IRIS Accounts Production v23.3.1.45 08723931 Board of Directors 1.5.22 30.4.23 30.4.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh087239312022-04-30087239312023-04-30087239312022-05-012023-04-30087239312021-04-30087239312021-05-012022-04-30087239312022-04-3008723931ns10:Originalns15:EnglandWales2022-05-012023-04-3008723931ns14:PoundSterlingns10:Original2022-05-012023-04-3008723931ns10:Originalns10:Director12022-05-012023-04-3008723931ns10:Original2022-05-012023-04-3008723931ns10:Original2023-04-3008723931ns10:Originalns10:PrivateLimitedCompanyLtd2022-05-012023-04-3008723931ns10:Originalns10:SmallEntities2022-05-012023-04-3008723931ns10:Originalns10:AuditExempt-NoAccountantsReport2022-05-012023-04-3008723931ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-05-012023-04-3008723931ns10:SmallCompaniesRegimeForAccountsns10:Original2022-05-012023-04-3008723931ns10:Originalns10:FullAccounts2022-05-012023-04-3008723931ns10:Originalns10:Director22022-05-012023-04-3008723931ns10:Originalns10:RegisteredOffice2022-05-012023-04-3008723931ns10:Original2022-04-3008723931ns10:Originalns5:CurrentFinancialInstruments2023-04-3008723931ns10:Originalns5:CurrentFinancialInstruments2022-04-3008723931ns10:Originalns5:Non-currentFinancialInstruments2023-04-3008723931ns10:Originalns5:Non-currentFinancialInstruments2022-04-3008723931ns5:ShareCapitalns10:Original2023-04-3008723931ns5:ShareCapitalns10:Original2022-04-3008723931ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-04-3008723931ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-3008723931ns10:Originalns5:PlantMachinery2022-05-012023-04-3008723931ns10:Originalns5:FurnitureFittings2022-05-012023-04-3008723931ns10:Originalns5:MotorVehicles2022-05-012023-04-3008723931ns10:Originalns5:ComputerEquipment2022-05-012023-04-3008723931ns10:Original2021-05-012022-04-3008723931ns10:Originalns5:PlantMachinery2022-04-3008723931ns10:Originalns5:FurnitureFittings2022-04-3008723931ns10:Originalns5:MotorVehicles2022-04-3008723931ns10:Originalns5:ComputerEquipment2022-04-3008723931ns10:Original2022-04-3008723931ns10:Originalns5:PlantMachinery2023-04-3008723931ns10:Originalns5:FurnitureFittings2023-04-3008723931ns10:Originalns5:MotorVehicles2023-04-3008723931ns10:Originalns5:ComputerEquipment2023-04-3008723931ns10:Originalns5:PlantMachinery2022-04-3008723931ns10:Originalns5:FurnitureFittings2022-04-3008723931ns10:Originalns5:MotorVehicles2022-04-3008723931ns10:Originalns5:ComputerEquipment2022-04-3008723931ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3008723931ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-04-3008723931ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-04-3008723931ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-04-3008723931ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-04-3008723931ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-04-3008723931ns10:Originalns10:Director222022-04-3008723931ns10:Originalns10:Director222021-04-3008723931ns10:Originalns10:Director222022-05-012023-04-3008723931ns10:Originalns10:Director222021-05-012022-04-3008723931ns10:Originalns10:Director222023-04-3008723931ns10:Originalns10:Director222022-04-3008723931ns10:Original1ns10:Director12022-04-3008723931ns10:Original1ns10:Director12021-04-3008723931ns10:Original1ns10:Director12022-05-012023-04-3008723931ns10:Original1ns10:Director12021-05-012022-04-3008723931ns10:Original1ns10:Director12023-04-3008723931ns10:Original1ns10:Director12022-04-30
REGISTERED NUMBER: 08723931 (England and Wales)















Spectrum Collections Limited

Unaudited Financial Statements for the Year Ended 30 April 2023






Spectrum Collections Limited (Registered number: 08723931)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Spectrum Collections Limited

Company Information
for the Year Ended 30 April 2023







Directors: S Pycroft
H L Pycroft





Registered office: Unit 15 Atlantic Business Park
Hayes Lane
Sully
BARRY
CF64 5AB





Registered number: 08723931 (England and Wales)





Accountants: Haines Watts Wales LLP
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Spectrum Collections Limited (Registered number: 08723931)

Balance Sheet
30 April 2023

2023 2022
Notes £    £   
Fixed assets
Tangible assets 4 21,817 22,206

Current assets
Stocks 5 823,419 489,860
Debtors 6 526,210 570,953
Cash at bank and in hand 148,934 559,382
1,498,563 1,620,195
Creditors
Amounts falling due within one year 7 (518,371 ) (587,353 )
Net current assets 980,192 1,032,842
Total assets less current liabilities 1,002,009 1,055,048

Creditors
Amounts falling due after more than one year 8 (109,216 ) (162,500 )

Provisions for liabilities (4,145 ) (4,219 )
Net assets 888,648 888,329

Capital and reserves
Called up share capital 100 100
Retained earnings 888,548 888,229
888,648 888,329

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 9 February 2024 and were signed on its behalf by:



H L Pycroft - Director


Spectrum Collections Limited (Registered number: 08723931)

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

1. Statutory information

Spectrum Collections 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 and going concern
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.

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue trading for the foreseeable future. In particular, the directors reviewed the obligations under the companies finance documents and is satisfied that the company will continue to meet these obligations. Therefore the directors continues to adopt the going concern basis of accounting in preparing these financial statements.

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

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 - Straight line over 3 years
Fixtures and fittings - Straight line over 3 years
Motor vehicles - Straight line over 8 years
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and selling price less cost to sell after making due allowance for obsolete and slow moving items.

Spectrum Collections Limited (Registered number: 08723931)

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

2. Accounting policies - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged & cancelled.

Trade Debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve
months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months
after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost
using the effective interest method.

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.

Hire purchase and leasing commitments
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 profit or loss in the period to which they relate.

Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Spectrum Collections Limited (Registered number: 08723931)

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

3. Employees and directors

The average number of employees during the year was 17 (2022 - 17 ) .

4. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 May 2022 17,542 15,086 15,495 27,787 75,910
Additions - 5,243 - 3,271 8,514
At 30 April 2023 17,542 20,329 15,495 31,058 84,424
Depreciation
At 1 May 2022 17,542 11,432 2,421 22,309 53,704
Charge for year - 3,679 1,937 3,287 8,903
At 30 April 2023 17,542 15,111 4,358 25,596 62,607
Net book value
At 30 April 2023 - 5,218 11,137 5,462 21,817
At 30 April 2022 - 3,654 13,074 5,478 22,206

5. Stocks
2023 2022
£    £   
Stocks 749,758 451,961
Goods in transit 73,661 37,899
823,419 489,860

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 380,129 400,384
Amounts owed by participating interests 119,786 4,246
Other debtors 10,253 118,379
Directors' current accounts - 4,215
Tax - 20,776
Prepayments 16,042 22,953
526,210 570,953

Spectrum Collections Limited (Registered number: 08723931)

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

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 55,308 53,284
Other loans - 82,507
Trade creditors 74,825 77,673
Amounts owed to participating interests - 24,189
Tax 84,460 -
Social security and other taxes 44 11,682
VAT 82,279 103,096
Other creditors 141,430 41,530
Directors' current accounts 37,360 24,025
Accruals and deferred income 42,665 169,367
518,371 587,353

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 46,716 50,000
Bank loans - 2-5 years 62,500 112,500
109,216 162,500

9. Directors' advances, credits and guarantees

The following advances and credits to/(from) directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
S Pycroft
Balance outstanding at start of year (24,024 ) 3,884
Amounts advanced 72,927 9,617
Amounts repaid (79,584 ) (37,525 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (30,681 ) (24,024 )

H L Pycroft
Balance outstanding at start of year 4,215 1,080
Amounts advanced 64,676 5,435
Amounts repaid (75,570 ) (2,300 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (6,679 ) 4,215

Spectrum Collections Limited (Registered number: 08723931)

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

10. Related party disclosures

During the year the company sold goods totalling £132,427 and charged £39,664 in relation to management fees to a company owned by the directors.

As at 30 April 2023 an amount due to the company of £48,569 (2022: £24,189 due from the company) from a company owned by the directors. The amounts are included within debtors amounts falling due within one year (2022: creditors amounts falling due within one year).

During the year the company made payments totalling £66,971 on behalf of a company owned by the directors.

As at 30 April 2023 an amount due to the company of £71,217 (2022: £4,246) from a company owned by the directors. The amounts are included within debtors amounts falling due within one year.

The balance disclosed above are all interest free with no fixed repayment terms.