REGISTERED NUMBER: |
Spectrum Collections Limited |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
REGISTERED NUMBER: |
Spectrum Collections Limited |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
Spectrum Collections Limited (Registered number: 08723931) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Spectrum Collections Limited |
Company Information |
for the Year Ended 30 April 2023 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Spectrum Collections Limited (Registered number: 08723931) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
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. |
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 |
Spectrum Collections Limited (Registered number: 08723931) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | Statutory information |
Spectrum Collections Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements and going concern |
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. In particular, the directors reviewed the obligations under the companies finance documents and is satisfied that the company will continue to meet these obligations. Therefore the directors continues to adopt the going concern basis of accounting in preparing these financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and selling price less cost to sell after making due allowance for obsolete and slow moving items. |
Spectrum Collections Limited (Registered number: 08723931) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged & cancelled. |
Trade Debtors |
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Trade creditors |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve |
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months |
after the reporting date, they are presented as non-current liabilities. |
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost |
using the effective interest method. |
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. |
Hire purchase and leasing commitments |
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. |
Foreign currency translation and operations policy |
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
Spectrum Collections Limited (Registered number: 08723931) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 May 2022 |
Additions |
At 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
5. | Stocks |
2023 | 2022 |
£ | £ |
Stocks |
Goods in transit | 73,661 | 37,899 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 119,786 | 4,246 |
Other debtors |
Directors' current accounts | - | 4,215 |
Tax |
Prepayments |
Spectrum Collections Limited (Registered number: 08723931) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Amounts owed to participating interests | - | 24,189 |
Tax |
Social security and other taxes |
VAT | 82,279 | 103,096 |
Other creditors |
Directors' current accounts | 37,360 | 24,025 |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | Directors' advances, credits and guarantees |
The following advances and credits to/(from) directors subsisted during the years ended 30 April 2023 and 30 April 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Spectrum Collections Limited (Registered number: 08723931) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | Related party disclosures |
During the year the company sold goods totalling £132,427 and charged £39,664 in relation to management fees to a company owned by the directors. |
As at 30 April 2023 an amount due to the company of £48,569 (2022: £24,189 due from the company) from a company owned by the directors. The amounts are included within debtors amounts falling due within one year (2022: creditors amounts falling due within one year). |
During the year the company made payments totalling £66,971 on behalf of a company owned by the directors. |
As at 30 April 2023 an amount due to the company of £71,217 (2022: £4,246) from a company owned by the directors. The amounts are included within debtors amounts falling due within one year. |
The balance disclosed above are all interest free with no fixed repayment terms. |