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Registration number: 10129983

W G Spice Building Limited

trading as Spice Building

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

W G Spice Building Limited

trading as Spice Building

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

W G Spice Building Limited

trading as Spice Building

Company Information

Director

Mr W Spice

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

W G Spice Building Limited

trading as Spice Building

(Registration number: 10129983)
Statement of financial position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

60,200

60,200

Current assets

 

Stocks

5

150,655

199,987

Debtors

6

829,892

762,344

Cash at bank and in hand

 

84,975

33,892

 

1,065,522

996,223

Creditors: Amounts falling due within one year

7

(856,337)

(877,076)

Net current assets

 

209,185

119,147

Total assets less current liabilities

 

269,385

179,347

Creditors: Amounts falling due after more than one year

7

(23,404)

(33,390)

Net assets

 

245,981

145,957

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

245,881

145,857

Shareholders' funds

 

245,981

145,957

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the director on 20 October 2023
 

 

W G Spice Building Limited

trading as Spice Building

(Registration number: 10129983)
Statement of financial position as at 31 July 2023

.........................................
Mr W Spice
Director

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the director on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

None

Investment property

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect new estimates.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 19).

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 August 2022

60,200

60,200

At 31 July 2023

60,200

60,200

Depreciation

Carrying amount

At 31 July 2023

60,200

60,200

At 31 July 2022

60,200

60,200

Included within the net book value of land and buildings above is £60,200 (2022 - £60,200) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

150,655

199,987

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

102,938

66,658

Amounts owed by related parties

10

696,805

687,000

Prepayments

 

-

5,192

Other debtors

 

30,149

3,494

   

829,892

762,344

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

9,800

9,500

Trade creditors

 

114,747

140,139

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

574,141

620,146

Taxation and social security

 

71,620

50,115

Accruals and deferred income

 

22,425

24,305

Other creditors

 

12,762

6,949

Tax liability

 

50,842

25,922

 

856,337

877,076

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

23,404

33,390

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,404

33,390

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,800

9,500

10

Related party transactions

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Transactions with the director

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Mr W Spice

-

26,654

26,654

       
     

 

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Other transactions with the director

The loan was repaid within 9 months of the company's year end.

Summary of transactions with parent

W. Spice Building Limited
 

Summary of transactions with other related parties

South Creake Business Park
 

Expenditure with and payables to related parties

2023

Parent
£

Purchase of goods

66,000

2022

Parent
£

Purchase of goods

50,967

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

48,576

48,576

Advanced

1,695

1,695

At end of period

50,271

50,271

2022

Other related parties
£

Total
£

At start of period

48,576

48,576

At end of period

48,576

48,576

Loans from related parties

2023

Parent
£

Creake Business Park Limited
£

Total
£

At start of period

(620,146)

638,423

18,277

Advanced

-

8,111

8,111

Repaid

46,005

-

46,005

At end of period

(574,141)

646,534

72,393

 

W G Spice Building Limited

trading as Spice Building

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2022

Parent
£

Creake Business Park Limited
£

Total
£

At start of period

(589,496)

584,943

(4,553)

Advanced

(30,650)

53,480

22,830

At end of period

(620,146)

638,423

18,277