Company Registration No. 02856624 (England and Wales)
Specthread Limited
Unaudited accounts
for the year ended 28 February 2023
Specthread Limited
Unaudited accounts
Contents
Specthread Limited
Company Information
for the year ended 28 February 2023
Directors
Keith Thomas Neal
Paul James Grainger
Secretary
Keith Thomas Neal
Company Number
02856624 (England and Wales)
Registered Office
Unit 15 Croxstalls Road
Bloxwich
Walsall
WS3 2XU
England
Accountants
KJP Bookkeeping Services
24 Red Lion Lane
Norton Canes
Cannock
Staffordshire
WS11 9QP
Specthread Limited
Statement of financial position
as at 28 February 2023
Tangible assets
4,433
6,649
Cash at bank and in hand
107,517
92,434
Creditors: amounts falling due within one year
(163,780)
(134,583)
Net current assets
70,701
91,439
Total assets less current liabilities
125,134
148,088
Provisions for liabilities
Net assets
124,292
146,825
Called up share capital
100
100
Profit and loss account
124,192
146,725
Shareholders' funds
124,292
146,825
For the year ending 28 February 2023 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 23 October 2023 and were signed on its behalf by
Keith Thomas Neal
Director
Company Registration No. 02856624
Specthread Limited
Notes to the Accounts
for the year ended 28 February 2023
Specthread Limited is a private company, limited by shares, registered in England and Wales, registration number 02856624. The registered office and principal place of business is Unit 15 Croxstalls Road, Bloxwich , Walsall, WS3 2XU, England.
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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Specthread Limited
Notes to the Accounts
for the year ended 28 February 2023
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
Total
Cost or valuation
At cost
At cost
At cost
At 1 March 2022
8,511
5,500
5,411
19,422
At 28 February 2023
8,511
5,500
5,411
19,422
At 1 March 2022
5,042
2,320
5,411
12,773
Charge for the year
1,156
1,060
-
2,216
At 28 February 2023
6,198
3,380
5,411
14,989
At 28 February 2023
2,313
2,120
-
4,433
At 28 February 2022
3,469
3,180
-
6,649
5
Investments
Subsidiary undertakings
Valuation at 1 March 2022
50,000
Valuation at 28 February 2023
50,000
The company owns a 100% holding in RAK Fasteners Limited.
Amounts falling due within one year
Trade debtors
126,724
119,815
Amounts due from group undertakings etc.
-
13,533
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
132,553
111,835
Amounts owed to group undertakings and other participating interests
7,298
-
Taxes and social security
5,582
4,650
Loans from directors
352
96
Specthread Limited
Notes to the Accounts
for the year ended 28 February 2023
8
Operating lease commitments
2023
2022
At 28 February 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
31,992
47,988
9
Average number of employees
During the year the average number of employees was 6 (2022: 6).