Steelhead Developments LLP Filleted accounts for Companies House (small and micro)

REGISTERED NUMBER: OC316719

Steelhead Developments LLP

Filleted Unaudited Financial Statements

5 April 2025

Steelhead Developments LLP

Statement of Financial Position

5 April 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	3		100,070	14,800

Current assets

Debtors	4	39,434	61,422
Cash at bank and in hand		164,012	44,278
		--------	--------
		203,446	105,700

Prepayments and accrued income	1,533		852

Creditors: amounts falling due within one year	5	133,791		92,308
		--------		--------
Net current assets			71,188	14,244
			--------	-------
Total assets less current liabilities			171,258	29,044

Creditors: amounts falling due after more than one year	6		69,354	18,044

Accruals and deferred income	4,677	11,000
	--------	-------
Net assets	97,227	–
	--------	-------

Represented by:

Loans and other debts due to members

Other amounts	7	97,227	–
		-------	----

Members' other interests

Other reserves	–	–
	-------	----
	97,227	–
	-------	----

Total members' interests

Amounts due from members		–	(29,557)
Loans and other debts due to members	7	97,227	–
Members' other interests		–	–
		-------	-------
		97,227	(29,557)
		-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

Steelhead Developments LLP

Statement of Financial Position (continued)

5 April 2025

For the year ending 5 April 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the members and authorised for issue on 28 August 2025 , and are signed on their behalf by:

M.P. Bishop

Designated Member

Registered number: OC316719

Steelhead Developments LLP

Notes to the Financial Statements

Year ended 5 April 2025

1.	General information

The company is registered and trading in England and Wales with company number OC316719 . The address of the registered office is 8 Jury Street, Warwick, United Kingdom, CV34 4EW.

2.	Accounting policies

Basis of preparation

The financial statements have been prepare on historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the LLP and rounded to the nearest £.

Judgements and key sources of estimation uncertainty

In preparing these financial statements the members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover, represents amounts invoiced, excluding value added tax, in respect of the sale of goods and services. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced, calculated by reference to the stage of completion.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Equipment	-	15% reducing balance
Motor Vehicles	-	Straight line (S/L) over finance term up to GFV. 25% S/L after.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

The LLP only has basic financial instruments. - Financial assets Financial assets comprise items such as cash at bank and in hand and trade and other debtors. These are initially recorded at cost on the date they originate, the LLP considers evidence of impairment for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. - Financial liabilities Financial liabilities comprise items such as corporation and other taxes, bank and other loans, accruals and trade and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable, the LLP considers evidence of impairment for all individual elements comprising financial liabilities and any subsequent impairment is recognised in profit and loss.

3.	Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 6 April 2024	6,018	30,659	36,677
Additions	6,359	95,858	102,217
Disposals	–	( 30,659)	( 30,659)
	-------	-------	--------
At 5 April 2025	12,377	95,858	108,235
	-------	-------	--------
Depreciation
At 6 April 2024	3,477	18,400	21,877
Charge for the year	1,087	3,601	4,688
Disposals	–	( 18,400)	( 18,400)
	-------	-------	--------
At 5 April 2025	4,564	3,601	8,165
	-------	-------	--------
Carrying amount
At 5 April 2025	7,813	92,257	100,070
	-------	-------	--------
At 5 April 2024	2,541	12,259	14,800
	-------	-------	--------

4.	Debtors

	2025	2024
	£	£
Trade debtors	39,365	31,365
Other debtors	69	30,057
	-------	-------
	39,434	61,422
	-------	-------

5. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	3,333	3,333
Trade creditors	117,011	14,901
Social security and other taxes	10,028	60,011
Other creditors	3,419	14,063
	--------	-------
	133,791	92,308
	--------	-------

6. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	14,843	18,044
Other creditors	54,511	–
	-------	-------
	69,354	18,044
	-------	-------

Included within creditors: amounts falling due after more than one year is an amount of £1,510 (2024: £4,711) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The long term loan is to be repaid over 10 years at an interest rate of 2.5% per annum.

7.	Loans and other debts due to members

	2025	2024
	£	£
Amounts owed to members in respect of profits	97,227	–
	-------	----

8.	Operating leases

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

	2025	2024
	£	£
Not later than 1 year	–	3,432
Later than 1 year and not later than 5 years	–	2,288
	----	------
	–	5,720
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