Registered number
06037161
SPW FLOOR SCREEDING SPECIALISTS LIMITED
Filleted Accounts
31 December 2021
SPW FLOOR SCREEDING SPECIALISTS LIMITED
Registered number: 06037161
Balance Sheet
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 103,956 54,994
Current assets
Stocks - 73,301
Debtors 4 77,375 32,926
Cash at bank and in hand 174,741 86,334
252,116 192,561
Creditors: amounts falling due within one year 5 (110,678) (65,992)
Net current assets 141,438 126,569
Total assets less current liabilities 245,394 181,563
Creditors: amounts falling due after more than one year 6 (54,791) (50,000)
Provisions for liabilities (19,751) (10,448)
Net assets 170,852 121,115
Capital and reserves
Called up share capital 100 100
Profit and loss account 170,752 121,015
Shareholders' funds 170,852 121,115
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Slawomir Woloch
Director
Approved by the board on 28 July 2022
SPW FLOOR SCREEDING SPECIALISTS LIMITED
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2021 142,824 83,508 226,332
Additions 18,000 55,500 73,500
At 31 December 2021 160,824 139,008 299,832
Depreciation
At 1 January 2021 96,029 75,309 171,338
Charge for the year 15,183 9,355 24,538
At 31 December 2021 111,212 84,664 195,876
Net book value
At 31 December 2021 49,612 54,344 103,956
At 31 December 2020 46,795 8,199 54,994
4 Debtors 2021 2020
£ £
Trade debtors 48,614 31,472
Other debtors 28,761 1,454
77,375 32,926
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 10,000 -
Obligations under finance lease and hire purchase contracts 11,774 -
Trade creditors 30,226 20,526
Taxation and social security costs 50,114 42,988
Other creditors - loan from director 8,564 2,478
110,678 65,992
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 35,000 50,000
Obligations under finance lease and hire purchase contracts 19,791 -
54,791 50,000
7 Other information
SPW FLOOR SCREEDING SPECIALISTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Woodside House Woodside
Thornwood
Epping
Essex
CM16 6LF
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