REGISTERED NUMBER: |
SPENCER MANUFACTURING LIMITED |
Financial Statements for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
SPENCER MANUFACTURING LIMITED |
Financial Statements for the Year Ended 31 December 2021 |
SPENCER MANUFACTURING LIMITED (REGISTERED NUMBER: 00500155) |
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 | 7 |
SPENCER MANUFACTURING 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 LIMITED (REGISTERED NUMBER: 00500155) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Revaluation reserve | 12 |
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 approved by the director and authorised for issue on |
SPENCER MANUFACTURING LIMITED (REGISTERED NUMBER: 00500155) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
Spencer Manufacturing Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Government grants |
Grants which are of a revenue nature are credited to the profit and loss account in the same period as the related expenditure. |
Tangible fixed assets |
All fixed assets are initially recorded at cost or valuation less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter. |
Land and buildings | - | over the term of the lease |
Plant and machinery | - | 5% - 25% on cost |
Motor Vehicles | - | 25% on reducing balance |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
SPENCER MANUFACTURING LIMITED (REGISTERED NUMBER: 00500155) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all material 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Long | Plant and | Motor |
leasehold | Fixtures | vehicles | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
Depreciation |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 31 December 2020 |
SPENCER MANUFACTURING LIMITED (REGISTERED NUMBER: 00500155) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
4. | Tangible fixed assets - continued |
Cost or valuation at 31 December 2021 is represented by: |
Long | Plant and | Motor |
leasehold | Fixtures | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 1999 | - | 158,901 | - | 158,901 |
Valuation in 2003 | - | 16,937 | - | 16,937 |
Valuation in 2008 | - | 75,336 | - | 75,336 |
Valuation in 2014 | - | 90,950 | - | 90,950 |
Cost | 53,113 | 799,371 | 30,500 | 882,984 |
53,113 | 1,141,495 | 30,500 | 1,225,108 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
Fixtures |
£ |
Cost or valuation |
At 1 January 2021 |
Additions |
At 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 |
5. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | 2,000 | 2,000 |
Corporation tax |
Prepayments |
6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Other loans (see note 8) |
Hire purchase contracts (see note 9) |
Trade creditors |
Social security and other taxes |
Accruals and deferred income |
SPENCER MANUFACTURING LIMITED (REGISTERED NUMBER: 00500155) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
7. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans (see note 8) |
Hire purchase contracts (see note 9) |
8. | Loans |
A guarantee from the UK Government to Bank of Scotland Plc has been provided for the bank loan under the CBIL scheme. The loan attracts 2.33% plus base rate interest and is due to be repaid by June 2027. |
The company has obtained Coronavirus Business Interruption Loan Scheme. The loan attracts 10.2% plus base rate interest and is due to be repaid by January 2026. |
9. | Leasing agreements |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
10. | Secured debts |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Hire purchase contracts | 154,471 | 91,324 |
Invoice financing | 468,996 | 306,785 |
Liabilities under hire purchase are secured by the assets they relate to. Liabilities under invoice financing are secured by the invoices that they relate to. |
SPENCER MANUFACTURING LIMITED (REGISTERED NUMBER: 00500155) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary shares | 1 | 2,568 | 2,568 |
12. | Reserves |
Revaluation |
reserve |
£ |
At 1 January 2021 |
Transfer to/from revaluation |
reserve | (18,604 | ) |
At 31 December 2021 |
13. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | Capital commitments |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
15. | Related party disclosures |
Included in debtors is an amount of £2,000 (2020: £2,000) owed to the company by Mr D G Hawkins. |
During the year rent of £122,650 (2020: £95,416) was charged to Spencer Manufacturing Ltd by D & D Commercial Property Ltd, a company in which Mr D G Hawkins is both a shareholder and a director. |
16. | Ultimate controlling party |
The company's ultimate parent undertaking is Spencer Manufacturing Holdings Limited. |
D G Hawkins, a director, is the ultimate controlling party, owning the majority of the issued share capital of Spencer Manufacturing Holdings Limited. |