Steppingstone Building Development Limited Company Accounts

STEPPINGSTONE BUILDING DEVELOPMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07893029

Steppingstone Building Development Limited

Filleted Unaudited Financial Statements

31 March 2017

Steppingstone Building Development Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Steppingstone Building Development Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Steppingstone Building Development Limited

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

BRAMWELL MORRIS Chartered Accountants

18 Mulberry Avenue Turnstone Business Park Widnes Cheshire WA8 0WN

30 November 2017

Steppingstone Building Development Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		–	531

Current assets

Stocks		218,920	848,185
Debtors	6	59,992	54,141
Cash at bank and in hand		224,915	207,188
		---------	------------
		503,827	1,109,514

Creditors: amounts falling due within one year	7	384,383		523,362
		---------		------------
Net current assets			119,444	586,152
			---------	---------
Total assets less current liabilities			119,444	586,683

Creditors: amounts falling due after more than one year	8	166,332	618,870
		---------	---------
Net liabilities		( 46,888)	( 32,187)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 46,988)	( 32,287)
	--------	--------
Shareholders deficit	( 46,888)	( 32,187)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Steppingstone Building Development Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 30 November 2017 , and are signed on behalf of the board by:

Mr S O'Connor
Director

Company registration number: 07893029

Steppingstone Building Development Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Steppingstone, Hill Road North, Helsby, United Kingdom, WA6 9AQ, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	50% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2016 and 31 March 2017	9,976	9,976
	-------	-------
Depreciation
At 1 April 2016	9,445	9,445
Charge for the year	531	531
	-------	-------
At 31 March 2017	9,976	9,976
	-------	-------
Carrying amount
At 31 March 2017	–	–
	-------	-------
At 31 March 2016	531	531
	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	424	–
Other debtors	59,568	54,141
	--------	--------
	59,992	54,141
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	32,128	74,358
Social security and other taxes	1,008	995
Other creditors	351,247	448,009
	---------	---------
	384,383	523,362
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	166,332	618,870
	---------	---------

9. Related party transactions

The company was under the control of Mr S O'Connor throughout the current period. Mr O'Connor is the managing director and 50% shareholder of Steppingstone Estate Management Limited which owns 100% of the share capital of Steppingstone Building Development Limited .