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REGISTERED NUMBER: 01626353 (England and Wales)















Financial Statements for the Year Ended 30 September 2023

for

Spromak Limited

Spromak Limited (Registered number: 01626353)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Spromak Limited

Company Information
for the Year Ended 30 September 2023







DIRECTOR: P W Sproson





SECRETARY: A Sproson





REGISTERED OFFICE: 11G Wilson Road
Huyton Industrial Estate
Huyton
Liverpool
L36 6AN





REGISTERED NUMBER: 01626353 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Spromak Limited (Registered number: 01626353)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 364,604 393,308

CURRENT ASSETS
Stocks 879,071 726,666
Debtors 5 597,725 766,067
Cash at bank and in hand 1,175,401 962,780
2,652,197 2,455,513
CREDITORS
Amounts falling due within one year 6 726,477 741,662
NET CURRENT ASSETS 1,925,720 1,713,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,290,324

2,107,159

CREDITORS
Amounts falling due after more than one
year

7

(36,777

)

(69,748

)

PROVISIONS FOR LIABILITIES - (21,292 )
NET ASSETS 2,253,547 2,016,119

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 1,000 1,000
Retained earnings 2,251,547 2,014,119
SHAREHOLDERS' FUNDS 2,253,547 2,016,119

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 director and authorised for issue on 6 February 2024 and were signed by:





P W Sproson - Director


Spromak Limited (Registered number: 01626353)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Spromak 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost and 10% on cost

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

Cost is calculated using the first-in, first out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Spromak Limited (Registered number: 01626353)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 the profit and loss account in the period to which they relate.

Basic financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and loans to related parties. Trade and other debtors are measured at transaction price less any impairment. Trade and other creditors are measured at transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 28 ) .

Spromak Limited (Registered number: 01626353)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1 October 2022 88,427 3,310,220 3,398,647
Additions - 151,686 151,686
Disposals - (113,400 ) (113,400 )
At 30 September 2023 88,427 3,348,506 3,436,933
DEPRECIATION
At 1 October 2022 - 3,005,339 3,005,339
Charge for year - 159,699 159,699
Eliminated on disposal - (92,709 ) (92,709 )
At 30 September 2023 - 3,072,329 3,072,329
NET BOOK VALUE
At 30 September 2023 88,427 276,177 364,604
At 30 September 2022 88,427 304,881 393,308

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
COST
At 1 October 2022
and 30 September 2023 289,900
DEPRECIATION
At 1 October 2022 113,574
Charge for year 41,299
At 30 September 2023 154,873
NET BOOK VALUE
At 30 September 2023 135,027
At 30 September 2022 176,326

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£ £
Trade debtors 539,851 701,650
Amounts owed by related parties 11,587 10,005
Other debtors 46,287 54,412
597,725 766,067

Spromak Limited (Registered number: 01626353)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts due from related parties are repayable on demand and attract no interest.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£ £
Hire purchase contracts (see note 8) 39,721 47,295
Trade creditors 356,523 472,803
Taxation and social security 162,245 23,215
Other creditors 167,988 198,349
726,477 741,662

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£ £
Hire purchase contracts (see note 8) 36,777 69,748

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.9.23 30.9.22
£ £
Gross obligations repayable:
Within one year 43,307 51,107
Between one and five years 39,936 80,578
83,243 131,685

Finance charges repayable:
Within one year 3,586 3,812
Between one and five years 3,159 10,830
6,745 14,642

Net obligations repayable:
Within one year 39,721 47,295
Between one and five years 36,777 69,748
76,498 117,043

9. SECURED DEBTS

A Mortgage Debenture exists between the Company and Svenska Handelsbanken AB dated 13 March 2013. There is a fixed and floating charge over the undertaking and all property and assets present and future.

Spromak Limited (Registered number: 01626353)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mrs Kate Taylor FCCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

11. RELATED PARTY DISCLOSURES

In the year ended 30th September 2023, Spromak Limited paid amounts totalling £103,147 (2022: £84,680) in respect of rent to the Spromak Retirement Benefit Pension Scheme, a pension scheme set up for the benefit of the director.

During the period ended 30th September 2023, Spromak Limited traded with Dyform Jenkins Dunn Limited, a company connected through common ownership.

An amount totalling £1,171,197 in relation to trade with Dyform Jenkins Dunn Limited has been included within purchases.

An amount totalling £1,226,713 in relation to trade with Dyform Jenkins Dunn Limited has been included within sales.

At 30th September 2023, there is a debtor balance due from Dyform Jenkins Dunn Limited for an amount of £11,587.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Sproson.