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COMPANY REGISTRATION NUMBER: 12763890
SPECTRUM DIGITAL LABELS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2022
SPECTRUM DIGITAL LABELS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
SPECTRUM DIGITAL LABELS LIMITED
BALANCE SHEET
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
77,774
82,860
Current assets
Stocks
6
101,881
32,107
Debtors
7
36,848
32,464
------------
------------
138,729
64,571
Creditors: amounts falling due within one year
8
( 748,807)
( 513,508)
------------
------------
Net current liabilities
( 610,078)
( 448,937)
------------
------------
Total assets less current liabilities
( 532,304)
( 366,077)
Creditors: amounts falling due after more than one year
9
( 3,248)
------------
------------
Net liabilities
( 535,552)
( 366,077)
------------
------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
( 535,652)
( 366,177)
------------
------------
Shareholders deficit
( 535,552)
( 366,077)
------------
------------
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 profit and loss account has not been delivered.
For the year ending 31 December 2022 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 were approved by the board of directors and authorised for issue on 13 February 2024 , and are signed on behalf of the board by:
Mr T Burkill
Director
Company registration number: 12763890
SPECTRUM DIGITAL LABELS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Anglian Chemicals, Millers Close, Fakenham, Norfolk, United Kingdom, NR21 8NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
30% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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 as a finance cost 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 (2021: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2022
128,300
128,300
Additions
18,306
19,000
37,306
Disposals
( 19,000)
( 19,000)
------------
------------
------------
At 31 December 2022
146,606
146,606
------------
------------
------------
Depreciation
At 1 January 2022
45,440
45,440
Charge for the year
23,392
8,693
32,085
Disposals through business combinations
( 8,693)
( 8,693)
------------
------------
------------
At 31 December 2022
68,832
68,832
------------
------------
------------
Carrying amount
At 31 December 2022
77,774
77,774
------------
------------
------------
At 31 December 2021
82,860
82,860
------------
------------
------------
6. Stocks
2022
2021
£
£
Raw materials and consumables
101,881
32,107
------------
------------
7. Debtors
2022
2021
£
£
Trade debtors
36,848
8,777
Other debtors
23,687
------------
------------
36,848
32,464
------------
------------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
72,461
45,409
Amounts owed to group undertakings
412,190
343,864
Accruals and deferred income
242,750
124,235
Social security and other taxes
18,970
Obligations under finance leases and hire purchase contracts
2,436
------------
------------
748,807
513,508
------------
------------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Obligations under finance leases and hire purchase contracts
3,248
------------
------------
10. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
11. Related party transactions
Included within creditors is a loan from Chemanglia Limited of £412,190 (2021:£347,339). This loan is unsecured, repayable on demand and currently interest free. This company in under common control.
12. Control
The company is a wholly-owned subsidiary of Superformula Holdings Limited. This company is controlled by D Burkhill.
13. Going concern
Other group companies are providing adequate working capital to enable the company to continue trading. Consequently, the accounts have been prepared on a going concern basis.