Acorah Software Products - Accounts Production 16.5.460 false true 31 December 2023 1 January 2023 false 1 January 2024 31 December 2024 31 December 2024 02683105 P T Hemsley D E Stoneham P D Churchill Quadrant Ventures Limited Quadrant Ventures Limited 67 South Street, Epsom, Surrey, KT18 7PY true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02683105 2023-12-31 02683105 2024-12-31 02683105 2024-01-01 2024-12-31 02683105 frs-core:CurrentFinancialInstruments 2024-12-31 02683105 frs-core:BetweenOneFiveYears 2024-12-31 02683105 frs-core:FurnitureFittings 2024-12-31 02683105 frs-core:FurnitureFittings 2024-01-01 2024-12-31 02683105 frs-core:FurnitureFittings 2023-12-31 02683105 frs-core:NetGoodwill 2024-12-31 02683105 frs-core:NetGoodwill 2024-01-01 2024-12-31 02683105 frs-core:NetGoodwill 2023-12-31 02683105 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-12-31 02683105 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02683105 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 02683105 frs-core:MoreThanFiveYears 2024-12-31 02683105 frs-core:PlantMachinery 2024-12-31 02683105 frs-core:PlantMachinery 2024-01-01 2024-12-31 02683105 frs-core:PlantMachinery 2023-12-31 02683105 frs-core:WithinOneYear 2024-12-31 02683105 frs-core:ShareCapital 2024-12-31 02683105 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 02683105 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02683105 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 02683105 frs-bus:SmallEntities 2024-01-01 2024-12-31 02683105 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 02683105 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02683105 frs-bus:OrdinaryShareClass3 2024-01-01 2024-12-31 02683105 frs-bus:OrdinaryShareClass3 2024-12-31 02683105 frs-bus:PreferenceShareClass3 2024-01-01 2024-12-31 02683105 frs-bus:PreferenceShareClass3 2024-12-31 02683105 1 2024-01-01 2024-12-31 02683105 frs-bus:Director1 2024-01-01 2024-12-31 02683105 frs-bus:Director2 2024-01-01 2024-12-31 02683105 frs-bus:Director3 2024-01-01 2024-12-31 02683105 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 02683105 frs-countries:EnglandWales 2024-01-01 2024-12-31 02683105 2022-12-31 02683105 2023-12-31 02683105 2023-01-01 2023-12-31 02683105 frs-core:CurrentFinancialInstruments 2023-12-31 02683105 frs-core:BetweenOneFiveYears 2023-12-31 02683105 frs-core:MoreThanFiveYears 2023-12-31 02683105 frs-core:WithinOneYear 2023-12-31 02683105 frs-core:ShareCapital 2023-12-31 02683105 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 02683105 frs-bus:OrdinaryShareClass3 2023-01-01 2023-12-31 02683105 frs-bus:PreferenceShareClass3 2023-01-01 2023-12-31
Steelplan Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 02683105
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 147,294 149,111
147,294 149,111
CURRENT ASSETS
Stocks 6 618,332 596,230
Debtors 7 449,965 520,504
1,068,297 1,116,734
Creditors: Amounts Falling Due Within One Year 8 (1,111,308 ) (1,176,242 )
NET CURRENT ASSETS (LIABILITIES) (43,011 ) (59,508 )
TOTAL ASSETS LESS CURRENT LIABILITIES 104,283 89,603
NET ASSETS 104,283 89,603
CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Profit and Loss Account 84,283 69,603
SHAREHOLDERS' FUNDS 104,283 89,603
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
P D Churchill
Director
21 August 2025
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Steelplan Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 02683105 . The registered office is 67 South Street, Epsom, KT18 7PY.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the amount derived from the provision of goods and services to third parties which fall within the company's ordinary activities, stated net of value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the term of the lease
Plant & Machinery straight line over 3 years
Fixtures & Fittings straight line over 3-10 years
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 2
Page 3
2.7. 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 material 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees during the year was: 22 (2023: 22)
22 22
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 57,571
As at 31 December 2024 57,571
Amortisation
As at 1 January 2024 57,571
As at 31 December 2024 57,571
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2024 40,632 603,823 83,739 728,194
Additions - 39,961 - 39,961
As at 31 December 2024 40,632 643,784 83,739 768,155
...CONTINUED
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Page 4
Depreciation
As at 1 January 2024 6,587 505,172 67,324 579,083
Provided during the period 5,013 29,547 7,218 41,778
As at 31 December 2024 11,600 534,719 74,542 620,861
Net Book Value
As at 31 December 2024 29,032 109,065 9,197 147,294
As at 1 January 2024 34,045 98,651 16,415 149,111
6. Stocks
2024 2023
£ £
Stock of raw materials 383,730 396,466
Stock of finished goods 169,985 131,781
Work in progress 64,617 67,983
618,332 596,230
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 298,947 260,727
Amounts owed by group undertakings 13,991 69,806
Other debtors 51,647 104,591
364,585 435,124
Due after more than one year
Other debtors 85,380 85,380
449,965 520,504
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 436,916 322,966
Bank loans and overdrafts 35,572 109,346
Amounts owed to group undertakings 548,298 472,641
Other creditors 33,595 229,684
Taxation and social security 56,927 41,605
1,111,308 1,176,242
Page 4
Page 5
9. Secured Creditors
Of the creditors the following amounts are secured.
2024
2023
£
£
Bank overdrafts
35,572
109,345
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National Westminster Bank PLC holds a fixed and floating charge over certain assets of the company.
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
20,000 Ordinary B shares of £ 0.1675 each 3,350 3,350
Preference Shares
2024 2023
Allotted, called up and fully paid £ £
1,110,000 Preference B shares of £ 0.0150 each 16,650 16,650
Each class of share ranks pari passu except for the Preference B shares which have no right to receive notice or attend general meetings and shall not be entitled to vote upon any resolution thereof.
11. Contingent Liabilities
The company has a cross guarantee with group companies in respect of borrowings from National Westminster Bank Plc. As at 31 December 2024 the company had borrowings of £35,572 directly (2023: £109,345) and the total group borrowings were £349,622 (2023: £504,229). The guarantee is secured with fixed and floating charge over all the property or undertaking of the company and group companies.
The company is part of a group VAT election and is therefore jointly and severally liable for the VAT liability of other group companies. The total group liability at the year end is £51,132 (2023: £64,209).
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 282,953 215,189
Later than one year and not later than five years 1,124,040 1,125,983
Later than five years 1,358,215 1,639,225
2,765,208 2,980,397
13. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Quadrant Ventures Limited whose registered office address is 67 South Street, Epsom, Surrey, KT18 7PY
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