Specialist Surface Preparation Limited 05145030 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of specialist surface preparation Digita Accounts Production Advanced 6.30.9574.0 true 05145030 2022-08-01 2023-07-31 05145030 2023-07-31 05145030 bus:OrdinaryShareClass1 2023-07-31 05145030 core:CapitalRedemptionReserve 2023-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2023-07-31 05145030 core:ShareCapital 2023-07-31 05145030 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 05145030 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 05145030 core:CurrentFinancialInstruments 2023-07-31 05145030 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 05145030 core:Non-currentFinancialInstruments 2023-07-31 05145030 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 05145030 core:Goodwill 2023-07-31 05145030 core:FurnitureFittingsToolsEquipment 2023-07-31 05145030 core:MotorVehicles 2023-07-31 05145030 bus:SmallEntities 2022-08-01 2023-07-31 05145030 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 05145030 bus:FullAccounts 2022-08-01 2023-07-31 05145030 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 05145030 bus:RegisteredOffice 2022-08-01 2023-07-31 05145030 bus:Director2 2022-08-01 2023-07-31 05145030 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 05145030 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 05145030 core:CapitalRedemptionReserve 2022-08-01 2023-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 05145030 core:ShareCapital 2022-08-01 2023-07-31 05145030 core:Goodwill 2022-08-01 2023-07-31 05145030 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 05145030 core:MotorVehicles 2022-08-01 2023-07-31 05145030 core:PlantMachinery 2022-08-01 2023-07-31 05145030 countries:England 2022-08-01 2023-07-31 05145030 2022-07-31 05145030 core:CapitalRedemptionReserve 2022-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2022-07-31 05145030 core:ShareCapital 2022-07-31 05145030 core:Goodwill 2022-07-31 05145030 core:FurnitureFittingsToolsEquipment 2022-07-31 05145030 core:MotorVehicles 2022-07-31 05145030 2021-08-01 2022-07-31 05145030 2022-07-31 05145030 bus:OrdinaryShareClass1 2022-07-31 05145030 core:CapitalRedemptionReserve 2022-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2022-07-31 05145030 core:ShareCapital 2022-07-31 05145030 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-07-31 05145030 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-07-31 05145030 core:CurrentFinancialInstruments 2022-07-31 05145030 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 05145030 core:Non-currentFinancialInstruments 2022-07-31 05145030 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 05145030 core:Goodwill 2022-07-31 05145030 core:FurnitureFittingsToolsEquipment 2022-07-31 05145030 core:MotorVehicles 2022-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 05145030 core:ShareCapital 2021-08-01 2022-07-31 05145030 2021-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2021-07-31 05145030 core:ShareCapital 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05145030

Specialist Surface Preparation Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Specialist Surface Preparation Limited

(Registration number: 05145030)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

50

100

Tangible assets

5

133,548

140,816

 

133,598

140,916

Current assets

 

Stocks

2,079

2,007

Debtors

6

390,698

290,204

Cash at bank and in hand

 

536,166

770,133

 

928,943

1,062,344

Creditors: Amounts falling due within one year

7

(240,062)

(181,183)

Net current assets

 

688,881

881,161

Total assets less current liabilities

 

822,479

1,022,077

Creditors: Amounts falling due after more than one year

7

(96,944)

(144,988)

Provisions for liabilities

(33,387)

(26,755)

Net assets

 

692,148

850,334

Capital and reserves

 

Called up share capital

9

500

1,000

Capital redemption reserve

500

-

Retained earnings

691,148

849,334

Shareholders' funds

 

692,148

850,334

 

Specialist Surface Preparation Limited

(Registration number: 05145030)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 February 2024
 


Mr G S Burcham
Director

   
 

Specialist Surface Preparation Limited

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 August 2022

1,000

-

849,334

850,334

Profit for the year

-

-

315,314

315,314

Dividends

-

-

(172,000)

(172,000)

Purchase of own share capital

(500)

-

(301,500)

(302,000)

Other capital redemption reserve movements

-

500

-

500

At 31 July 2023

500

500

691,148

692,148

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

1,000

815,488

816,488

Profit for the year

-

153,846

153,846

Dividends

-

(120,000)

(120,000)

At 31 July 2022

1,000

849,334

850,334

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
41 North Farm Road
Scunthorpe
North Lincolnshire
DN17 2AY

Registered number: 05145030

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% per annum on cost

Motor vehicles

15% per annum on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over
the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

At the transition to FRS 102 date there was less than ten years remaining and so goodwill continues to be amortised at the same rate as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

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.

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 15 (2022 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

1,000

1,000

At 31 July 2023

1,000

1,000

Amortisation

At 1 August 2022

900

900

Amortisation charge

50

50

At 31 July 2023

950

950

Carrying amount

At 31 July 2023

50

50

At 31 July 2022

100

100

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

813,650

359,198

1,172,848

Additions

27,700

34,845

62,545

Disposals

-

(39,892)

(39,892)

At 31 July 2023

841,350

354,151

1,195,501

Depreciation

At 1 August 2022

760,796

271,236

1,032,032

Charge for the year

25,687

30,747

56,434

Eliminated on disposal

-

(26,513)

(26,513)

At 31 July 2023

786,483

275,470

1,061,953

Carrying amount

At 31 July 2023

54,867

78,681

133,548

At 31 July 2022

52,854

87,962

140,816

6

Debtors

Current

2023
£

2022
£

Trade debtors

363,511

267,228

Prepayments

2,301

920

Social security and other taxes

24,886

22,056

 

390,698

290,204

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

74,791

64,636

Trade payables

 

55,384

37,883

Social security and other taxes

 

102,357

61,824

Other payables

 

7,530

16,840

 

240,062

181,183

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

96,944

144,988

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

10,731

4,368

Other borrowings

64,060

60,268

74,791

64,636

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

14,663

-

Other borrowings

82,281

144,988

96,944

144,988

Other borrowings

The obligations under finance lease and hire purchase are secured upon the assets to which they relate.
Other borrowings are secured on the assets of the company.

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

1,000

1,000