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REGISTERED NUMBER: 03281662 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

P & L SPAR LIMITED

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


P & L SPAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr B Speck
Mr J Speck
Ms R McCabe





SECRETARY: Mrs P Speck





REGISTERED OFFICE: 13-14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW





REGISTERED NUMBER: 03281662 (England and Wales)





ACCOUNTANTS: Sullivans Chartered Accountants
13-14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 187,986 197,069

CURRENT ASSETS
Inventories 4,856 3,376
Debtors 5 119 1,923
Cash at bank and in hand 44,249 78,564
49,224 83,863
CREDITORS
Amounts falling due within one year 6 44,970 50,775
NET CURRENT ASSETS 4,254 33,088
TOTAL ASSETS LESS CURRENT
LIABILITIES

192,240

230,157

CREDITORS
Amounts falling due after more than one
year

7

(38,404

)

(50,872

)

PROVISIONS FOR LIABILITIES (2,099 ) -
NET ASSETS 151,737 179,285

CAPITAL AND RESERVES
Called up share capital 9 275 275
Capital redemption reserve 25 25
Retained earnings 151,437 178,985
SHAREHOLDERS' FUNDS 151,737 179,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 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 Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:





Mr J Speck - Director


P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

P & L Spar Limited 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.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue 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.
Freehold property - 2% on cost-excluding land at 0%
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 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.

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 10 (2022 - 8 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022
and 28 February 2023 253,495 79,408 332,903
DEPRECIATION
At 1 March 2022 71,728 64,106 135,834
Charge for year 4,830 4,253 9,083
At 28 February 2023 76,558 68,359 144,917
NET BOOK VALUE
At 28 February 2023 176,937 11,049 187,986
At 28 February 2022 181,767 15,302 197,069

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

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

Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 20,996
DEPRECIATION
At 1 March 2022 6,889
Charge for year 3,526
At 28 February 2023 10,415
NET BOOK VALUE
At 28 February 2023 10,581
At 28 February 2022 14,107

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Other debtors 119 1,923

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans and overdrafts 10,916 10,924
Hire purchase contracts 2,468 2,142
Trade creditors 10,727 11,026
Taxation and social security 7,206 9,652
Other creditors 13,653 17,031
44,970 50,775

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28/2/23 28/2/22
£    £   
Bank loans 26,667 36,667
Hire purchase contracts 11,737 14,205
38,404 50,872

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

28/2/23 28/2/22
£    £   
Bank loans 37,583 47,591
Hire purchase contracts 14,205 16,347
51,788 63,938

The company's bank borrowings are secured by a standard debenture and legal charges on the company's freehold properties.

The Coronavirus bounce back loan is materially secured by the government.
Hire Purchase liabilities are secured against the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28/2/23 28/2/22
value: £    £   
75 Ordinary shares £1 75 75
100 Ordinary class 'B' shares £1 100 100
100 Ordinary class 'C' shares £1 100 100
275 275