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REGISTERED NUMBER: 03081117 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

S.P. Acquisitions Limited

S.P. Acquisitions Limited (Registered number: 03081117)

Contents of the Financial Statements
for the Year Ended 31 January 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S.P. Acquisitions Limited

Company Information
for the Year Ended 31 January 2023







DIRECTOR: A Lindsay





SECRETARY: Ms K Sewell





REGISTERED OFFICE: Unit C1
Lea Road Trading Estate
Lea Road
Waltham Abbey
EN9 1AS





REGISTERED NUMBER: 03081117 (England and Wales)





ACCOUNTANTS: Harris & Co
(The practising name of
Harris Accountants Limited)
1 Trinity Place
Midland Drive
Sutton Coldfield
B72 1 TX

S.P. Acquisitions Limited (Registered number: 03081117)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 155,156 154,833
Investment property 5 152,015 152,015
307,171 306,848

CURRENT ASSETS
Stocks 533,071 257,315
Debtors 6 94,097 35,598
Cash at bank and in hand 1,101,694 727,677
1,728,862 1,020,590
CREDITORS
Amounts falling due within one year 7 754,418 536,891
NET CURRENT ASSETS 974,444 483,699
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,281,615

790,547

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 1,280,615 789,547
SHAREHOLDERS' FUNDS 1,281,615 790,547

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

S.P. Acquisitions Limited (Registered number: 03081117)

Balance Sheet - continued
31 January 2023


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 director and authorised for issue on 17 October 2023 and were signed by:





A Lindsay - Director


S.P. Acquisitions Limited (Registered number: 03081117)

Notes to the Financial Statements
for the Year Ended 31 January 2023


1. STATUTORY INFORMATION

S.P. Acquisitions 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of Goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the despatch of goods

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 - 2% on cost
Improvements to property - 10% straight line
Fixtures and fittings - at varying rates on cost

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date and if there are any changes in fair value, these are recognised in profit or loss.

S.P. Acquisitions Limited (Registered number: 03081117)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related turnover is recognised.

Cost is determined on the first-in, first out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the stock to its present location and condition. The cost of finished goods includes raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity).

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

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.

S.P. Acquisitions Limited (Registered number: 03081117)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


2. ACCOUNTING POLICIES - continued

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

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.

Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with an insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 February 2022 173,000 97,958 270,958
Additions - 7,843 7,843
At 31 January 2023 173,000 105,801 278,801
DEPRECIATION
At 1 February 2022 20,760 95,365 116,125
Charge for year 3,460 4,060 7,520
At 31 January 2023 24,220 99,425 123,645
NET BOOK VALUE
At 31 January 2023 148,780 6,376 155,156
At 31 January 2022 152,240 2,593 154,833

S.P. Acquisitions Limited (Registered number: 03081117)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022
and 31 January 2023 152,015
NET BOOK VALUE
At 31 January 2023 152,015
At 31 January 2022 152,015

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 40,700 17,970
Other debtors 53,397 17,628
94,097 35,598

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 32,475 43,443
Trade creditors 538,004 404,646
Taxation and social security 153,861 53,968
Other creditors 30,078 34,834
754,418 536,891

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

S.P. Acquisitions Limited (Registered number: 03081117)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023


9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022:

31.1.23 31.1.22
£    £   
A Lindsay
Balance outstanding at start of year 2,118 256,703
Amounts advanced 22,819 -
Amounts repaid - (254,585 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,937 2,118