Caseware UK (AP4) 2025.0.111 2025.0.111 2025-09-30 2025-09-30 3519 false 2024-10-01 false false 12 civil engineering services and construction projects 13 false 01841836 2024-10-01 2025-09-30 01841836 2023-10-01 2024-09-30 01841836 2025-09-30 01841836 2024-09-30 01841836 2023-10-01 01841836 5 2024-10-01 2025-09-30 01841836 5 2023-10-01 2024-09-30 01841836 d:Director1 2024-10-01 2025-09-30 01841836 d:Director2 2024-10-01 2025-09-30 01841836 d:Director3 2024-10-01 2025-09-30 01841836 d:RegisteredOffice 2024-10-01 2025-09-30 01841836 e:Buildings e:ShortLeaseholdAssets 2024-10-01 2025-09-30 01841836 e:Buildings e:ShortLeaseholdAssets 2025-09-30 01841836 e:Buildings e:ShortLeaseholdAssets 2024-09-30 01841836 e:PlantMachinery 2024-10-01 2025-09-30 01841836 e:PlantMachinery 2025-09-30 01841836 e:PlantMachinery 2024-09-30 01841836 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01841836 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 01841836 e:MotorVehicles 2024-10-01 2025-09-30 01841836 e:MotorVehicles 2025-09-30 01841836 e:MotorVehicles 2024-09-30 01841836 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01841836 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 01841836 e:FurnitureFittings 2024-10-01 2025-09-30 01841836 e:FurnitureFittings 2025-09-30 01841836 e:FurnitureFittings 2024-09-30 01841836 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01841836 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 01841836 e:OfficeEquipment 2024-10-01 2025-09-30 01841836 e:OfficeEquipment 2025-09-30 01841836 e:OfficeEquipment 2024-09-30 01841836 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01841836 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 01841836 e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 01841836 e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 01841836 e:CurrentFinancialInstruments 2025-09-30 01841836 e:CurrentFinancialInstruments 2024-09-30 01841836 e:Non-currentFinancialInstruments 2025-09-30 01841836 e:Non-currentFinancialInstruments 2024-09-30 01841836 e:CurrentFinancialInstruments e:WithinOneYear 2025-09-30 01841836 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 01841836 e:Non-currentFinancialInstruments e:AfterOneYear 2025-09-30 01841836 e:Non-currentFinancialInstruments e:AfterOneYear 2024-09-30 01841836 e:ReportableOperatingSegment1 2024-10-01 2025-09-30 01841836 e:ReportableOperatingSegment1 2023-10-01 2024-09-30 01841836 f:UnitedKingdom 2024-10-01 2025-09-30 01841836 f:UnitedKingdom 2023-10-01 2024-09-30 01841836 e:UKTax 2024-10-01 2025-09-30 01841836 e:UKTax 2023-10-01 2024-09-30 01841836 e:ShareCapital 2025-09-30 01841836 e:ShareCapital 2024-09-30 01841836 e:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 01841836 e:RetainedEarningsAccumulatedLosses 2025-09-30 01841836 e:RetainedEarningsAccumulatedLosses e:PriorPeriodIncreaseDecrease 2024-10-01 2025-09-30 01841836 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 01841836 e:RetainedEarningsAccumulatedLosses 2024-09-30 01841836 e:RetainedEarningsAccumulatedLosses e:PriorPeriodIncreaseDecrease 2023-10-01 2024-09-30 01841836 e:RetainedEarningsAccumulatedLosses 2023-10-01 01841836 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-09-30 01841836 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 01841836 d:OrdinaryShareClass1 2024-10-01 2025-09-30 01841836 d:OrdinaryShareClass1 2025-09-30 01841836 d:OrdinaryShareClass1 2024-09-30 01841836 d:OrdinaryShareClass2 2024-10-01 2025-09-30 01841836 d:OrdinaryShareClass2 2025-09-30 01841836 d:OrdinaryShareClass2 2024-09-30 01841836 d:FRS102 2024-10-01 2025-09-30 01841836 d:Audited 2024-10-01 2025-09-30 01841836 d:FullAccounts 2024-10-01 2025-09-30 01841836 d:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 01841836 e:WithinOneYear 2025-09-30 01841836 e:WithinOneYear 2024-09-30 01841836 e:BetweenOneFiveYears 2025-09-30 01841836 e:BetweenOneFiveYears 2024-09-30 01841836 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2025-09-30 01841836 e:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-09-30 01841836 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2025-09-30 01841836 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:WithinOneYear 2024-09-30 01841836 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2025-09-30 01841836 e:PlantEquipmentOtherAssetsUnderOperatingLeases e:BetweenOneFiveYears 2024-09-30 01841836 e:HirePurchaseContracts e:WithinOneYear 2025-09-30 01841836 e:HirePurchaseContracts e:WithinOneYear 2024-09-30 01841836 e:HirePurchaseContracts e:MoreThanFiveYears 2025-09-30 01841836 e:HirePurchaseContracts e:MoreThanFiveYears 2024-09-30 01841836 e:HirePurchaseContracts e:BetweenOneFiveYears 2025-09-30 01841836 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-09-30 01841836 2 2024-10-01 2025-09-30 01841836 e:AcceleratedTaxDepreciationDeferredTax 2025-09-30 01841836 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 01841836 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2025-09-30 01841836 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-09-30 01841836 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2025-09-30 01841836 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-09-30 01841836 e:LeasedAssetsHeldAsLessee 2025-09-30 01841836 e:LeasedAssetsHeldAsLessee 2024-09-30 01841836 g:PoundSterling 2024-10-01 2025-09-30 01841836 e:PreviouslyStatedAmount 2024-09-30 01841836 e:Buildings e:ShortLeaseholdAssets e:PreviouslyStatedAmount 2024-09-30 01841836 e:PlantMachinery e:PreviouslyStatedAmount 2024-09-30 01841836 e:MotorVehicles e:PreviouslyStatedAmount 2024-09-30 01841836 e:Buildings e:ShortLeaseholdAssets e:PriorPeriodIncreaseDecrease 2024-09-30 01841836 e:PlantMachinery e:PriorPeriodIncreaseDecrease 2024-09-30 01841836 e:MotorVehicles e:PriorPeriodIncreaseDecrease 2024-09-30 01841836 e:FurnitureFittings e:PriorPeriodIncreaseDecrease 2024-09-30 01841836 e:OfficeEquipment e:PriorPeriodIncreaseDecrease 2024-09-30 01841836 e:PriorPeriodIncreaseDecrease 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01841836 STEADLINE LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
STEADLINE LIMITED COMPANY INFORMATION
Directors | Mr K M Gray
| Mrs N Gray
| Mr A K Harber
Registered number | 01841836
Registered office | Detling Aerodrome Industrial Estate
| Detling Aerodrome
| Detling
| Maidstone
| Kent
| ME14 3HU
Independent auditors | Magee Gammon Corporate Limited
| Chartered Accountants & Statutory Auditors
| Henwood House
| Henwood
| Ashford
| Kent
| TN24 8DH
STEADLINE LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Statement of Income and Retained Earnings | 10
Balance Sheet | 11
Statement of Cash Flows | 12
Analysis of Net Debt | 13
Notes to the Financial Statements | 14 - 27
STEADLINE LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present their strategic report for the Company for the year ended 30 September 2025.
Business review
The results for the Company show a pre-tax profit of £1,071,161 (2024: profit £1,613,039) for the year and sales of £12,578,294 (2024: £12,058,335). The level of turnover achieved during the year ended 30 September 2025 is higher than that achieved in the previous financial year and the overall result reflects a profit for the year. The directors therefore consider that the Company is well placed for the forthcoming year and going forward.
Principal risks and uncertainties
The management of the business and the execution of the Company's strategy are subject to a number of risks. Risks are formally reviewed by the Board and appropriate processes put in place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Company. The key business risks affecting the Company are set out below. Competition The Company operates in a competitive market particularly with regard to pricing and service. This results not only in downward pressure on margins but also the risk of not attracting new contracts. In order to mitigate this risk the Company's management regularly review results of the Company throughout the year and try to address any factors identified that have arisen which are considered inefficient or could impact upon results further if changes are not made. Employee Skills and Retention The Company's performance depends largely on its managers, operations staff and other key employees. The loss of these individuals and the inability to recruit people with the right experience and skills from the local community could adversely impact the Company's results. The Board continues to monitor salaries of key personnel to ensure salaries paid remain current and at expected market levels and staff are appropriately rewarded, thus helping to motivate and retain key individuals. Page 1
STEADLINE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial key performance indicators
The Company has made significant progress in relation to the Company's overriding objective. The Company monitors the overall progress and the individual strategic elements by reference to the following KPIs. Performance together with historical data is set out below: Growth in sales Year on year sales growth expressed as a percentage. Sales have increased during the year. Ongoing contracts should enable further growth as well as increase in customer base and customer loyalty. Increase in sales for 2025 is 4.31% compared with an increase of 28.12% in 2024. Gross profit Gross profit is the ratio of profit on sale of products and services, expressed as a percentage. The gross margin has increased upon that reported last year and percentages are in line with expectations. Gross profit percentage for 2025 is 16.6% compared with 19.6% in 2024. Return on invested capital Operating profit expressed as a percentage of net assets. Return on invested capital is in line with our expectations and the return achieved was lower than reported in the comparative year. Return on invested capital for 2025 is 21.87% compared with 39.14% in 2024.
Other key performance indicators
Given the straight forward nature of the business activities, the directors are of the opinion that disclosure of any other KPI's is not necessary for an understanding of the results of the Company. Page 2
STEADLINE LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Financial risk management
The Company's funding, liquidity and exposure to interest rate risks are managed by the directors of the Company. The management of this is conducted within a framework of policies and guidelines authorised by the Board of the Company. The Company's financial instruments comprise borrowings, cash and liquid resources, and various items such as trade debtors and trade creditors that arise directly from its operating activities. The main purpose of the financial instruments is to raise finance for the Company's operations. The Company publishes its financial statements in pounds sterling and although there may be some foreign currency transactions, the foreign currency risk is considered minimal. It is, and has been throughout the year under review, the Company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the Company's financial instruments are interest rate and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarised as follows: Credit risk The main exposure the Company has to credit risk is that arising from credit sales. The credit risk of new customers is assessed routinely and appropriate levels of trading permitted based on the results of credit rating reviews. At the year end date, the maximum exposure to credit risk is represented by the carrying amount of each financial asset in the Balance Sheet. Liquidity and cashflow risk As regards liquidity, the Company's policy throughout the year has been to ensure continuity of funding. Interest rate risk The Company finances its operations through hire purchase and finance lease agreements. The finance agreements are at fixed rates agreed at the commencement of the contract. The Board will consider the appropriateness of financing should the operations change significantly in size or nature. This report was approved by the board and signed on its behalf.
___________________________ Mr K M Gray Director
Date: 31 March 2026
Page 3
STEADLINE LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £794,552 (2024 - £1,204,161). Dividends paid are detailed in the notes to the financial statements. The directors do not recommend the payment of any further dividends for the year.
Directors
The directors who served during the year were:
Mr K M Gray
Mrs N Gray
Mr A K Harber
Future developments
The Company has had a successful year and the directors believe that the business is well placed in the forthcoming year to achieve a good level of performance and remain profitable. Despite the uncertain global economic outlook, going forward, the Company predicts modest growth in turnover, but also expects continued pressure on margins. The directors are satisfied with the financial position of the Company and continue to look to the future with optimism.
Matters covered in the Strategic Report
Financial risk management objectives and policies of the Company are detailed in the Strategic Report. Page 4
STEADLINE LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Magee Gammon Corporate Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Mr K M Gray Director
Date: 31 March 2026
Page 5
STEADLINE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEADLINE LIMITED
Opinion
We have audited the financial statements of Steadline Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 6
STEADLINE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEADLINE LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
STEADLINE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEADLINE LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Capability of the audit in detecting irregularities including fraud Based on our understanding of the Company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Procedures performed by the audit team included: • Discussions with management regarding known or suspected instances of non-compliance with laws and regulations; • Evaluation of controls designed to prevent and detect irregularities; and • Assessing journal entries as part of our planned audit approach. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Other matters
The previous period's financial statements, the financial statements for the year ended 30 September 2024, were not subject to an audit as the company took advantage of the exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members did not require the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with section 476 of the Companies Act 2006. Page 8
STEADLINE LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEADLINE LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Joshua Conlon FCCA (Senior Statutory Auditor) for and on behalf of Magee Gammon Corporate Limited Chartered Accountants Statutory Auditors Henwood House Henwood Ashford Kent TN24 8DH 31 March 2026 Page 9
STEADLINE LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  | As restated
| 2025 | 2024
Note |  |
Turnover | 4 | 12,578,294 | 12,058,335
Cost of sales |  | (10,490,419) | (9,695,949)
Gross profit |  | 2,087,875 | 2,362,386
Administrative expenses |  | (1,015,119) | (751,489)
Operating profit |  | 1,072,756 | 1,610,897
Interest receivable and similar income | 8 | 20,280 | 17,525
Interest payable and similar expenses | 9 | (21,875) | (15,383)
Profit before tax |  | 1,071,161 | 1,613,039
Tax on profit | 10 | (276,609) | (408,878)
Profit after tax |  | £794,552 | £1,204,161
Retained earnings |  |  |
- as previously stated |  | 3,605,133 | 2,586,461
- correction of a prior period error | 22 | 131,989 | -
At the beginning of the year as restated |  | 3,737,122 | 2,586,461
Profit for the year |  | 794,552 | 1,204,161
Dividends declared and paid | 11 | (57,500) | (53,500)
Retained earnings at the end of the year |  | £4,474,174 | £3,737,122
The notes on pages 14 to 27 form part of these financial statements.
Page 10
STEADLINE LIMITED REGISTERED NUMBER: 01841836 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  |  |  |
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 1,073,733 |  | 953,960
|  |  | 1,073,733 |  | 953,960
Current assets |  |  |  |  |
Stocks | 13 | 27,049 |  | 12,018 |
Debtors: amounts falling due within one year | 14 | 1,979,063 |  | 2,674,952 |
Cash at bank and in hand | 15 | 2,995,186 |  | 1,826,697 |
|  | 5,001,298 |  | 4,513,667 |
Creditors: amounts falling due within one year | 16 | (1,169,673) |  | (1,352,022) |
Net current assets |  |  | 3,831,625 |  | 3,161,645
Total assets less current liabilities |  |  | 4,905,358 |  | 4,115,605
Creditors: amounts falling due after more than one year | 17 |  | (220,186) |  | (196,117)
Provisions for liabilities |  |  |  |  |
Deferred tax | 20 | (200,898) |  | (172,266) |
|  |  | (200,898) |  | (172,266)
Net assets |  |  | £4,484,274 |  | £3,747,222
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 10,100 |  | 10,100
Profit and loss account |  |  | 4,474,174 |  | 3,737,122
|  |  | £4,484,274 |  | £3,747,222
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
___________________________ Mr K M Gray
Director
Date: 31 March 2026
The notes on pages 14 to 27 form part of these financial statements. Page 11
STEADLINE LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  |  | As restated
|  |  | 2025 | 2024
Cash flows from operating activities |  |
Profit for the financial year | 794,552 | 1,204,161
Adjustments for: |  |
Depreciation of tangible assets | 232,209 | 207,439
Profit on disposal of tangible assets | (10,000) | (155,021)
Interest paid | 21,875 | 15,383
Interest received | (20,280) | (17,525)
Taxation charge | 276,609 | 408,878
(Increase)/decrease in stocks | (15,031) | 13,006
Decrease/(increase) in debtors | 695,889 | (836,186)
(Decrease) in creditors | (146,470) | (33,991)
Corporation tax (paid) | (296,311) | (176,173)
Net cash generated from operating activities | 1,533,042 | 629,971
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (97,295) | (369,907)
Sale of tangible fixed assets | 10,000 | 241,750
Interest received | 20,280 | 17,525
HP interest paid | (21,875) | (15,383)
Net cash from investing activities | (88,890) | (126,015)
Cash flows from financing activities |  |
Repayment of/new finance leases | (218,163) | (181,443)
Dividends paid | (57,500) | (53,500)
Net cash used in financing activities | (275,663) | (234,943)
Net increase in cash and cash equivalents | 1,168,489 | 269,013
Cash and cash equivalents at beginning of year | 1,826,697 | 1,557,684
Cash and cash equivalents at the end of year | £2,995,186 | £1,826,697
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 2,995,186 | 1,826,697
| £2,995,186 | £1,826,697
The notes on pages 14 to 27 form part of these financial statements.
Page 12
STEADLINE LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  | At 1 October 2024 | Cash flows | New finance leases | At 30 September 2025
Cash at bank and in hand | 1,826,697 | 1,168,489 | - | 2,995,186
Debt due within 1 year | (554) | 256 | - | (298)
Finance leases | (389,074) | 218,163 | (254,687) | (425,598)
| £1,437,069 | £1,386,908 | £(254,687) | £2,569,290
The notes on pages 14 to 27 form part of these financial statements.
Page 13
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Steadline Limited is a private limited Company incorporated in England and Wales. The Company is limited by shares. The address of its registered office and principal place of business is Detling Aerodrome Industrial Estate, Detling Aerodrome, Detling, Maidstone, Kent, ME14 3HU. The registered number of the Company is 01841836. The principal activity of the Company is that of civil engineering services and construction projects. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | 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.
| 2.3 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.4 | Finance costs
Finance costs are charged to profit or loss 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. Page 14
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 15
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | 2% straight line basis
|  |  |  | Plant and machinery | - | 20% straight line basis
|  |  |  | Motor vehicles | - | 25% straight line basis
|  |  |  | Fixtures and fittings | - | 15% straight line basis
|  |  |  | Office equipment | - | 15% straight line basis
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 16
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
| 2.13 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 17
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.13 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.14 | 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 at an annual general meeting. Page 18
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Depreciation and residual values The directors have reviewed the useful economic life and associated residual values for all classes of fixed assets and have concluded that asset lives and residual values are appropriately reflected. Amounts recoverable on long term contracts Amounts recoverable on long term contracts is an estimate based on revenue recognised in the period in which the services are provided, in accordance with the stage of completion of the contract, when all of the four conditions as described in note 2.2 are satisfied. Management’s basis for determining the stage of completion is derived from valuation reports which denote the value of works completed and estimated profitability of the contract.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
| Construction services | £12,578,294 | £12,058,335
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
| United Kingdom | £12,578,294 | £12,058,335
5. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 19,000 | -
Page 19
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
| Wages and salaries | 537,193 | 454,278
| Social security costs | 32,897 | 26,491
| Cost of defined contribution scheme | 4,555 | 4,089
|  | £574,645 | £484,858
| The average monthly number of employees, including directors, during the year was 13 (2024 - 12).
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
| Directors' emoluments | 225,804 | 172,455
| Company contributions to defined contribution pension schemes | 1,762 | 1,728
|  | £227,566 | £174,183
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £111,529 (2024 - £87,169).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
8. | Interest receivable
|  |  |  |  | 2025 | 2024
| Other interest receivable | £20,280 | £17,525
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
| Finance leases and hire purchase contracts | £21,875 | £15,383
Page 20
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. | Taxation
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
| Corporation tax |  |
| Current tax on profits for the year | 247,982 | 340,312
| Adjustments in respect of previous periods | (5) | -
| Total current tax | £247,977 | £340,312
| Deferred tax |  |
| Origination and reversal of timing differences | 28,632 | 68,566
| Total deferred tax | £28,632 | £68,566
| Tax on profit | £276,609 | £408,878
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
| Profit on ordinary activities before tax | £1,071,161 | £1,613,039
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 267,790 | 403,260
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 6,431 | 11,251
| Capital allowances for year in excess of depreciation | 2,393 | (18,214)
| Adjustments to tax charge in respect of prior periods | (5) | -
| Capital gains | - | 12,581
| Total tax charge for the year | £276,609 | £408,878
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
| Dividends paid on ordinary shares of £1 each | £57,500 | £53,500
12. | Tangible fixed assets
|  | Leasehold improvements | Plant and machinery | Motor vehicles | Fixtures and fittings | Office equipment | Total
| Cost or valuation |  |  |  |  |  |
| At 1 October 2024 (as previously stated) | - | 661,075 | 650,844 | - | 24,910 | 1,336,829
| Prior Year Adjustment | 175,985 | 402,340 | (402,340) | - | - | 175,985
| At 1 October 2024 (as restated) | 175,985 | 1,063,415 | 248,504 | - | 24,910 | 1,512,814
| Additions | 15,786 | 261,790 | 59,842 | 7,823 | 6,741 | 351,982
| Disposals | - | - | (34,995) | - | - | (34,995)
| At 30 September 2025 | 191,771 | 1,325,205 | 273,351 | 7,823 | 31,651 | 1,829,801
| Depreciation |  |  |  |  |  |
| At 1 October 2024 (as previously stated) | - | 253,468 | 298,839 | - | 6,547 | 558,854
| Prior Year Adjustment | - | 132,082 | (132,082) | - | - | -
| At 1 October 2024 (as restated) | - | 385,550 | 166,757 | - | 6,547 | 558,854
| Charge for the year on owned assets | 3,519 | 41,700 | 3,551 | 238 | 4,268 | 53,276
| Charge for the year on financed assets | - | 138,864 | 40,069 | - | - | 178,933
| Disposals | - | - | (34,995) | - | - | (34,995)
| At 30 September 2025 | 3,519 | 566,114 | 175,382 | 238 | 10,815 | 756,068
| Net book value |  |  |  |  |  |
| At 30 September 2025 | £188,252 | £759,091 | £97,969 | £7,585 | £20,836 | £1,073,733
| At 30 September 2024 (as restated) | £175,985 | £677,865 | £81,747 | £- | £18,363 | £953,960
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
Page 22
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12.Tangible fixed assets (continued)
|  |  |  |  | 2025 | 2024
| Plant and machinery | 658,034 | 576,232
| Motor vehicles | 84,684 | 71,138
|  | £742,718 | £647,370
13. | Stocks
|  |  |  |  | 2025 | 2024
| Work in progress | £27,049 | £12,018
14. | Debtors
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
| Trade debtors | 1,448,746 | 2,204,147
| Other debtors | 496,505 | 431,074
| Prepayments and accrued income | 33,812 | 39,731
|  | £1,979,063 | £2,674,952
Included within other debtors due within one year is a loan to Mr K M Gray, a director of the Company, totalling £183,188 (2024 - £19,551). Amounts repaid during the year totalled £Nil (2024: £Nil). Interest has been charged on the loan at a rate of 2.25% per annum (2024: 2.25% per annum).
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
| Cash at bank and in hand | £2,995,186 | £1,826,697
Page 23
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
| Trade creditors | 618,794 | 787,118
| Corporation tax | 291,978 | 340,312
| Other taxation and social security | 18,451 | 17,455
| Obligations under finance lease and hire purchase contracts | 205,412 | 192,957
| Other creditors | 4,038 | 6,180
| Accruals and deferred income | 31,000 | 8,000
|  | £1,169,673 | £1,352,022
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
| Obligations under finance lease and hire purchase contracts | 205,412 | 192,957
| Details of security provided:
Obligations under finance lease and hire purchase contracts totalling £205,412 (2024: £192,957) are secured on the assets concerned. Repayments are fixed monthly contracted amounts with rates of interest up to 4.79% being applied (2024: 4.79%).
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
| Net obligations under finance leases and hire purchase contracts | £220,186 | £196,117
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
| Obligations under finance lease and hire purchase contracts | 220,186 | 196,117
| Details of security provided:
Obligations under finance lease and hire purchase contracts totalling £220,186 (2024: £196,117) are secured on the assets concerned. Repayments are fixed monthly contracted amounts with rates of interest up to 4.79% being applied (2024: 4.79%). Page 24
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
| Within one year | 205,412 | 192,957
| Between 1 - 2 years | 127,791 | 136,869
| Between 2 - 5 years | 92,395 | 59,248
|  | £425,598 | £389,074
19. | Financial instruments
|  |  |  |  | 2025 | 2024
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 2,995,186 | 1,826,697
| Financial assets that are debt instruments measured at amortised cost | 1,945,251 | 2,635,221
|  | £4,940,437 | £4,461,918
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | £(569,645) | £(793,298)
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
| Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
| Financial liabilities measured at amortised cost comprise trade creditors and other creditors.
20. | Deferred taxation
|  | 2025 | 2024
| At beginning of year | 172,266 | 103,700
| Charged to profit or loss | 28,632 | 68,566
| At end of year | £200,898 | £172,266
Page 25
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 20.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
| Accelerated capital allowances | 200,898 | 172,266
|  | £200,898 | £172,266
21. | Share capital
|  |  |  |  | 2025 | 2024
|  | Allotted, called up and fully paid |  |
|  | 10,000 (2024 - 10,000) ordinary shares of £1.00 each | 10,000 | 10,000
|  | 100 (2024 - 100) "B" ordinary shares of £1.00 each | 100 | 100
|  |  | £10,100 | £10,100
| All classes of shares rank pari passu.
22. | Prior year adjustment
A prior year adjustment has arisen as a result of misclassifications in the prior periods financial statements. Costs originally included in the profit and loss account should have been capitalised relating to leasehold improvements. Whilst some costs were capitalised in the current financial year the majority of the expenditure was incurred in the prior financial year. The net effect of the prior year adjustment is £131,989. This is comprised of an increase in tangible fixed assets and profit before taxation of £175,985 less taxation due thereon of £43,996. Tangible fixed assets included in motor vehicles were reclassified to plant and machinery. This heading was deemed more appropriate for large vehicles such as lorries. The net amount of the reclassification made on the Balance Sheet was £270,258. The impact to the net book value brought forward as a result of a different rate of depreciation being applied is £26,416. This has not been included as a prior year adjustment as not considered significant, but has been adjusted in the current year so as to reflect the net book values that would have been reflected if the fixed assets had been classified as plant and machinery upon purchase. Finally, sales ledger retentions have been reclassified to trade debtors from other debtors. The impact of this reclassification is an increase to trade debtors and decrease to other debtors totalling £113,762.
23. | Contingent liabilities
The Company, as a result of its operating lease arrangements, is required to return the property to its original condition on vacation. As a result of the uncertainty associated with the timing of vacation of the property, it is impracticable to estimate the future economic outflows. Page 26
STEADLINE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,555 (2024 - £4,089). Contributions totalling £298 (2024 - £554) were payable to the fund at the balance sheet date and are included in creditors.
25. | Commitments under operating leases
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
| Land and Buildings |  |
| Not later than 1 year | 51,000 | 51,000
| Later than 1 year and not later than 5 years | 8,500 | 59,500
|  | £59,500 | £110,500
|  |  |  |  | 2025 | 2024
| Other |  |
| Not later than 1 year | 11,785 | 7,109
| Later than 1 year and not later than 5 years | 28,724 | 27,260
|  | £40,509 | £34,369
26. | Related party transactions
| During the year the Company provided goods and services totalling £103,221 (2024: £155,976) to a Company under common control. The amount outstanding at the balance sheet date is £276,197 (2024: £155,976) receivable. This amount is interest free and repayable on demand. During the year, the Company received goods and services totalling £665,654 (2024: £37,245) from and provided goods and services totalling £1,108 (2024: £Nil) to a connected Company and its director. The amount outstanding at balance sheet was £1,330 (2024: £Nil) receivable on normal commercial terms and is included in Trade Debtors. IIncluded within other debtors due within one year is a loan to an employee totalling £Nil (2024 - £119,790). Interest has been charged on the loan at a rate of 2.25% per annum (2024: 2.25% per annum). During the year, the Company paid other related parties remuneration totalling £47,086 (2024: £32,065). The amount outstanding at the balance sheet date was £Nil (2024: £Nil).
27. | Controlling party
Mr K M Gray is the ultimate controlling party by virtue of his shareholding. Page 27
STEADLINE LIMITED
Page 28