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REGISTERED NUMBER: 03719395 (England and Wales)






Spruce Engineering Company Limited

Financial Statements

for the Year Ended 28 February 2023






Spruce Engineering Company Limited (Registered number: 03719395)

Contents of the Financial Statements
for the year ended 28 February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spruce Engineering Company Limited

Company Information
for the year ended 28 February 2023







DIRECTORS: Mrs P A Spruce
Mr D M Spruce
Mrs C Brown





SECRETARY: Mrs C Brown





REGISTERED OFFICE: Flanshaw Lane
Wakefield
West Yorkshire
WF2 9JE





REGISTERED NUMBER: 03719395 (England and Wales)





ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Spruce Engineering Company Limited (Registered number: 03719395)

Balance Sheet
28 February 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 93,867 110,595
93,867 110,595

CURRENT ASSETS
Stocks 18,616 17,620
Debtors 6 119,784 79,166
Cash at bank and in hand 142,143 181,428
280,543 278,214
CREDITORS
Amounts falling due within one year 7 48,702 47,835
NET CURRENT ASSETS 231,841 230,379
TOTAL ASSETS LESS CURRENT
LIABILITIES

325,708

340,974

Spruce Engineering Company Limited (Registered number: 03719395)

Balance Sheet - continued
28 February 2023

2023 2022
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Retained earnings 315,708 330,974
SHAREHOLDERS' FUNDS 325,708 340,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2023 and were signed on its behalf by:





Mrs C Brown - Director


Spruce Engineering Company Limited (Registered number: 03719395)

Notes to the Financial Statements
for the year ended 28 February 2023


1. STATUTORY INFORMATION

Spruce Engineering Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional and presentational currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sale of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2000, has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

All fixed assets are initially recorded at cost.

Stocks
Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Spruce Engineering Company Limited (Registered number: 03719395)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

Spruce Engineering Company Limited (Registered number: 03719395)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


4. INTANGIBLE FIXED ASSETS
Website
Goodwill costs Totals
£ £ £
COST
At 1 March 2022
and 28 February 2023 500,000 1,885 501,885
AMORTISATION
At 1 March 2022
and 28 February 2023 500,000 1,885 501,885
NET BOOK VALUE
At 28 February 2023 - - -
At 28 February 2022 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 March 2022 256,840 162,633 48,600 59,028 527,101
Additions - - 906 - 906
At 28 February 2023 256,840 162,633 49,506 59,028 528,007
DEPRECIATION
At 1 March 2022 188,940 138,409 39,671 49,486 416,506
Charge for year 10,273 3,634 1,342 2,385 17,634
At 28 February 2023 199,213 142,043 41,013 51,871 434,140
NET BOOK VALUE
At 28 February 2023 57,627 20,590 8,493 7,157 93,867
At 28 February 2022 67,900 24,224 8,929 9,542 110,595

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 112,130 71,381
Prepayments and accrued income 7,654 7,785
119,784 79,166

Spruce Engineering Company Limited (Registered number: 03719395)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade creditors 8,288 9,626
Social security and other taxes 6,657 6,288
VAT 28,421 26,356
Other creditors 298 262
Accruals and deferred income 5,038 5,303
48,702 47,835

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
10,000 Ordinary £1 10,000 10,000