REGISTERED NUMBER: |
SPENCER MANUFACTURING HOLDINGS LIMITED |
Financial Statements for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
SPENCER MANUFACTURING HOLDINGS LIMITED |
Financial Statements for the Year Ended 31 December 2021 |
SPENCER MANUFACTURING HOLDINGS LIMITED (REGISTERED NUMBER: 02536420) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
SPENCER MANUFACTURING HOLDINGS LIMITED |
Company Information |
for the year ended 31 December 2021 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
5-6 Greenfield Crescent |
Edgbaston |
Birmingham |
West Midlands |
B15 3BE |
SPENCER MANUFACTURING HOLDINGS LIMITED (REGISTERED NUMBER: 02536420) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
Net assets |
Capital and reserves |
Called up share capital | 8 |
Share premium |
Revaluation reserve |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were authorised for issue the director and authorised for issue on |
SPENCER MANUFACTURING HOLDINGS LIMITED (REGISTERED NUMBER: 02536420) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
Spencer Manufacturing Holdings Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Fixed assets |
All fixed assets are initially recorded at cost |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Plant & Machinery 5% - 33% per annum on cost |
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | Employees and directors |
The average number of employees during the year was NIL (2020 - NIL). |
SPENCER MANUFACTURING HOLDINGS LIMITED (REGISTERED NUMBER: 02536420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
4. | Tangible fixed assets |
Plant and |
machinery |
£ |
Cost or valuation |
At 1 January 2021 |
and 31 December 2021 |
Depreciation |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
Cost or valuation at 31 December 2021 is represented by: |
Plant and |
machinery |
£ |
Valuation in 2003 | (1,890 | ) |
Valuation in 2008 | 10,000 |
Valuation in 2014 | (25,000 | ) |
Cost | 41,890 |
25,000 |
If Plant and machinery had not been revalued they would have been included at the following historical cost: |
2021 | 2020 |
£ | £ |
Cost | 41,890 | 41,890 |
Aggregate depreciation | 41,890 | 41,890 |
Plant and machinery were valued on an open market basis on 31 December 2014 by Tallon and Associates . |
The directors believe that the current valuation is in line with the carrying value of the plant and machinery. |
SPENCER MANUFACTURING HOLDINGS LIMITED (REGISTERED NUMBER: 02536420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2021 |
and 31 December 2021 |
Provisions |
At 1 January 2021 |
and 31 December 2021 | 881,265 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Ludlow Business Park, Sheet Road, Ludlow, Shropshire, SY8 1XF |
Nature of business: |
% |
Class of shares: | holding |
2021 | 2020 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Amounts owed to group undertakings |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Preference shares | 31,977 | 31,977 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal value: | 2021 | 2020 |
£ | £ |
421,500 | Ordinary shares | 0.10 | 42,150 |
214,965 | Ordinary A shares | 0.10 | 21,496 |
105,375 | Ordinary B shares | 0.10 | 10,538 |
101,160 | Ordinary C shares | 0.10 | 10,116 |
42,150 | 42,150 |
On 20 January 2021 the Ordinary shares were transferred to Ordinary A shares, B shares and C shares. All ordinary shares have full voting rights. |
SPENCER MANUFACTURING HOLDINGS LIMITED (REGISTERED NUMBER: 02536420) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | Related party disclosures |
Spencer Manufacturing Limited has paid bank interest of £564 (2020: £181) on behalf of Spencer Manufacturing Holdings Limited. |
11. | Controlling party |
The company and its 100% subsidiary undertaking, Spencer Manufacturing Limited, were under the control of D G Hawkins throughout the current and previous year. D G Hawkins is the managing director and the majority shareholder of the company. |