,911,987

Capital and reserves
Called up share capital 9 5,000 5,000
Revaluation reserve 10 25,190 25,190
Retained earnings 10 4,652,533 3,881,797
Shareholders' funds 4,682,723 3,911,987

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2025 and were signed on its behalf by:





Mr M W Perkins - Director


STEP PROPERTY LIMITED (REGISTERED NUMBER: 02760701)

Notes to the Financial Statements
for the year ended 31 July 2024


1. Statutory information

Step Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - over the length of the lease
Portacabins - 25% on reducing balance
Plant and machinery - 20% on cost
Fixtures, fittings & equipment - 20% on cost
Motor vehicles - 20% on cost

STEP PROPERTY LIMITED (REGISTERED NUMBER: 02760701)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Employer financed retirement benefit scheme
The company has established trusts for the benefit of employees and certain of their dependents. Monies held in these trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Investments
Investments held as fixed assets are stated at market value.

3. Employees and directors

The average number of employees during the year was 7 (2023 - 7 ) .

STEP PROPERTY LIMITED (REGISTERED NUMBER: 02760701)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


4. Tangible fixed assets
Leasehold Plant and
improvements Portacabins machinery
£    £    £   
Cost
At 1 August 2023 188,943 123,345 75,660
Additions 19,880 7,833 -
Disposals - (2,000 ) (2,000 )
At 31 July 2024 208,823 129,178 73,660
Depreciation
At 1 August 2023 167,965 83,644 51,938
Charge for year 16,090 11,383 9,241
Eliminated on disposal - - (1,700 )
At 31 July 2024 184,055 95,027 59,479
Net book value
At 31 July 2024 24,768 34,151 14,181
At 31 July 2023 20,978 39,701 23,722

Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
Cost
At 1 August 2023 560,780 254,838 1,203,566
Additions 1,285 - 28,998
Disposals - (11,839 ) (15,839 )
At 31 July 2024 562,065 242,999 1,216,725
Depreciation
At 1 August 2023 521,944 128,141 953,632
Charge for year 8,058 41,141 85,913
Eliminated on disposal - (11,839 ) (13,539 )
At 31 July 2024 530,002 157,443 1,026,006
Net book value
At 31 July 2024 32,063 85,556 190,719
At 31 July 2023 38,836 126,697 249,934

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 748,759 767,454
Amounts owed by associated companies 274,179 295,102
Amounts owed by participating interests 476,706 -
Other debtors 3,622,280 2,741,363
5,121,924 3,803,919

STEP PROPERTY LIMITED (REGISTERED NUMBER: 02760701)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 188,844 179,446
Amounts owed to participating interests - 98,553
Taxation and social security 193,283 296,418
Other creditors 518,179 509,343
900,306 1,083,760

7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 1,332,000 1,332,000
Between one and five years 1,272,000 2,604,000
2,604,000 3,936,000

8. Provisions for liabilities
2024 2023
£    £   
Deferred tax 33,453 47,349

Deferred
tax
£   
Balance at 1 August 2023 47,349
Provided during year (13,896 )
Movement in the year
Balance at 31 July 2024 33,453

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary £1 5,000 5,000

10. Reserves
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 August 2023 3,881,797 25,190 3,906,987
Profit for the year 770,736 770,736
At 31 July 2024 4,652,533 25,190 4,677,723

11. Contingent liabilities

A cross guarantee exists between the company and H&G Car Parks Limited. In respect of this contingent liability the security is with the National Westminster Bank PLC for sums due or becoming due.

STEP PROPERTY LIMITED (REGISTERED NUMBER: 02760701)

Notes to the Financial Statements - continued
for the year ended 31 July 2024


12. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Mr M W Perkins
Balance outstanding at start of year 345,329 307,326
Amounts advanced 49,594 43,717
Amounts repaid (18,637 ) (5,714 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 376,286 345,329

Mr G J Perkins
Balance outstanding at start of year 453,490 429,371
Amounts advanced 82,670 24,119
Amounts repaid (36,600 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 499,560 453,490

13. Related party disclosures

Step Property Limited is a subsidiary of the Step Property Group Limited, included in the accounts are balances due to/from related companies H&G Car Parks Limited and Horton Leisure Limited, companies registered in England and Wales which form part of the Step Property Group, summarised as follows:



Amounts due
from Associated
Companies
Amounts due
to Associated
Companies
H&G Car Parks Limited £276,706
Horton Leisure Limited £6,000 -
Step Property Group Limited £246,440 -
Historics Classic & Sportscar Auctions Limited £21,738

During the year, the company made management charges to H&G Car Parks Limited of £75,000 (2023: £75,000) and Horton Leisure Limited of £5,000 (2023: £5,000), all transactions were on normal commercial terms. During the year the company paid rent of £570,000 to H&G Car Parks Limited.

Included within other debtors are loans to Mr M Perkins £320,818 (2023: £292,980), Mrs C Quick £236,633 (2023: £206,633), Mrs J Perkins £10,000 (2023: £10,000), Ms N Chaisty £34,211 (2023: £34,211) and Ms S Evans £43,333 (2023: £43,333). These are all close relatives to the company directors.

Included in other debtors is an amount of £21,271 (2023: £21,271) due from Thorney Lane LLP. During the year the company paid rent of £832,333 to Thorney Lane LLP.

During the year the company charged a management fee of £5,500 (2023: £5,500) to Step Property Limited Retirement Benefit Scheme.

14. Ultimate controlling party

The company is controlled by the Directors of Step Property Group Limited.