REGISTERED NUMBER: 02760701 (England and Wales)

Unaudited Financial Statements

for the period

1 August 2024 to 28 February 2025

for

STEP PROPERTY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr M W Perkins

Mr G J Perkins

Secretary:

Mr M W Perkins

Registered office:

3rd Floor

86-90 Paul Street

London

EC2A 4NE

Registered number:

02760701 (England and Wales)

Accountants:

Cooper Parry Advisory Limited

Broadwalk House, 5th Floor

5 Appold Street

Broadgate

London

EC2A 2AG

Fixed assets

Tangible assets

4

156,517

190,719

Current assets

Debtors

5

5,177,806

5,121,924

Cash at bank and in hand

531,390

303,839

5,709,196

5,425,763

Creditors

Amounts falling due within one year

6

766,089

900,306

Net current assets

4,943,107

4,525,457

Total assets less current liabilities

5,099,624

4,716,176

Provisions for liabilities

8

27,005

33,453

Net assets

5,072,619

4,682,723

Capital and reserves

Called up share capital

9

5,000

5,000

Revaluation reserve

10

25,190

25,190

Retained earnings

10

5,042,429

4,652,533

Shareholders' funds

5,072,619

4,682,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

Mr M W Perkins - Director

1.	Statutory information

Step Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

over the length of the lease

Portacabins

-

25% on reducing balance

Plant and machinery

-

20% on cost

Fixtures, fittings & equipment

-

20% on cost

Motor vehicles

-

20% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the period 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 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 period 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.

Employer financed retirement benefit scheme

The company has established trusts for the benefit of employees and certain of their dependents. Monies held in these trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

Investments

Investments held as fixed assets are stated at market value.

3.	Employees and directors

The average number of employees during the period was 7 (2024 - 7 ) .

4.	Tangible fixed assets

Leasehold

Plant and

improvements

Portacabins

machinery

£

£

£

Cost

At 1 August 2024

208,823

129,178

73,660

Additions

-

21,900

762

At 28 February 2025

208,823

151,078

74,422

Depreciation

At 1 August 2024

184,055

95,027

59,479

Charge for period

5,877

10,552

8,977

At 28 February 2025

189,932

105,579

68,456

Net book value

At 28 February 2025

18,891

45,499

5,966

At 31 July 2024

24,768

34,151

14,181

Fixtures,

fittings &

Motor

equipment

vehicles

Totals

£

£

£

Cost

At 1 August 2024

562,065

242,999

1,216,725

Additions

209

12,133

35,004

At 28 February 2025

562,274

255,132

1,251,729

Depreciation

At 1 August 2024

530,002

157,443

1,026,006

Charge for period

6,425

37,375

69,206

At 28 February 2025

536,427

194,818

1,095,212

Net book value

At 28 February 2025

25,847

60,314

156,517

At 31 July 2024

32,063

85,556

190,719

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

569,021

748,759

Amounts owed by associated companies

359,427

274,179

Amounts owed by participating interests

464,104

476,706

Other debtors

3,785,254

3,622,280

5,177,806

5,121,924

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

201,175

188,844

Taxation and social security

199,791

193,283

Other creditors

365,123

518,179

766,089

900,306

7.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

1,307,000

1,332,000

Between one and five years

546,667

1,272,000

1,853,667

2,604,000

8.	Provisions for liabilities

2025

2024

£

£

Deferred tax

27,005

33,453

Deferred tax

£

Balance at 1 August 2024

33,453

Credit to Statement of Income and Retained Earnings during period

(6,448

)

Movement in the year

Balance at 28 February 2025

27,005

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

5,000

Ordinary

£1

5,000

5,000

10.

Reserves

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 August 2024

4,652,533

25,190

4,677,723

Profit for the period

389,896

389,896

At 28 February 2025

5,042,429

25,190

5,067,619

11.	Contingent liabilities

A cross guarantee exists between the company and H&G Car Parks Limited. In respect of this contingent liability the security is with the National Westminster Bank PLC for sums due or becoming due.

12.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the period ended 28 February 2025 and the year ended 31 July 2024:

2025

2024

£

£

Mr M W Perkins

Balance outstanding at start of period

376,286

345,329

Amounts advanced

20,583

49,594

Amounts repaid

-

(18,637

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

396,869

376,286

Mr G J Perkins

Balance outstanding at start of period

499,560

453,490

Amounts advanced

10,970

82,670

Amounts repaid

-

(36,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

510,530

499,560

13.	Related party disclosures

Step Property Limited is a subsidiary of the Step Property Group Limited, included in the accounts are balances due to/from related companies H&G Car Parks Limited and Horton Leisure Limited, companies registered in England and Wales which form part of the Step Property Group, summarised as follows:

Amounts due from Associated Companies

Amounts due to Associated Companies

H&G Car Parks Limited

£464,104

Horton Leisure Limited

£NIL

-

Step Property Group Limited

£336,440

-

Historics Classic & Sportscar Auctions Limited

£22,987

During the year, the company made management charges to H&G Car Parks Limited of £46,209 (2024: £75,000) and Horton Leisure Limited of £5,000 (2024: £5,000), all transactions were on normal commercial terms. During the year the company paid rent of £570,000 to H&G Car Parks Limited.

Included within other debtors are loans to Mr M Perkins £349,182 (2024: £320,818), Mrs C Quick £254,133 (2024: £236,633), Mrs J Perkins £10,000 (2024: £10,000), Ms N Chaisty £34,211 (2024: £34,211) and Ms S Evans £43,333 (2024: £43,333). These are all close relatives to the company directors.

Included in other debtors is an amount of £21,271 (2024: £21,271) due from Thorney Lane LLP. During the year the company paid rent of £832,333 to Thorney Lane LLP.

During the year the company charged a management fee of £5,500 (2023: £5,500) to Step Property Limited Retirement Benefit Scheme.

14.	Ultimate controlling party

The company is controlled by the Directors of Step Property Group Limited.