Company No: 03893025 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Geoffrey King (Appointed 29 October 2024)
	Robert Kyte (Resigned 29 October 2024)
	Trevor Moon

REGISTERED OFFICE	Step House
	North Farm Road
	Tunbridge Wells
	TN2 3DR
	United Kingdom

COMPANY NUMBER

03893025 (England and Wales)

ACCOUNTANT	S&W Partners (South East) Limited
	Brockbourne House
	77 Mount Ephraim
	Royal Tunbridge Wells
	TN4 8BS

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	24,288		36,916
		24,288		36,916
Current assets
Debtors	4	1,900,234		300,197
Cash at bank and in hand		952,211		1,814,163
		2,852,445		2,114,360
Creditors: amounts falling due within one year	5	( 581,544)		( 560,857)
Net current assets		2,270,901		1,553,503
Total assets less current liabilities		2,295,189		1,590,419
Provision for liabilities	6	( 4)		( 2,768)
Net assets		2,295,185		1,587,651
Capital and reserves
Called-up share capital		750		750
Capital redemption reserve		750		750
Profit and loss account		2,293,685		1,586,151
Total shareholders' funds		2,295,185		1,587,651

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Step Communications Limited (registered number: 03893025) were approved and authorised for issue by the Board of Directors on 12 May 2025. They were signed on its behalf by:

Trevor Moon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Step Communications Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Step House, North Farm Road, Tunbridge Wells, TN2 3DR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Step Communications Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on an accruals basis, based on the date of the publication to which it relates.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	5 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	20		19

3. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 January 2024	58,263		17,163		75,426
Additions	0		2,268		2,268
At 31 December 2024	58,263		19,431		77,694
Accumulated depreciation
At 01 January 2024	25,220		13,290		38,510
Charge for the financial year	11,652		3,243		14,895
At 31 December 2024	36,872		16,534		53,406
Net book value
At 31 December 2024	21,391		2,897		24,288
At 31 December 2023	33,043		3,873		36,916

4. Debtors

	2024		2023
	£		£
Trade debtors	315,201		276,755
Amounts owed by Parent undertakings	1,556,095		0
Other debtors	28,938		23,442
	1,900,234		300,197

In October 2024 the company provided loans totaling £1,556,095 to its parent company. This loan is interest free and repayable on demand.

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	17,453		18,722
Corporation tax	253,995		184,609
Other taxation and social security	116,564		109,670
Other creditors	193,532		247,856
	581,544		560,857

6. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 2,768)		0
Credited/(charged) to the Statement of Income and Retained Earnings	2,764		( 2,768)
At the end of financial year	( 4)		( 2,768)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Fixed asset timing differences	( 1,151)		( 3,734)
Short term timing differences	1,147		966
	( 4)		( 2,768)

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	38,000		38,000
between one and five years	93,546		131,546
	131,546		169,546

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2024		2023
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	4,588		3,866

8. Related party transactions

The company has taken advantage of the exemptions available to not disclose related party transactions within the same wholly owned group.

9. Ultimate controlling party

Parent Company:

Step Communications Holding Limited

Step House North Farm Road, Tunbridge Wells, Kent, TN2 3DR