REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2024 |
for |
STEP PROPERTY LIMITED |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
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 |
Current assets |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 8 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings | 10 |
Shareholders' funds |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Leasehold improvements | - |
Portacabins | - |
Plant and machinery | - |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
Fixtures, |
fittings | Motor |
& equipment | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by associated companies |
Amounts owed by participating interests | 476,706 | - |
Other debtors |
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 |
Amounts owed to participating interests | - | 98,553 |
Taxation and social security |
Other creditors |
7. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
8. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 33,453 | 47,349 |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Provided during year | ( |
) |
Movement in the year |
Balance at 31 July 2024 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 5,000 | 5,000 |
10. | Reserves |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 3,906,987 |
Profit for the year |
At 31 July 2024 | 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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |