Stepevi Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05409103 (England and Wales)

Financial Statements for the Year Ended 31 December 2019

for

Stepevi Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

C Sengor

A Sengor

SECRETARY:

B Bayrak

REGISTERED OFFICE:

274 Kings Road

London

SW3 5AW

REGISTERED NUMBER:

05409103 (England and Wales)

AUDITORS:

Optima Financial Solutions Group Limited

Chartered Accountants

Statutory Auditors

Calcutt Court

Calcutt

Swindon

Wiltshire

SN6 6JR

FIXED ASSETS

Tangible assets

4

59,217

91,100

CURRENT ASSETS

Stocks

5

391,507

701,053

Debtors

6

1,396,597

1,416,207

Cash at bank

9,421

48,612

1,797,525

2,165,872

CREDITORS

Amounts falling due within one year

7

1,106,404

1,083,330

NET CURRENT ASSETS

691,121

1,082,542

TOTAL ASSETS LESS CURRENT LIABILITIES

750,338

1,173,642

CREDITORS

Amounts falling due after more than one year

8

1,987,316

2,079,634

NET LIABILITIES

(1,236,978

)

(905,992

)

CAPITAL AND RESERVES

Called up share capital

4,000,000

4,000,000

Retained earnings

(5,236,978

)

(4,905,992

)

SHAREHOLDERS' FUNDS

(1,236,978

)

(905,992

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2020 and were signed on its behalf by:

C Sengor - Director

1.	STATUTORY INFORMATION

Stepevi 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.

2.	ACCOUNTING POLICIES

Going concern

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.

The financial statements have been prepared on a going concern basis. The company has made losses during the

prior years and is dependent on its parent company Step Halicik Ve Mag San Ve TIC A S for funding. While the

directors expect the company to be profitable in the future the company will remain dependent upon this funding

until such a time as it has generated enough cash through profitable trading to enable it to meet its liabilities as

and when they fall due. The parent company has confirmed to the directors its current intention to continue to

provide funding to enable the company to meet its liabilities as they fall due for the foreseeable future and the

directors have therefore prepared the financial statements on a going concern basis.

Should such funding from the parent company not be forthcoming the going concern basis of preparation may no

longer be appropriate and adjustments may be required to these financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of

Value Added Tax and trade discounts

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off

the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases

Leasehold improvements - over the life of the lease

Furniture fittings and equipment - 25% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Hire purchase and leasing commitments

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease

term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis

over the period until the date the rent is expected to be adjusted to the prevailing market rate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

394,095

305,583

699,678

DEPRECIATION

At 1 January 2019

318,857

289,721

608,578

Charge for year

19,198

12,685

31,883

At 31 December 2019

338,055

302,406

640,461

NET BOOK VALUE

At 31 December 2019

56,040

3,177

59,217

At 31 December 2018

75,238

15,862

91,100

5.

STOCKS

31.12.19

31.12.18

£

£

Finished goods

391,507

701,053

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

1,045,189

983,814

Other debtors

351,408

432,393

1,396,597

1,416,207

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade creditors

348,235

94,314

Taxation and social security

17,462

314,203

Other creditors

740,707

674,813

1,106,404

1,083,330

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Finance leases

3,244

1,875

Other creditors

1,984,072

2,077,759

1,987,316

2,079,634

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for disclaimer of opinion

The audit evidence available to us was limited because of inadequacies in the accounting records of the company

relating to the carrying value of stocks and trade debtors. The accounting records for stocks have not been

adequately reconciled to physical stocks held and an assessment of the net realisable value of stock has not been

made. The trade debtors balance has not been adequately reconciled to a listing of individual debtor balances, and

an adequate assessment of doubtful debts has not been made. The trade creditors balances have not been

adequately reconciled due to the volume of payments on account made which have not been fully matched to

invoices received.

The bank balances at the reporting date have not been adequately reconciled to the balances reported via the

audit bank letters received in relation to the period ended 31 December 2019.

As a result of this we have been unable to obtain sufficient appropriate audit evidence concerning stock, debtors,

creditors, bank, revenue, cost of sales and administrative expenses.

Kevin Bexley (Senior Statutory Auditor)

for and on behalf of Optima Financial Solutions Group Limited

10.	RELATED PARTY TRANSACTIONS

During the year the company entered into the transactions listed below with its parent undertaking, Step Halicilik

Ve Mag San Ve TIC A S, a company incorporated in Turkey.

31.12.19

31.12.18

£

£

Purchases from

2,214,131

3,434,922

Sales to

-

140,750

Interest payable to

1

98

At the balance sheet date the amount owed to Step Halicilik Ve Mag San Ve TIC A S was £1,722,969 (2018:

£1,799,580).

At the year end the company also had balances outstanding with several entities being related parties by virtue of

their being under the common control of Step Halicilik Ve Mag San Ve TIC A. These companies, along with the

relevant purchases and sales during the year as well as the balances owing to/from at the year end, are listed

below:

Purchases

Sales

Year End Balance

£

£

£

Stepevi Suisse Sarl

-

-

53,716

Stepevi Deutschland GmbH

-

-

188,550

Stepevi U.S.A. Limited

-

-

880