IRIS Accounts Production v23.4.0.336 04532216 Board of Directors 1.1.23 31.12.23 31.12.23 2.4.24 false true true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh045322162022-12-31045322162023-12-31045322162023-01-012023-12-31045322162021-12-31045322162022-01-012022-12-31045322162022-12-3104532216ns15:EnglandWales2023-01-012023-12-3104532216ns14:PoundSterling2023-01-012023-12-3104532216ns10:Director12023-01-012023-12-3104532216ns10:Director22023-01-012023-12-3104532216ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3104532216ns10:SmallEntities2023-01-012023-12-3104532216ns10:Audited2023-01-012023-12-3104532216ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3104532216ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104532216ns10:FullAccounts2023-01-012023-12-3104532216ns10:CompanySecretary12023-01-012023-12-3104532216ns10:RegisteredOffice2023-01-012023-12-3104532216ns5:CurrentFinancialInstruments2023-12-3104532216ns5:CurrentFinancialInstruments2022-12-3104532216ns5:ShareCapital2023-12-3104532216ns5:ShareCapital2022-12-3104532216ns5:RetainedEarningsAccumulatedLosses2023-12-3104532216ns5:RetainedEarningsAccumulatedLosses2022-12-3104532216ns5:LeaseholdImprovements2023-01-012023-12-3104532216ns5:PlantMachinery2023-01-012023-12-3104532216ns5:FurnitureFittings2023-01-012023-12-3104532216ns5:MotorVehicles2023-01-012023-12-3104532216ns5:LeaseholdImprovements2022-12-3104532216ns5:PlantMachinery2022-12-3104532216ns5:FurnitureFittings2022-12-3104532216ns5:MotorVehicles2022-12-3104532216ns5:LeaseholdImprovements2023-12-3104532216ns5:PlantMachinery2023-12-3104532216ns5:FurnitureFittings2023-12-3104532216ns5:MotorVehicles2023-12-3104532216ns5:LeaseholdImprovements2022-12-3104532216ns5:PlantMachinery2022-12-3104532216ns5:FurnitureFittings2022-12-3104532216ns5:MotorVehicles2022-12-3104532216ns5:CostValuation2022-12-3104532216ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3104532216ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3104532216ns5:WithinOneYear2023-12-3104532216ns5:WithinOneYear2022-12-3104532216ns5:BetweenOneFiveYears2023-12-3104532216ns5:BetweenOneFiveYears2022-12-3104532216ns5:MoreThanFiveYears2023-12-3104532216ns5:MoreThanFiveYears2022-12-3104532216ns5:AllPeriods2023-12-3104532216ns5:AllPeriods2022-12-3104532216ns5:DeferredTaxation2022-12-3104532216ns5:OtherProvisionsContingentLiabilities2022-12-3104532216ns5:DeferredTaxation2023-01-012023-12-3104532216ns5:OtherProvisionsContingentLiabilities2023-01-012023-12-3104532216ns5:DeferredTaxation2023-12-3104532216ns5:OtherProvisionsContingentLiabilities2023-12-31




























REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

S.P.I. DEVELOPMENTS LIMITED

S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 4


S.P.I. DEVELOPMENTS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr P D Leverick
Mr H W Tuck



SECRETARY: Mrs J Baldry



REGISTERED OFFICE: Unit 1 Eden Close
Hellaby
Rotherham
South Yorkshire
S66 8RW



REGISTERED NUMBER: 04532216 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr James Timothy Card FCCA



AUDITORS: Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)

REPORT OF THE DIRECTORS
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr P D Leverick
Mr H W Tuck

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr P D Leverick - Director


21 March 2024

S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 705,578 96,760
Investments 5 27,082 27,082
732,660 123,842

CURRENT ASSETS
Stocks 603,052 334,491
Debtors 6 1,252,215 414,261
Cash at bank 663,140 1,480,313
2,518,407 2,229,065
CREDITORS
Amounts falling due within one year 7 838,578 467,163
NET CURRENT ASSETS 1,679,829 1,761,902
TOTAL ASSETS LESS CURRENT LIABILITIES 2,412,489 1,885,744

PROVISIONS FOR LIABILITIES 9 238,980 23,443
NET ASSETS 2,173,509 1,862,301

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,173,409 1,862,201
2,173,509 1,862,301

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 March 2024 and were signed on its behalf by:





Mr H W Tuck - Director


S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

S.P.I. Developments 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.

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


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.

Preparation of consolidated financial statements
The financial statements contain information about S.P.I. Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

In respect of long term projects , turnover represents the value of work done in the year, including estimates of amounts not invoiced.

Project revenue and costs

When the outcome of a project can be estimated reliably, project revenue and costs are recognized as
revenue and costs in the income statement under the percentage-of completion method by reference to
the services provided up to the balance sheet date.
When the outcome of a project cannot be estimated reliably, project revenue is recognized as revenue in
the income statement only to the extent of project costs incurred that are likely to be recoverable; project costs are recognized as expenses in the period in which they were incurred

If it is probable that total project costs will exceed total project revenues, any expected excess of total
project costs over total project revenue for the project is recognized as an expense immediately within
net turnover (as part of the revenue recognized for projects in progress). The provision for the loss is
recognized within projects in progress in the balance sheet

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Renovations - Straight line over 10 years
Plant and machinery - Straight line over 10 years, Straight line over 5 years and Straight line over 4 years
Office Equipment - Straight line over 3 years and Straight line over 5 years
Motor vehicles - Straight line over 5 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables, loans to fellow group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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 company after deducting all of its liabilities

Basic financial liabilities, including trade and other payables, and bank loans are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.


S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

4. TANGIBLE FIXED ASSETS
Office Plant and Office Motor
Renovations machinery Equipment vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 29,900 321,898 135,640 10,990 498,428
Additions 434,242 204,097 20,907 - 659,246
At 31 December 2023 464,142 525,995 156,547 10,990 1,157,674
DEPRECIATION
At 1 January 2023 26,910 264,045 110,347 366 401,668
Charge for year 2,990 29,012 16,228 2,198 50,428
At 31 December 2023 29,900 293,057 126,575 2,564 452,096
NET BOOK VALUE
At 31 December 2023 434,242 232,938 29,972 8,426 705,578
At 31 December 2022 2,990 57,853 25,293 10,624 96,760

S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 27,082
NET BOOK VALUE
At 31 December 2023 27,082
At 31 December 2022 27,082

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 254,208 245,156
Amounts owed by group undertakings 414,157 7,552
Amounts recoverable on contract 443,137 111,557
VAT - 15,712
Prepayments 140,713 34,284
1,252,215 414,261

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 264,802 82,345
Invoiced in advance 230,250 100,727
Amounts owed to group undertakings 78,526 104,465
Tax 22,366 114,132
Social security and other taxes 26,679 26,231
VAT 58,007 -
Accrued expenses 157,948 39,263
838,578 467,163

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 49,300 66,189
Between one and five years 234,201 400,089
In more than five years 249,740 496,830
533,241 963,108

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 67,834 23,443
Other provisions 171,146 -
238,980 23,443

S.P.I. DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04532216)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred Dilapidati
tax on costs
£    £   
Balance at 1 January 2023 23,443 -
Provided during year 44,391 171,146
Balance at 31 December 2023 67,834 171,146

Dilapidation costs represents the additional costs incurred following the closure of the lease on the previously occupied Unit 8a, Hellaby Industrial Estate, Rotherham

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

The Report of the Auditors was unqualified.

Mr James Timothy Card FCCA (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited

11. ULTIMATE PARENT COMPANY

The company's parent company is Tembogroup B.V. The parent company's registered address is :
Constructieweg 45, 8263 BC Kampen, Netherlands.