Spectrum Industrial Limited |
Registered number: |
01262728 |
Balance Sheet |
as at 31 July 2022 |
|
Notes |
|
|
2022 |
|
|
2021 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
515,090 |
|
|
308,837 |
|
Current assets |
Stocks |
|
|
97,117 |
|
|
88,020 |
Debtors |
4 |
|
617,283 |
|
|
595,997 |
Cash at bank and in hand |
|
|
385,072 |
|
|
400,123 |
|
|
|
1,099,472 |
|
|
1,084,140 |
|
Creditors: amounts falling due within one year |
5 |
|
(137,508) |
|
|
(153,139) |
|
Net current assets |
|
|
|
961,964 |
|
|
931,001 |
|
Total assets less current liabilities |
|
|
|
1,477,054 |
|
|
1,239,838 |
|
|
Provisions for liabilities |
|
|
|
(2,200) |
|
|
(2,285) |
|
|
Net assets |
|
|
|
1,474,854 |
|
|
1,237,553 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100,000 |
|
|
100,000 |
Non-distributable reserve |
6 |
|
|
278,055 |
|
|
110,000 |
Profit and loss account |
|
|
|
1,096,799 |
|
|
1,027,553 |
|
Shareholders' funds |
|
|
|
1,474,854 |
|
|
1,237,553 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
H J Carr |
Director |
Approved by the board on 25 October 2023 |
|
Spectrum Industrial Limited |
Notes to the Accounts |
for the period from 1 November 2021 to 31 July 2022 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods, which is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost or revaluation less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold land and buildings |
Straight line over lease term |
|
Plant and machinery |
15% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Where a tax liability arises in respect of a revaluation, that liability is reflected in the revaluation reserve. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
2 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
|
Average number of persons employed by the company |
9 |
|
10 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 November 2021 |
371,211 |
|
257,970 |
|
73,198 |
|
702,379 |
|
Surplus on revaluation |
123,789 |
|
- |
|
- |
|
123,789 |
|
Disposals |
- |
|
(18,561) |
|
- |
|
(18,561) |
|
At 31 July 2022 |
495,000 |
|
239,409 |
|
73,198 |
|
807,607 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2021 |
87,448 |
|
248,186 |
|
57,908 |
|
393,542 |
|
Charge for the period |
(87,448) |
|
1,021 |
|
3,244 |
|
(83,183) |
|
On disposals |
- |
|
(17,842) |
|
- |
|
(17,842) |
|
At 31 July 2022 |
- |
|
231,365 |
|
61,152 |
|
292,517 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2022 |
495,000 |
|
8,044 |
|
12,046 |
|
515,090 |
|
At 31 October 2021 |
283,763 |
|
9,784 |
|
15,290 |
|
308,837 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2022 |
|
2021 |
£ |
£ |
|
Historical cost |
216,945 |
|
216,945 |
|
Cumulative depreciation based on historical cost |
- |
|
43,180 |
|
|
|
|
|
|
216,945 |
|
173,765 |
|
Land and buildings were last revalued shortly after the accounting date, on 31 August 2022, by an independent firm of chartered surveyors. These accounts reflect the surplus on revaluation, and the increase in the asset's carrying value has been recognised in the profit and loss account to the extent that it reverses decreases previously recognised in the profit and loss account. |
|
|
4 |
Debtors |
2022 |
|
2021 |
£ |
£ |
|
|
Trade debtors |
192,811 |
|
187,194 |
|
Other debtors |
424,472 |
|
408,803 |
|
|
|
|
|
|
617,283 |
|
595,997 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
|
Trade creditors |
92,000 |
|
100,231 |
|
Taxation and social security costs |
40,026 |
|
41,938 |
|
Other creditors |
5,482 |
|
10,970 |
|
|
|
|
|
|
137,508 |
|
153,139 |
|
|
|
|
|
|
|
|
|
|
6 |
Non-distributable reserve : revaluation reserve |
2022 |
|
2021 |
£ |
£ |
|
|
At 1 November 2021 |
110,000 |
|
111,341 |
|
Gain on revaluation of land and buildings |
168,055 |
|
- |
|
Depreciation on revalued asset |
- |
|
(1,341) |
|
|
At 31 July 2022 |
278,055 |
|
110,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
H J Carr |
|
2021 loan (interest bearing) |
5,373 |
|
- |
|
(5,373) |
|
- |
|
2022 loan (interest bearing) |
- |
|
10,293 |
|
- |
|
10,293 |
|
|
W E Carr |
|
2021 loan (interest bearing) |
12,122 |
|
- |
|
(12,122) |
|
- |
|
2022 loan (interest bearing) |
- |
|
18,851 |
|
- |
|
18,851 |
|
|
D A Carr |
|
2021 loan (interest bearing) |
9,683 |
|
|
|
(9,683) |
|
- |
|
2022 loan (interest bearing) |
- |
|
13,394 |
|
- |
|
13,394 |
|
|
|
27,178 |
|
42,538 |
|
(27,178) |
|
42,538 |
|
|
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
Loans have been made to Spectrum Builders Limited, a company controlled by H J Carr. The loans are interest free and repayable on demand. The balance outstanding at the balance sheet date was £357,056 (2021 £355,434). Interest bearing loans (at official rate) have been made to the directors during the year, as shown in note 7. |
|
|
9 |
Controlling party |
|
|
There is no single controlling party. |
|
|
10 |
Other information |
|
|
Spectrum Industrial Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
19-24 Bedesway |
|
Bede Industrial Estate |
|
Jarrow |
|
Tyne & Wear |
|
NE32 3EG |