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REGISTERED NUMBER: 03500652 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

Specialised Panel Products Limited

Specialised Panel Products Limited (Registered number: 03500652)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Specialised Panel Products Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: R Port
M Port
R A Port





SECRETARY: M Port





REGISTERED OFFICE: 147a High Street
Waltham Cross
Hertfordshire
EN8 7AP





REGISTERED NUMBER: 03500652 (England and Wales)





ACCOUNTANTS: Thickbroom Coventry Limited
Chartered Accountants
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Specialised Panel Products 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report 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 Specialised Panel Products Limited for the year ended 31 January 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 Specialised Panel Products 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 Specialised Panel Products Limited and state those matters that we have agreed to state to the Board of Directors of Specialised Panel Products 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 Specialised Panel Products Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Specialised Panel Products 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 Specialised Panel Products Limited. You consider that Specialised Panel Products 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 Specialised Panel Products 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.






Thickbroom Coventry Limited
Chartered Accountants
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP


4 April 2024

Specialised Panel Products Limited (Registered number: 03500652)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 286,060 262,716

CURRENT ASSETS
Stocks 693,736 1,026,046
Debtors 5 821,002 938,393
Cash at bank and in hand 35,076 87,974
1,549,814 2,052,413
CREDITORS
Amounts falling due within one year 6 645,800 1,157,431
NET CURRENT ASSETS 904,014 894,982
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,190,074

1,157,698

CREDITORS
Amounts falling due after more than
one year

7

(66,653

)

(74,294

)

PROVISIONS FOR LIABILITIES (25,198 ) (20,573 )
NET ASSETS 1,098,223 1,062,831

CAPITAL AND RESERVES
Called up share capital 8 667 667
Retained earnings 1,097,556 1,062,164
SHAREHOLDERS' FUNDS 1,098,223 1,062,831

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Specialised Panel Products Limited (Registered number: 03500652)

Statement of Financial Position - continued
31 January 2024


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





R Port - Director


Specialised Panel Products Limited (Registered number: 03500652)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Specialised Panel Products 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - over lease term
Plant and machinery - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Specialised Panel Products Limited (Registered number: 03500652)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 February 2023 175,574 86,317 94,759 356,650
Additions - 5,385 57,490 62,875
At 31 January 2024 175,574 91,702 152,249 419,525
DEPRECIATION
At 1 February 2023 21,135 49,109 23,690 93,934
Charge for year 1,002 6,389 32,140 39,531
At 31 January 2024 22,137 55,498 55,830 133,465
NET BOOK VALUE
At 31 January 2024 153,437 36,204 96,419 286,060
At 31 January 2023 154,439 37,208 71,069 262,716

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 621,024 757,257
Other debtors 199,978 181,136
821,002 938,393

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,257 8,224
Trade creditors 327,983 406,900
Taxation and social security 178,392 164,139
Other creditors 129,168 578,168
645,800 1,157,431

Specialised Panel Products Limited (Registered number: 03500652)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 66,653 74,294

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 23,076 39,352

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
667 Ordinary £1 667 667

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
R A Port
Balance outstanding at start of year - 50,000
Amounts repaid - (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

R Port
Balance outstanding at start of year 120,000 70,000
Amounts advanced - 50,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 120,000 120,000