Step Ladder Solutions Limited
Unaudited Financial Statements
For the year ended 31 March 2022
For Filing with Registrar
Company Registration No. 10052693 (England and Wales)
Step Ladder Solutions Limited
Company Information
Directors
Mr M Addison
Mr F Lalji
Mrs L Mullins
Mr R Wyatt
(Appointed 25 October 2021)
Company number
10052693
Registered office
125 Wood Street
London
United Kingdom
EC2V 7AW
Business address
41 Luke Street
London
United Kingdom
EC2A 4DP
Step Ladder Solutions Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Step Ladder Solutions Limited
Balance Sheet
As at 31 March 2022
31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
182
242
Investments
5
17,000
17,182
242
Current assets
Debtors
6
176,232
188,715
Cash at bank and in hand
186,645
201,974
362,877
390,689
Creditors: amounts falling due within one year
7
(66,938)
(482,569)
Net current assets/(liabilities)
295,939
(91,880)
Total assets less current liabilities
313,121
(91,638)
Creditors: amounts falling due after more than one year
8
(43,751)
Net assets/(liabilities)
269,370
(91,638)
Capital and reserves
Called up share capital
11
17,283
15,343
Share premium account
2,961,507
2,528,190
Equity reserve
828,923
Capital redemption reserve
970
Other reserves
107,265
Profit and loss reserves
(3,646,578)
(2,635,171)
Total equity
269,370
(91,638)
Step Ladder Solutions Limited
Balance Sheet (Continued)
As at 31 March 2022
31 March 2022
Page 2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2022 and are signed on its behalf by:
Mr M Addison
Director
Company Registration No. 10052693
Step Ladder Solutions Limited
Notes to the Financial Statements
For the year ended 31 March 2022
Page 3
1
Accounting policies
Company information
Step Ladder Solutions Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
125 Wood Street, London, United Kingdom, EC2V 7AW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have considered the ability of the company to meet its liabilities as they fall due.
true
At the balance sheet date the company had cash at bank of £186,645 and total assets less current liabilities of £(99,658). These net liabilities include convertible loan notes (see note 6). As referred to in note 8, these convertible loans were converted to equity in October 2021.
At the time of approving the financial statements the directors therefore have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
Step Ladder Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 4
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Step Ladder Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 5
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Compound instruments
The component parts of compound instruments issued by the
company
are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
Taxation
The tax expense represents the sum of the tax currently payable
,
deferred tax
and tax credits received during the year
.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Step Ladder Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 6
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the
Black Scholes
model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
Step Ladder Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 7
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2021 - 11).
2022
2021
Number
Number
Total
10
11
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 31 March 2022
242
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
60
At 31 March 2022
60
Carrying amount
At 31 March 2022
182
At 31 March 2021
242
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
17,000
Step Ladder Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
5
Fixed asset investments
(Continued)
Page 8
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 April 2021
-
Additions
17,000
At 31 March 2022
17,000
Carrying amount
At 31 March 2022
17,000
At 31 March 2021
-
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,551
Corporation tax recoverable
101,454
100,447
Other debtors
72,227
88,268
176,232
188,715
7
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Convertible loans
9
347,326
Trade creditors
13,641
11,481
Taxation and social security
12,260
10,379
Other creditors
41,037
113,383
66,938
482,569
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
43,751
Step Ladder Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 9
9
Convertible loan notes
2022
2021
£
£
Liability component of convertible loan notes
-
347,326
The net proceeds received from the issue of the convertible loan notes have been split between the financial liability element and an equity component, representing the fair value of the embedded option to convert the financial liability into equity.
The liability component is measured at amortised cost, and the difference between the carrying amount of the liability at the date of issue and the amount reported in the Balance Sheet represents the effective interest rate less interest paid to that date.
The equity component of the convertible loan notes has been credited to the equity reserve.
On 20 April 2020 the Company entered into a convertible loan note arrangement for funding of £426,000 to be drawn down between issue date and 36 months later.
On 13 March 2021 the Company entered into an advanced subscription funding of £10,000, to be converted by 31 October 2021.
10
Share-based payment transactions
Number of share options
Weighted average exercise price
2022
2021
2022
2021
Number
Number
£
£
Outstanding at 1 April 2021
6,000
30.00
Granted
2,900
5.30
Outstanding at 31 March 2022
8,900
22.00
Exercisable at 31 March 2022
8,900
22.00
The options outstanding at 31 March 2022 had an exercise price ranging from
0.1
to
37.75
, and a remaining contractual life of
10
years.
Liabilities and expenses
During the year, the company recognised total share-based payment expenses of £107,265 (2021 - £-) which related to equity settled share based payment transactions.
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinay Class A Shares of 10p each
172,823
153,426
17,283
15,343
Step Ladder Solutions Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 10
12
Related party transactions
At the year end the balance due to a director was
£43,751 (2021: £42,251).
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30 September 2022
CCH Software
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Mr M Addison
Mr F Lalji
Mrs L Mullins
Mr R Wyatt
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