2 01/12/2022 30/11/2023 2023-11-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-12-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08301866 2022-12-01 2023-11-30 08301866 2023-11-30 08301866 2022-11-30 08301866 2021-12-01 2022-11-30 08301866 2022-11-30 08301866 2021-11-30 08301866 bus:RegisteredOffice 2022-12-01 2023-11-30 08301866 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 08301866 bus:Director1 2022-12-01 2023-11-30 08301866 bus:Director2 2022-12-01 2023-11-30 08301866 core:MotorVehicles 2022-11-30 08301866 core:MotorVehicles 2023-11-30 08301866 core:AfterOneYear 2023-11-30 08301866 core:AfterOneYear 2022-11-30 08301866 core:WithinOneYear 2023-11-30 08301866 core:WithinOneYear 2022-11-30 08301866 core:MotorVehicles 2022-12-01 2023-11-30 08301866 core:ShareCapital 2023-11-30 08301866 core:ShareCapital 2022-11-30 08301866 core:RetainedEarningsAccumulatedLosses 2023-11-30 08301866 core:RetainedEarningsAccumulatedLosses 2022-11-30 08301866 bus:SmallEntities 2022-12-01 2023-11-30 08301866 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 08301866 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08301866 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08301866 bus:FullAccounts 2022-12-01 2023-11-30
Company registration number: 08301866
Spectrum Associated Suppliers Limited
Unaudited filleted financial statements
30 November 2023
Spectrum Associated Suppliers Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Spectrum Associated Suppliers Limited
Directors and other information
Directors M Lennon
S L Lennon
Company number 08301866
Registered office The Clock House
Station Approach
Marlow
Bucks
SL7 1NT
Accountants Pink Affinity Limited
Spectrum Associated Suppliers Limited
Statement of financial position
30 November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 70,042 -
_______ _______
70,042 -
Current assets
Stocks 305,243 400,958
Debtors 6 639,229 951,009
Cash at bank and in hand 510,530 381,384
_______ _______
1,455,002 1,733,351
Creditors: amounts falling due
within one year 7 ( 298,469) ( 438,433)
_______ _______
Net current assets 1,156,533 1,294,918
_______ _______
Total assets less current liabilities 1,226,575 1,294,918
Creditors: amounts falling due
after more than one year 8 ( 266,424) ( 342,508)
Provisions for liabilities ( 13,308) -
_______ _______
Net assets 946,843 952,410
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 946,743 952,310
_______ _______
Shareholders funds 946,843 952,410
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
M Lennon
Director
Company registration number: 08301866
Spectrum Associated Suppliers Limited
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is The Clock House, Station Approach, Marlow, Bucks, SL7 1NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 in finance costs 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 2 (2022: 2 ).
5. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 December 2022 61,414 61,414
Additions 87,552 87,552
Disposals ( 5,580) ( 5,580)
_______ _______
At 30 November 2023 143,386 143,386
_______ _______
Depreciation
At 1 December 2022 61,414 61,414
Charge for the year 17,510 17,510
Disposals ( 5,580) ( 5,580)
_______ _______
At 30 November 2023 73,344 73,344
_______ _______
Carrying amount
At 30 November 2023 70,042 70,042
_______ _______
At 30 November 2022 - -
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 628,890 951,009
Other debtors 10,339 -
_______ _______
639,229 951,009
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 205,511 236,363
Corporation tax 17,940 120,275
Social security and other taxes 17,209 40,444
Other creditors 57,809 41,351
_______ _______
298,469 438,433
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 266,424 342,508
_______ _______