Company Registration No. 02943834 (England and Wales)
D.E. Spencer & Sons (UK) Limited
Unaudited accounts
for the year ended 31 December 2022
D.E. Spencer & Sons (UK) Limited
Unaudited accounts
Contents
D.E. Spencer & Sons (UK) Limited
Company Information
for the year ended 31 December 2022
Directors
Clive Spencer
David Spencer
Company Number
02943834 (England and Wales)
Registered Office
D E SPENCER & SONS THE OFFICE
NUPEND
STONEHOUSE
GLOUCESTERSHIRE
GL10 3SS
Accountants
Parallel Accounting Ltd
8 Charis Avenue
Bristol
BS10 5JD
D.E. Spencer & Sons (UK) Limited
Statement of financial position
as at 31 December 2022
Tangible assets
35,991
24,460
Cash at bank and in hand
54,060
64,616
Creditors: amounts falling due within one year
(168,565)
(119,087)
Net current assets
81,029
157,677
Total assets less current liabilities
156,498
226,512
Provisions for liabilities
Deferred tax
(6,839)
(7,421)
Net assets
149,659
219,091
Called up share capital
2
2
Revaluation reserve
9,696
14,593
Profit and loss account
139,961
204,496
Shareholders' funds
149,659
219,091
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by
David Spencer
Director
Company Registration No. 02943834
D.E. Spencer & Sons (UK) Limited
Notes to the Accounts
for the year ended 31 December 2022
D.E. Spencer & Sons (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 02943834. The registered office is D E SPENCER & SONS THE OFFICE, NUPEND, STONEHOUSE, GLOUCESTERSHIRE, GL10 3SS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company?s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
D.E. Spencer & Sons (UK) Limited
Notes to the Accounts
for the year ended 31 December 2022
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
7 years straight line
Motor vehicles
4 years straight line
Fixtures & fittings
7 years straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in shares are included at fair value.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2022
163,580
1,904
11,531
-
177,015
Additions
3,950
15,000
-
650
19,600
Disposals
(700)
-
-
-
(700)
At 31 December 2022
166,830
16,904
11,531
650
195,915
At 1 January 2022
140,532
1,481
10,542
-
152,555
Charge for the year
3,915
3,856
159
130
8,060
On disposals
(691)
-
-
-
(691)
At 31 December 2022
143,756
5,337
10,701
130
159,924
At 31 December 2022
23,074
11,567
830
520
35,991
At 31 December 2021
23,048
423
989
-
24,460
D.E. Spencer & Sons (UK) Limited
Notes to the Accounts
for the year ended 31 December 2022
5
Investments
Other investments
Valuation at 1 January 2022
44,375
Fair value adjustments
(4,897)
Valuation at 31 December 2022
39,478
Amounts falling due within one year
Trade debtors
25,123
24,463
Accrued income and prepayments
1,733
4,872
Other debtors
167,911
179,372
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
4,867
1,408
Taxes and social security
57,832
13,179
Loans from directors
215
-
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan Account
7,718
6,060
13,993
(215)
Directors Loan Account
120,404
19,130
13,993
125,541
128,122
25,190
27,986
125,326
9
Average number of employees
During the year the average number of employees was 2 (2021: 2).