ACCOUNTS - Final Accounts

7 STEP SOLUTIONS LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-10-312021-10-312020-11-01falseNo description of principal activity53falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09824630 2020-11-01 2021-10-31 09824630 2019-11-01 2020-10-31 09824630 2021-10-31 09824630 2020-10-31 09824630 c:Director1 2020-11-01 2021-10-31 09824630 d:OfficeEquipment 2020-11-01 2021-10-31 09824630 d:OfficeEquipment 2021-10-31 09824630 d:OfficeEquipment 2020-10-31 09824630 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-11-01 2021-10-31 09824630 d:CurrentFinancialInstruments 2021-10-31 09824630 d:CurrentFinancialInstruments 2020-10-31 09824630 d:CurrentFinancialInstruments d:WithinOneYear 2021-10-31 09824630 d:CurrentFinancialInstruments d:WithinOneYear 2020-10-31 09824630 d:ShareCapital 2021-10-31 09824630 d:ShareCapital 2020-10-31 09824630 d:RetainedEarningsAccumulatedLosses 2021-10-31 09824630 d:RetainedEarningsAccumulatedLosses 2020-10-31 09824630 c:FRS102 2020-11-01 2021-10-31 09824630 c:AuditExempt-NoAccountantsReport 2020-11-01 2021-10-31 09824630 c:FullAccounts 2020-11-01 2021-10-31 09824630 c:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 09824630 2 2020-11-01 2021-10-31 09824630 6 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure

Registered number: 09824630

7 STEP SOLUTIONS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2021

7 STEP SOLUTIONS LIMITED

REGISTERED NUMBER: 09824630

BALANCE SHEET

AS AT 31 OCTOBER 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		6,858		1,717
Investments	5		10,000		-
			16,858		1,717
Current assets
Debtors: amounts falling due within one year	6	31,070		87,258
Cash at bank and in hand	7	519,554		269,874
		550,624		357,132
Creditors: amounts falling due within one year	8	(99,810)		(68,848)
Net current assets			450,814		288,284
Total assets less current liabilities			467,672		290,001

Net assets			467,672		290,001

Capital and reserves
Called up share capital	100	100
Profit and loss account	467,572	289,901
	467,672	290,001

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 statement of comprehensive income 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 on 16 December 2021.

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7 STEP SOLUTIONS LIMITED

REGISTERED NUMBER: 09824630

BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2021

Mr P Whitehouse

Director

The notes on pages 3 to 7 form part of these financial statements.

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7 STEP SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

1.	General information

7 Step Solutions Limited is a private company, limited by shares, registered in England and Wales. Thr address of the registered office is First Floor, Radius House, 51 Clarendon Road, Watford, WD17 1HP
The principal activity of the company is consultancy.
The financial statements are presented in sterling which is the functional currency of the compsny and rounded to the nearest £.
The siugnificant accounting policies applied in the preparation of these fionancial statements are set out below. These policies have been consistently applied to all yesrs presented unless otherwise stated.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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7 STEP SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

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.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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

Taxation

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.

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.

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7 STEP SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

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.

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.

Employees

The average monthly number of employees, including directors, during the year was 5 (2020 - 3).

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7 STEP SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 November 2020	2,766
	Additions	7,424
	At 31 October 2021	10,190
	Depreciation
	At 1 November 2020	1,049
	Charge for the year on owned assets	2,283
	At 31 October 2021	3,332
	Net book value
	At 31 October 2021	6,858
	At 31 October 2020	1,717

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	Additions	10,000
	At 31 October 2021	10,000

Debtors

					2021	2020
					£	£


Trade debtors	26,876	83,790
Other debtors	3,077	3,468
Prepayments and accrued income	1,117	-

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7 STEP SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

6.Debtors (continued)

		31,070	87,258

7.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	519,554	269,874
	519,554	269,874

8.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	34,547	44,337
Corporation tax	41,480	24,350
Other taxation and social security	20,725	-
Other creditors	3,058	161
	99,810	68,848

9.	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 £5,734 (2020 - £118,022) Contributions totalling £1,700 (2020 - £153) were payable to the fund at the balance sheet date and are included in creditors.

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