7 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 56,897 56,897 xbrli:pure xbrli:shares iso4217:GBP 01092686 2021-01-01 2021-12-31 01092686 2021-12-31 01092686 2020-01-01 2020-12-31 01092686 2020-12-31 01092686 bus:Director4 2021-01-01 2021-12-31 01092686 core:MotorVehicles 2021-12-31 01092686 core:WithinOneYear 2021-12-31 01092686 core:WithinOneYear 2020-12-31 01092686 core:ShareCapital 2021-12-31 01092686 core:ShareCapital 2020-12-31 01092686 core:CapitalRedemptionReserve 2021-12-31 01092686 core:CapitalRedemptionReserve 2020-12-31 01092686 core:RetainedEarningsAccumulatedLosses 2021-12-31 01092686 core:RetainedEarningsAccumulatedLosses 2020-12-31 01092686 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 01092686 core:Non-currentFinancialInstruments 2021-12-31 01092686 core:Non-currentFinancialInstruments 2020-12-31 01092686 bus:SmallEntities 2021-01-01 2021-12-31 01092686 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 01092686 bus:FullAccounts 2021-01-01 2021-12-31 01092686 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 01092686 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 01092686 core:MotorVehicles 2021-01-01 2021-12-31
COMPANY REGISTRATION NUMBER: 01092686
Speeds Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Speeds Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
£
Fixed assets
Investments
6
24,160,716
24,160,716
Current assets
Debtors
7
6,586
Cash at bank and in hand
72,488
44,848
--------
--------
79,074
44,848
Creditors: amounts falling due within one year
8
221,149
221,097
----------
----------
Net current liabilities
142,075
176,249
--------------
--------------
Total assets less current liabilities
24,018,641
23,984,467
Provisions
Taxation including deferred tax
( 7,343)
( 7,867)
--------------
--------------
Net assets
24,025,984
23,992,334
--------------
--------------
Capital and reserves
Called up share capital
64,581
64,581
Capital redemption reserve
25,739
25,739
Profit and loss account
23,935,664
23,902,014
--------------
--------------
Shareholders funds
24,025,984
23,992,334
--------------
--------------
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 Section 1A of 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 income statement has not been delivered.
For the year ending 31 December 2021 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 .
Speeds Limited
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 28 July 2022 , and are signed on behalf of the board by:
M Speed
Director
Company registration number: 01092686
Speeds Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallfield Hall, Hallfieldgate Lane, Shirland, Alfreton, DE55 6AA, Derbyshire.
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
(a) 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.
(b) Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
(c) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(d) Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
(e) Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income receivable net of value added tax. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements. Revenue from the provision of management services is recognised when the 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. Dividend income is recognised when the company's right to receive payment is established.
(f) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference .
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(h) 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:
Motor vehicles
-
15 - 25% straight line
(i) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(j) 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.
(k) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
(l) 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 .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2020: 7 ).
5. Tangible assets
Motor vehicles
£
Cost
At 1 January 2021 and 31 December 2021
56,897
--------
Depreciation
At 1 January 2021 and 31 December 2021
56,897
--------
Carrying amount
At 31 December 2021
--------
At 31 December 2020
--------
6. Investments
Shares in group undertakings
Investment Properties
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
22,441,412
1,719,304
24,160,716
--------------
-------------
--------------
Impairment
At 1 January 2021 and 31 December 2021
--------------
-------------
--------------
Carrying amount
At 31 December 2021
22,441,412
1,719,304
24,160,716
--------------
-------------
--------------
At 31 December 2020
22,441,412
1,719,304
24,160,716
--------------
-------------
--------------
Investment properties were valued in 2014 by Hodgson Elkington Chartered Surveyors (RICS), an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.
Investment properties were subsequently valued in December 2021 by the directors, who have experience in the location and category of the investment property being valued, at the same amounts as were attributed by the professional valuer in 2014.
7. Debtors
2021
2020
£
£
Other debtors
6,586
-------
----
8. Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
203,246
203,246
Corporation tax
10,889
11,788
Social security and other taxes
1,064
913
Other creditors
5,950
5,150
----------
----------
221,149
221,097
----------
----------
9. Related party transactions
The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group.