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REGISTERED NUMBER: 04644515 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

SPEEDRITE (N.E.) LIMITED

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 239,646 234,860

CURRENT ASSETS
Debtors 5 553,894 238,361
Cash at bank and in hand 642,646 781,550
1,196,540 1,019,911
CREDITORS
Amounts falling due within one year 6 304,786 409,532
NET CURRENT ASSETS 891,754 610,379
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,131,400

845,239

CREDITORS
Amounts falling due after more than one
year

7

(74,552

)

(60,917

)

PROVISIONS FOR LIABILITIES (50,249 ) (33,020 )
NET ASSETS 1,006,599 751,302

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 1,006,495 751,198
SHAREHOLDERS' FUNDS 1,006,599 751,302

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

BALANCE SHEET - continued
31 JULY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by:




G J Fittes - Director



S F Gage - Director


SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Speedrite (N.E.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04644515

Registered office: 5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents net invoiced sales of services, excluding value added tax and is recognised when the services are completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 20 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 130,188 11,200 390,484 531,872
Additions - 1,720 79,690 81,410
Disposals - - (50,842 ) (50,842 )
At 31 July 2023 130,188 12,920 419,332 562,440
DEPRECIATION
At 1 August 2022 98,189 7,254 191,569 297,012
Charge for year 4,800 613 63,597 69,010
Eliminated on disposal - - (43,228 ) (43,228 )
At 31 July 2023 102,989 7,867 211,938 322,794
NET BOOK VALUE
At 31 July 2023 27,199 5,053 207,394 239,646
At 31 July 2022 31,999 3,946 198,915 234,860

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 537,814 202,071
Other debtors 16,080 36,290
553,894 238,361

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 38,766 29,759
Trade creditors 98,411 100,845
Taxation and social security 142,806 115,399
Other creditors 24,803 163,529
304,786 409,532

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 74,552 60,917

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 38,766 29,759
Between one and five years 74,552 60,917
113,318 90,676

Non-cancellable operating leases
2023 2022
£    £   
Within one year 37,599 7,549
Between one and five years 5,465 -
43,064 7,549

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 113,318 90,676