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Company Registration No. 02856624 (England and Wales)
Specthread Limited Unaudited accounts for the year ended 28 February 2023
Specthread Limited Unaudited accounts Contents
Page
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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
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Specthread Limited Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4,433 
6,649 
Investments
50,000 
50,000 
54,433 
56,649 
Current assets
Inventories
240 
240 
Debtors
126,724 
133,348 
Cash at bank and in hand
107,517 
92,434 
234,481 
226,022 
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
Deferred tax
(842)
(1,263)
Net assets
124,292 
146,825 
Capital and reserves
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
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Specthread Limited Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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
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.
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Specthread Limited Notes to the Accounts for the year ended 28 February 2023
Pension costs
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 
Depreciation
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 
Net book value
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.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
126,724 
119,815 
Amounts due from group undertakings etc.
- 
13,533 
126,724 
133,348 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
8,932 
8,068 
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 
Accruals
9,063 
9,934 
163,780 
134,583 
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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).
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