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

REGISTERED NUMBER: 02127869 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2019

FOR

STEPMAN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

I Y Schapira

REGISTERED OFFICE:

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

02127869 (England and Wales)

ACCOUNTANTS:

Melinek Fine LLP

Chartered Accountants

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

FIXED ASSETS

Investments

4

100

100

Investment property

5

4,302,738

4,300,000

4,302,838

4,300,100

CURRENT ASSETS

Debtors

6

5,602,959

5,116,968

Cash at bank

32,575

13,885

5,635,534

5,130,853

CREDITORS

Amounts falling due within one year

7

4,139,145

4,418,695

NET CURRENT ASSETS

1,496,389

712,158

TOTAL ASSETS LESS CURRENT LIABILITIES

5,799,227

5,012,258

CREDITORS

Amounts falling due after more than one year

8

(155,560

)

(175,958

)

PROVISIONS FOR LIABILITIES

10

(251,667

)

(252,318

)

NET ASSETS

5,392,000

4,583,982

CAPITAL AND RESERVES

Called up share capital

100

100

Profit and loss account

5,391,900

4,583,882

5,392,000

4,583,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 December 2020 and were signed by:

I Y Schapira - Director

1.	STATUTORY INFORMATION

Stepman 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

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.

Preparation of consolidated financial statements

The financial statements contain information about Stepman Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2019

and 31 December 2019

100

NET BOOK VALUE

At 31 December 2019

100

At 31 December 2018

100

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

4,300,000

Additions

2,738

At 31 December 2019

4,302,738

NET BOOK VALUE

At 31 December 2019

4,302,738

At 31 December 2018

4,300,000

The investment properties were valued at £4,302,738 (2018:£4,300,000) by the director on an open market value for existing use basis. The valuation has been based on advice from third parties and past conditional offers received for the properties.

The above assets are held for use in operating leases which generates 100% of the rent receivable.

The 2019 valuations were made by the director, on an open market value for existing use basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

5,592,200

5,107,273

Other debtors

10,759

9,695

5,602,959

5,116,968

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

28,258

24,901

Trade creditors

264

10,340

Amounts owed to group undertakings

-

1,497,747

Taxation and social security

2,654

50,520

Other creditors

4,107,969

2,835,187

4,139,145

4,418,695

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

155,560

175,958

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

23,710

50,544

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

181,614

200,859

The above loan repayable matures on 31 May 2026. The loan is secured on the company's freehold investment properties.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

251,667

252,318

Deferred

tax

£

Balance at 1 January 2019

252,318

Credit to Income Statement during year

(651

)

Balance at 31 December 2019

251,667

The provision for deferred taxation is made up as follows:

2019

2018

£

£

Fixed asset timing differences

-

(651

)

Investment property revaluation gains

(251,667

)

(251,667

)

(251,667

)

(252,318

)

11.	RELATED PARTY DISCLOSURES