Company Registration No. 10786090 (England and Wales)
SPECIALIST LINES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
30 April 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SPECIALIST LINES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
SPECIALIST LINES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
59,654
31,364
Tangible assets
5
21,023
21,758
80,677
53,122
Current assets
Debtors
6
603,321
342,397
Cash at bank and in hand
214,120
154,637
817,441
497,034
Creditors: amounts falling due within one year
7
(325,985)
(275,935)
Net current assets
491,456
221,099
Total assets less current liabilities
572,133
274,221
Creditors: amounts falling due after more than one year
8
(147,365)
(20,250)
Provisions for liabilities
(2,661)
(4,264)
Net assets
422,107
249,707
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
422,007
249,607
Total equity
422,107
249,707
SPECIALIST LINES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
J Buckley
Director
Company Registration No. 10786090
SPECIALIST LINES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 April 2022:
Balance at 1 May 2021
1
78,440
78,441
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
171,167
171,167
Prior period adjustment
9
99
-
99
Balance at 30 April 2022
100
249,607
249,707
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
172,400
172,400
Balance at 30 April 2023
100
422,007
422,107
SPECIALIST LINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Specialist Lines Limited is a private company limited by shares incorporated in England and Wales. The registered office is Centric House, E2 Waterfold Business Park, Bury, BL9 7BR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The company is profitable, cash generative and net current assets. Having considered financial performance since the year end together with forecasts for the next financial year, the director is satisfied that the company is a going concern and will be able to meet its liabilities as they fall due. Therefore, the financial statements have been prepared on a basis of going concern.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer development
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computer equipment
20% straight line
SPECIALIST LINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
SPECIALIST LINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SPECIALIST LINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 7 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
13
SPECIALIST LINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
4
Intangible fixed assets
Computer development
£
Cost
At 1 May 2022
143,550
Additions
60,000
At 30 April 2023
203,550
Amortisation and impairment
At 1 May 2022
112,186
Amortisation charged for the year
31,710
At 30 April 2023
143,896
Carrying amount
At 30 April 2023
59,654
At 30 April 2022
31,364
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2022
9,608
32,494
27,575
69,677
Additions
298
12,901
2,326
15,525
Disposals
(1,291)
(1,291)
At 30 April 2023
9,906
45,395
28,610
83,911
Depreciation and impairment
At 1 May 2022
5,018
25,070
17,831
47,919
Depreciation charged in the year
1,937
8,702
5,363
16,002
Eliminated in respect of disposals
(1,033)
(1,033)
At 30 April 2023
6,955
33,772
22,161
62,888
Carrying amount
At 30 April 2023
2,951
11,623
6,449
21,023
At 30 April 2022
4,590
7,424
9,744
21,758
SPECIALIST LINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
87,101
135,718
Other debtors
472,382
175,100
Prepayments and accrued income
43,838
31,579
603,321
342,397
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
53,627
41,323
Trade creditors
106,099
36,943
Corporation tax
48,220
49,242
Other taxation and social security
64,100
74,450
Other creditors
540
17,697
Accruals and deferred income
53,399
56,280
325,985
275,935
There is a fixed and floating charge covering all the undertakings of the company, including a negative pledge.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
147,365
20,250
There is a fixed and floating charge covering all the undertakings of the company, including a negative pledge.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
10,000
10,000
100
100
SPECIALIST LINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 10 -
10
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2021
2022
£
£
Adjustments to prior year
Issued share capital in 2019, not previously shown
-
99
Equity as previously reported
78,441
249,608
Equity as adjusted
78,441
249,707
Analysis of the effect upon equity
Share capital
-
99
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
171,167
Profit as adjusted
171,167
2023-04-302022-05-01false08 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityJ Buckley107860902022-05-012023-04-30107860902023-04-30107860902022-04-3010786090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-3010786090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-3010786090core:PlantMachinery2023-04-3010786090core:FurnitureFittings2023-04-3010786090core:ComputerEquipment2023-04-3010786090core:PlantMachinery2022-04-3010786090core:FurnitureFittings2022-04-3010786090core:ComputerEquipment2022-04-3010786090core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3010786090core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3010786090core:CurrentFinancialInstruments2023-04-3010786090core:CurrentFinancialInstruments2022-04-3010786090core:Non-currentFinancialInstruments2023-04-3010786090core:Non-currentFinancialInstruments2022-04-3010786090core:ShareCapital2023-04-3010786090core:ShareCapital2022-04-3010786090core:RetainedEarningsAccumulatedLosses2023-04-3010786090core:RetainedEarningsAccumulatedLosses2022-04-3010786090core:ShareCapital2021-04-3010786090core:RetainedEarningsAccumulatedLosses2021-04-3010786090bus:Director12022-05-012023-04-3010786090core:ShareCapital2021-05-012022-04-30107860902021-05-012022-04-3010786090core:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3010786090core:PlantMachinery2022-05-012023-04-3010786090core:FurnitureFittings2022-05-012023-04-3010786090core:ComputerEquipment2022-05-012023-04-3010786090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-3010786090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:InternallyGeneratedIntangibleAssets2022-05-012023-04-3010786090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-05-012023-04-3010786090core:PlantMachinery2022-04-3010786090core:FurnitureFittings2022-04-3010786090core:ComputerEquipment2022-04-30107860902022-04-3010786090bus:PrivateLimitedCompanyLtd2022-05-012023-04-3010786090bus:SmallCompaniesRegimeForAccounts2022-05-012023-04-3010786090bus:FRS1022022-05-012023-04-3010786090bus:AuditExemptWithAccountantsReport2022-05-012023-04-3010786090bus:FullAccounts2022-05-012023-04-30xbrli:purexbrli:sharesiso4217:GBP