ACCOUNTS - Final Accounts preparation

Registered number: 05904024

STEANNE SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

STEANNE SOLUTIONS LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 6

STEANNE SOLUTIONS LIMITED

REGISTERED NUMBER: 05904024

BALANCE SHEET

AS AT 31 AUGUST 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	1,027		857
		1,027		857
Current liabilities
Creditors: amounts falling due within one year	6	(42,026)		(21,826)
Net current liabilities			(40,999)		(20,969)
Total assets less current liabilities			(40,999)		(20,969)
Creditors: amounts falling due after more than one year	7		(10,770)		(21,746)

Net liabilities			(51,769)		(42,715)

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	(52,769)	(43,715)
	(51,769)	(42,715)

Page 1

STEANNE SOLUTIONS LIMITED

REGISTERED NUMBER: 05904024

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

I D L Kirkland

Director

Date: 10 September 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

STEANNE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

1.	General information

Steanne Solutions Limited is a private company, limited by shares, which is registered in England and Wales, registration number 05904024. The registered office is Charnwood Building Holywell Park, Ashby Road, Loughborough, LE11 3AQ.
Principal activities
The principal activity of the Company was previously that of software development services. However, the Company ceased trading, and now cross charges services to another group entity.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentational currency is British Pounds Sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

Mountain Iot Ltd, the parent undertaking of the Company, has confirmed their intention to support Peak Circuit Limited for a period of at least 12 months from the signing of the financial statements. Based on this support and the continued profitability and working capital of Mountain Iot Ltd, the Directors consider that the Company has the ability to continue as a going concern for at least the next 12 months and therefore these financial statements are prepared on a going concern basis.

2.3

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

STEANNE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.4

Finance costs

Finance costs are charged to the Profit and Loss Accounts over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Page 4

STEANNE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

2.9

Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Debtors

					2024	2023
					£	£


Other debtors	1,027	857
	1,027	857

5.	Cash and cash equivalents
		2024	2023
		£	£

Less: bank overdrafts	(7,175)	(2,496)
	(7,175)	(2,496)

Page 5

STEANNE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	7,175	2,496
Bank loans	10,108	9,820
Trade creditors	1,281	-
Amounts owed to group undertakings	19,723	-
Other creditors	-	6,797
Accruals and deferred income	3,739	2,713
	42,026	21,826

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	10,770	21,746
	10,770	21,746

8.	Related party transactions
	In accordance with FRS 102 35.1 AC the Company is exempt from the requirements to disclose transactions with wholly owned members of the group. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102, section 1AC 35.

9.	Controlling party

The ultimate parent undertaking is Mountain IOT Ltd. The registered office and the principal place of
business of Mountain IOT Ltd is Charnwood Building, Holywell Park Loughborough University, Ashby
Road, Loughborough, Leicestershire, LE11 3AQ.

Page 6