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COMPANY REGISTRATION NUMBER: 08344483
Speedbird Supplies Limited
Filleted Unaudited Financial Statements
31 December 2022
Speedbird Supplies Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
146,902
153,432
Investments
6
15,150
15,150
---------
---------
162,052
168,582
Current assets
Stocks
268,035
144,971
Debtors
7
542,637
628,048
Cash at bank and in hand
160,858
101,601
---------
---------
971,530
874,620
Creditors: amounts falling due within one year
8
777,306
649,658
---------
---------
Net current assets
194,224
224,962
---------
---------
Total assets less current liabilities
356,276
393,544
Creditors: amounts falling due after more than one year
9
54,802
94,226
---------
---------
Net assets
301,474
299,318
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
301,473
299,317
---------
---------
Shareholder funds
301,474
299,318
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Speedbird Supplies Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr B P Lord
Director
Company registration number: 08344483
Speedbird Supplies Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Howlett Way, Thetford, Norfolk, IP24 1HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of goods sold during the year.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Certain plant is depreciated over 12 years straight line.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2021: 11 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2022
95,768
163,022
23,692
282,482
Additions
43,484
42,125
2,122
87,731
Disposals
( 112,550)
( 853)
( 113,403)
---------
---------
--------
---------
At 31 December 2022
139,252
92,597
24,961
256,810
---------
---------
--------
---------
Depreciation
At 1 January 2022
59,243
58,131
11,676
129,050
Charge for the year
8,201
27,193
2,826
38,220
Disposals
( 57,055)
( 307)
( 57,362)
---------
---------
--------
---------
At 31 December 2022
67,444
28,269
14,195
109,908
---------
---------
--------
---------
Carrying amount
At 31 December 2022
71,808
64,328
10,766
146,902
---------
---------
--------
---------
At 31 December 2021
36,525
104,891
12,016
153,432
---------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2022
6,900
49,626
56,526
-------
--------
--------
At 31 December 2021
9,704
89,277
98,981
-------
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2022 and 31 December 2022
15,150
--------
Impairment
At 1 January 2022 and 31 December 2022
--------
Carrying amount
At 31 December 2022
15,150
--------
At 31 December 2021
15,150
--------
The company owns 100% of the share capital of Eastern Vulcanising Services Limited, a company registered in England. Its aggregate capital and reserves at 31 December 2022 were £(151,515), 202 (£150,999),
7. Debtors
2022
2021
£
£
Trade debtors
263,650
360,331
Amounts owed by group undertakings and undertakings in which the company has a participating interest
172,911
164,811
Other debtors
106,076
102,906
---------
---------
542,637
628,048
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
378,183
322,841
Social security and other taxes
322,686
231,988
Other creditors
66,437
84,829
---------
---------
777,306
649,658
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
24,167
34,167
Other creditors
30,635
60,059
--------
--------
54,802
94,226
--------
--------