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SPEED 2888 LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2023






SPEED 2888 LIMITED (REGISTERED NUMBER: 02749803)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

SPEED 2888 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2023







DIRECTORS: R S Sangha
Y Singh





SECRETARY: R S Sangha





REGISTERED OFFICE: Estate Office
Stag Industrial Estate
Oxford Street
Bilston
West Midlands
WV14 7HZ





REGISTERED NUMBER: 02749803 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

SPEED 2888 LIMITED (REGISTERED NUMBER: 02749803)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,452 9,198
Investment property 5 3,850,000 3,850,000
3,856,452 3,859,198

CURRENT ASSETS
Debtors 6 34,184 67,116
Cash at bank 175,984 85,726
210,168 152,842
CREDITORS
Amounts falling due within one year 7 99,647 124,912
NET CURRENT ASSETS 110,521 27,930
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,966,973

3,887,128

CREDITORS
Amounts falling due after more than one
year

8

(1,959,214

)

(1,969,271

)

PROVISIONS FOR LIABILITIES (95,073 ) (95,208 )
NET ASSETS 1,912,686 1,822,649

CAPITAL AND RESERVES
Called up share capital 10 110,000 110,000
Fair value reserve 1,533,329 1,533,329
Retained earnings 269,357 179,320
SHAREHOLDERS' FUNDS 1,912,686 1,822,649

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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.

SPEED 2888 LIMITED (REGISTERED NUMBER: 02749803)

BALANCE SHEET - continued
30TH SEPTEMBER 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9th March 2024 and were signed on its behalf by:




R S Sangha - Director



Y Singh - Director


SPEED 2888 LIMITED (REGISTERED NUMBER: 02749803)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

1. STATUTORY INFORMATION

Speed 2888 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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Turnover
Turnover represents rents receivable from tenants of investment properties, stated net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No formal valuation has taken place during the year by a professional independent valuer. The current fair value is based on a recognised valuation model.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

SPEED 2888 LIMITED (REGISTERED NUMBER: 02749803)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st October 2022
and 30th September 2023 20,599 28,066 3,673 52,338
DEPRECIATION
At 1st October 2022 20,324 19,740 3,076 43,140
Charge for year 68 2,081 597 2,746
At 30th September 2023 20,392 21,821 3,673 45,886
NET BOOK VALUE
At 30th September 2023 207 6,245 - 6,452
At 30th September 2022 275 8,326 597 9,198

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st October 2022
and 30th September 2023 3,850,000
NET BOOK VALUE
At 30th September 2023 3,850,000
At 30th September 2022 3,850,000

Fair value at 30th September 2023 is represented by:
£   
Valuation in 2005 1,791,662
Valuation in 2006 230,000
Valuation in 2010 (880,000 )
Valuation in 2021 135,127
Valuation in 2022 350,000
Cost 2,223,211
3,850,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,223,211 2,223,211

Investment properties were valued on an open market basis on 30th September 2023 by Mr R S Sangha, a director of the company .

SPEED 2888 LIMITED (REGISTERED NUMBER: 02749803)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54,235 47,892
Doubtful debt provision (20,617 ) (7,580 )
VAT - 518
Prepayments 566 26,286
34,184 67,116

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,056 9,808
Trade creditors 806 15,484
Corporation tax 29,135 41,247
VAT 2,049 -
Tenants receipts in advance 8,584 9,334
Accruals and deferred income 49,017 49,039
99,647 124,912

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 18,214 28,271
Amounts owed to group undertakings 1,941,000 1,941,000
1,959,214 1,969,271

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 28,270 38,079
Owed to the parent company 1,941,000 1,941,000
1,969,270 1,979,079

The loan owed to the parent company is secured by charges granted over the company's premises at 1 & 1A Stag Industrial Estate, Bilston; 122-124 Oxford Street and Hare Street, Bilston; Bilston Wire Mill, 9 Stag Industrial Estate, Bilston; 1-3 School Street; and 24-25 Darlington Street, Wolverhampton. Interest is charged on this loan at 6% per annum.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
110,000 ORDINARY £1 110,000 110,000

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SPEED 2888 LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Speed 2888 Limited for the year ended 30th September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Speed 2888 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Speed 2888 Limited and state those matters that we have agreed to state to the Board of Directors of Speed 2888 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Speed 2888 Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Speed 2888 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Speed 2888 Limited. You consider that Speed 2888 Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Speed 2888 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


12th March 2024