Caseware UK (AP4) 2021.0.152 2021.0.152 false2021-01-01falseNo description of principal activity22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01277835 2021-01-01 2021-12-31 01277835 2020-01-01 2020-12-31 01277835 2021-12-31 01277835 2020-12-31 01277835 c:CompanySecretary1 2021-01-01 2021-12-31 01277835 c:Director1 2021-01-01 2021-12-31 01277835 c:RegisteredOffice 2021-01-01 2021-12-31 01277835 d:Buildings 2021-01-01 2021-12-31 01277835 d:Buildings 2021-12-31 01277835 d:Buildings 2020-12-31 01277835 d:CurrentFinancialInstruments 2021-12-31 01277835 d:CurrentFinancialInstruments 2020-12-31 01277835 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 01277835 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 01277835 d:ShareCapital 2021-12-31 01277835 d:ShareCapital 2020-12-31 01277835 d:RevaluationReserve 2021-01-01 2021-12-31 01277835 d:RevaluationReserve 2021-12-31 01277835 d:RevaluationReserve 2020-12-31 01277835 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 01277835 d:RetainedEarningsAccumulatedLosses 2021-12-31 01277835 d:RetainedEarningsAccumulatedLosses 2020-12-31 01277835 c:FRS102 2021-01-01 2021-12-31 01277835 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 01277835 c:FullAccounts 2021-01-01 2021-12-31 01277835 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 01277835 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 01277835










Speedwork Limited








Unaudited

Director's report and financial statements

For the Year Ended 31 December 2021

 
Speedwork Limited
 

Company Information


Director
G M B Theaker 




Company secretary
Mrs J S Theaker



Registered number
01277835



Registered office
15 Mountfield

Faversham

Kent

ME13 8SZ





 
Speedwork Limited
 

Contents



Page
Director's report
1
Statement of comprehensive income
2
Balance sheet
3
Notes to the financial statements
4 - 8


 
Speedwork Limited
 

 
Director's report
For the Year Ended 31 December 2021

The director presents his report and the financial statements for the year ended 31 December 2021.

Director

The director who served during the year was:

G M B Theaker 

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mrs J S Theaker
Secretary

Date: 30 August 2022

Page 1

 
Speedwork Limited
 

Statement of comprehensive income
For the Year Ended 31 December 2021

2021
2020
Note
£
£

  

Turnover
  
6,000
6,000

Administrative expenses
  
(42,168)
(45,272)

Other operating income
  
38,500
44,500

Operating profit
  
2,332
5,228

Interest receivable and similar income
  
5
6

Profit before tax
  
2,337
5,234

Tax on profit
  
(444)
(994)

Profit for the financial year
  
1,893
4,240

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
Speedwork Limited
Registered number: 01277835

Balance sheet
As at 31 December 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
352,015
352,015

Current assets
  

Cash at bank and in hand
 5 
45,113
45,871

Creditors: amounts falling due within one year
 6 
(37,078)
(39,727)

Net current assets
  
 
 
8,035
 
 
6,144

  

Net assets
  
360,050
358,159


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Revaluation reserve
 7 
54,297
54,297

Profit and loss account
 7 
205,753
203,862

  
360,050
358,159


The director considers 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 director acknowledges his 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 were approved and authorised for issue by the board and were signed on its behalf by: 




G M B Theaker
Director

Date: 30 August 2022

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

1.


General information

Speedwork Limited is a company limited by shares, incorporated in England and Wales.  Its registered office is 15 Mountfield, Faversham, Kent ME13 8SZ.  The company's principal activity is the renting of property.

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.

 
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.

Page 4

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

2.Accounting policies (continued)

 
2.4

Interest income

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

 
2.5

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.

 
2.6

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.

As permitted by the transitional provisions of FRS102 the company has elected not to adopt a policy of revaluation of tangible fixed assets.  The company has opted to retain the book value of land and buildings, previously revalued on 31 December 1994, and will not update that valuation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil

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.

Page 5

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

Page 6

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 January 2021
383,186



At 31 December 2021

383,186



Depreciation


At 1 January 2021
31,171



At 31 December 2021

31,171



Net book value



At 31 December 2021
352,015



At 31 December 2020
352,015

Cost or valuation at 31 December 2021 is as follows:

Land and buildings
£


At cost
199,853
At valuation:

Current use basis at 31 December 1994
183,333



383,186

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2021
2020
£
£



Cost
199,853
199,853

Accumulated depreciation
(24,761)
(24,761)

Net book value
175,092
175,092



Page 7

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2021

5.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
45,113
45,871



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Corporation tax
444
994

Other taxation and social security
163
249

Other creditors
36,471
38,484

37,078
39,727



7.


Reserves

Revaluation reserve

The company has adopted the cost model, but has a historic pre-FRS102 revaluation reserve.
The company's land and buildings were revalued in December 1994 and the company has retained this valuation as the book value.  This reserve records the legacy revaluation surplus.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


8.


Related party transactions

Remuneration paid to key management personnel amounted to £24,600 (2020 - £24,600).


9.


Controlling party

The company is controlled by Mr G M B Theaker who owns 100% of the issued share capital.


Page 8