Company No:
Contents
Note | 30.03.2023 | 31.03.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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150,453 | 187,733 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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450,230 | 609,627 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (843,581) | (538,591) | ||
Total assets less current liabilities | (693,128) | (350,858) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of The Spelt Company Somerset Limited (registered number:
Mr R Saul
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
The Spelt Company Somerset Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom. The principal place of business is Sharpham Park Mill Offices, Sharpham Park, Walton, Street, BA16 9SA.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant
borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and
similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the
liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Period from 01.04.2022 to 30.03.2023 |
Year ended 31.03.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Plant and machinery | Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 April 2022 |
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Additions |
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At 30 March 2023 |
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Accumulated depreciation | |||||||
At 01 April 2022 |
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Charge for the financial period |
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At 30 March 2023 |
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Net book value | |||||||
At 30 March 2023 |
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At 31 March 2022 |
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30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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30.03.2023 | 31.03.2022 | ||
£ | £ | ||
Trade creditors |
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Other taxation and social security |
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Other creditors |
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