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31/12/2021
2021-12-31
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No description of principal activities is disclosed
2021-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01712961
2021-01-01
2021-12-31
01712961
2021-12-31
01712961
2020-12-31
01712961
2020-01-01
2020-12-31
01712961
2020-12-31
01712961
bus:Director1
2021-01-01
2021-12-31
01712961
core:PlantMachinery
2020-12-31
01712961
core:FurnitureFittingsToolsEquipment
2020-12-31
01712961
core:PlantMachinery
2021-12-31
01712961
core:FurnitureFittingsToolsEquipment
2021-12-31
01712961
core:WithinOneYear
2021-12-31
01712961
core:WithinOneYear
2020-12-31
01712961
core:AfterOneYear
2021-12-31
01712961
core:AfterOneYear
2020-12-31
01712961
core:ShareCapital
2021-12-31
01712961
core:ShareCapital
2020-12-31
01712961
core:RetainedEarningsAccumulatedLosses
2021-12-31
01712961
core:RetainedEarningsAccumulatedLosses
2020-12-31
01712961
core:PlantMachinery
2021-01-01
2021-12-31
01712961
core:FurnitureFittingsToolsEquipment
2021-01-01
2021-12-31
01712961
core:PlantMachinery
2020-12-31
01712961
core:FurnitureFittingsToolsEquipment
2020-12-31
01712961
bus:SmallEntities
2021-01-01
2021-12-31
01712961
bus:AuditExempt-NoAccountantsReport
2021-01-01
2021-12-31
01712961
bus:FullAccounts
2021-01-01
2021-12-31
01712961
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
01712961
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
Company registration number:
01712961
Spreckley Partners Limited
Unaudited filleted financial statements
31 December 2021
Spreckley Partners Limited
Contents
Statement of financial position
Notes to the financial statements
Spreckley Partners Limited
Statement of financial position
31 December 2021
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
2,134 |
|
|
|
3,008 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
2,134 |
|
|
|
3,008 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
363,741 |
|
|
|
196,193 |
|
|
Cash at bank and in hand |
|
|
23,463 |
|
|
|
57,964 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
387,204 |
|
|
|
254,157 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
274,050) |
|
|
|
(
144,282) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
113,154 |
|
|
|
109,875 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
115,288 |
|
|
|
112,883 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
37,500) |
|
|
|
(
47,500) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
77,788 |
|
|
|
65,383 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
30,000 |
|
|
|
30,000 |
Profit and loss account |
|
|
|
|
47,788 |
|
|
|
35,383 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
77,788 |
|
|
|
65,383 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
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|
|
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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
05 September 2022
, and are signed on behalf of the board by:
R J Merrin
Director
Company registration number:
01712961
Spreckley Partners 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 First Floor Unicorn House, 221-222 Shoreditch High Street, London, E1 6PJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 “The Financial ReportingStandard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of theCompanies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.The financial statements are prepared in sterling, which is the functional currency of the company.Monetary amounts 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.
Turnover
Turnover represents the invoiced value of fees, net of Value Added Tax and is all in respect of thecompany's principal activity as a public relations consultancy.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
|
|
|
|
|
Plant and machinery |
- |
33 1/3 % per annum
|
|
Fittings fixtures and equipment |
- |
15% to 25% per annum
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Cash at Bank and in hand
Cash at bank and in hand 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
Employees Benefit
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is emonstrably committed to terminate the employment of an employee or to provide termination benefits
Retirement Benefit
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed
Foreign Exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2020:
16
).
5.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2021 |
51,028 |
3,570 |
54,598 |
|
|
|
|
|
Additions |
1,278 |
- |
1,278 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
52,306 |
3,570 |
55,876 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2021 |
49,625 |
1,965 |
51,590 |
|
|
|
|
|
Charge for the year |
1,260 |
892 |
2,152 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
50,885 |
2,857 |
53,742 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2021 |
1,421 |
713 |
2,134 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 December 2020 |
1,403 |
1,605 |
3,008 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Trade debtors |
|
266,358 |
139,422 |
|
Other debtors |
|
97,383 |
56,771 |
|
|
|
_______ |
_______ |
|
|
|
363,741 |
196,193 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
18,465 |
2,500 |
|
Trade creditors |
|
80,289 |
55,568 |
|
Corporation tax |
|
25,743 |
10,565 |
|
Social security and other taxes |
|
130,645 |
67,793 |
|
Other creditors |
|
18,908 |
7,856 |
|
|
|
_______ |
_______ |
|
|
|
274,050 |
144,282 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2021 |
2020 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
37,500 |
47,500 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Operating leases
At 31 December 2021, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £84,377 (2020 - £191,483). On 4th August 2022, the company entered into a new operating lease for the office space. The terms of the new lease are similar to the existing operating lease.