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REGISTERED NUMBER: 07187244 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31st March 2023

for

Specified Contracts Ltd

Specified Contracts Ltd (Registered number: 07187244)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Specified Contracts Ltd

Company Information
for the year ended 31st March 2023







DIRECTOR: S H Waters





REGISTERED OFFICE: 12b Sun Street
Waltham Abbey
Essex
EN9 1EE





REGISTERED NUMBER: 07187244 (England and Wales)





ACCOUNTANTS: Apple Accounting Services Ltd
Chartered Management Accountants
12b Sun Street
Waltham Abbey
Essex
EN9 1EE

Specified Contracts Ltd (Registered number: 07187244)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,556 38,272

CURRENT ASSETS
Stocks - 30,769
Debtors 5 148,134 253,738
Cash at bank 196,089 178,747
344,223 463,254
CREDITORS
Amounts falling due within one year 6 150,228 269,227
NET CURRENT ASSETS 193,995 194,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

219,551

232,299

CREDITORS
Amounts falling due after more than one year 7 (38,009 ) (51,857 )

PROVISIONS FOR LIABILITIES (3,937 ) (3,245 )
NET ASSETS 177,605 177,197

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 177,503 177,095
177,605 177,197

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Specified Contracts Ltd (Registered number: 07187244)

Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14th November 2023 and were signed by:





S H Waters - Director


Specified Contracts Ltd (Registered number: 07187244)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Specified Contracts Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Specified Contracts Ltd (Registered number: 07187244)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 86,976
Additions 3,302
Disposals (25,642 )
At 31st March 2023 64,636
DEPRECIATION
At 1st April 2022 48,704
Charge for year 8,412
Eliminated on disposal (18,036 )
At 31st March 2023 39,080
NET BOOK VALUE
At 31st March 2023 25,556
At 31st March 2022 38,272

Specified Contracts Ltd (Registered number: 07187244)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2022 56,648
Disposals (25,642 )
At 31st March 2023 31,006
DEPRECIATION
At 1st April 2022 35,454
Charge for year 3,778
Eliminated on disposal (18,036 )
At 31st March 2023 21,196
NET BOOK VALUE
At 31st March 2023 9,810
At 31st March 2022 21,194

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 115,741 229,027
Other debtors 32,393 24,711
148,134 253,738

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,997 9,996
Trade creditors 48,402 181,613
Taxation and social security 56,162 47,448
Other creditors 35,667 30,170
150,228 269,227

Specified Contracts Ltd (Registered number: 07187244)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 29,671 39,202
Other creditors 8,338 12,655
38,009 51,857

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 6,263 -
Between one and five years 7,306 -
13,569 -