Registered number: 01277835
Speedwork Limited
Unaudited
Director's report and financial statements
For the Year Ended 31 December 2021
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Speedwork Limited
Company Information
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Speedwork Limited
Contents
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Statement of comprehensive income
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Notes to the financial statements
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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.
The director who served during the year was:
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
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Page 1
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Speedwork Limited
Statement of comprehensive income
For the Year Ended 31 December 2021
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Interest receivable and similar income
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Profit for the financial year
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There was no other comprehensive income for 2021 (2020:£NIL).
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The notes on pages 4 to 8 form part of these financial statements.
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Page 2
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Speedwork Limited
Registered number: 01277835
Balance sheet
As at 31 December 2021
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Creditors: amounts falling due within one year
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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:
The notes on pages 4 to 8 form part of these financial statements.
Page 3
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Speedwork Limited
Notes to the financial statements
For the Year Ended 31 December 2021
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
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Basis of preparation of financial statements
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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:
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Foreign currency translation
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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.
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
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Speedwork Limited
Notes to the financial statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
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.
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:
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
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Speedwork Limited
Notes to the financial statements
For the Year Ended 31 December 2021
2.Accounting policies (continued)
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Cash and cash equivalents
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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.
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.
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.
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
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Page 6
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Speedwork Limited
Notes to the financial statements
For the Year Ended 31 December 2021
Cost or valuation at 31 December 2021 is as follows:
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Current use basis at 31 December 1994
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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Page 7
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Speedwork Limited
Notes to the financial statements
For the Year Ended 31 December 2021
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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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.
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Related party transactions
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Remuneration paid to key management personnel amounted to £24,600 (2020 - £24,600).
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The company is controlled by Mr G M B Theaker who owns 100% of the issued share capital.
Page 8
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