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REGISTERED NUMBER: 05073675 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Spearwell Engineering Ltd

Spearwell Engineering Ltd (Registered number: 05073675)

Contents of the Financial Statements
for the Year Ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spearwell Engineering Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr P Briggs
Mrs A Briggs





SECRETARY: Mrs A Briggs





REGISTERED OFFICE: Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF





BUSINESS ADDRESS: Druce Haven
The Druce
Clavering
Essex
CB11 4QP





REGISTERED NUMBER: 05073675 (England and Wales)

Spearwell Engineering Ltd (Registered number: 05073675)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,330 1,773

CURRENT ASSETS
Stocks 983 1,192
Debtors 6 1,836 6,403
Cash at bank 22,979 4,139
25,798 11,734
CREDITORS
Amounts falling due within one year 7 26,508 12,666
NET CURRENT LIABILITIES (710 ) (932 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

620

841

PROVISIONS FOR LIABILITIES 253 337
NET ASSETS 367 504

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 357 494
SHAREHOLDERS' FUNDS 367 504

Spearwell Engineering Ltd (Registered number: 05073675)

Balance Sheet - continued
31 July 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:




Mr P Briggs - Director



Mrs A Briggs - Director


Spearwell Engineering Ltd (Registered number: 05073675)

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


1. STATUTORY INFORMATION

Spearwell Engineering Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% 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.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, 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.

Debt instruments are subsequently measured at amortised cost.

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.


Spearwell Engineering Ltd (Registered number: 05073675)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


3. ACCOUNTING POLICIES - continued
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 24,454
DEPRECIATION
At 1 August 2022 22,681
Charge for year 443
At 31 July 2023 23,124
NET BOOK VALUE
At 31 July 2023 1,330
At 31 July 2022 1,773

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,441 5,084
Other debtors 395 1,319
1,836 6,403

Spearwell Engineering Ltd (Registered number: 05073675)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 587 608
Taxation and social security 10,682 7,498
Other creditors 15,239 4,560
26,508 12,666

Included within other creditors disclosed above is a balance of £3,886 (2022 - £3,886) in relation to accrued expenses and a balance of £11,353 (2022 - £674) in relation to the Director's loan account.