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Registration number: 01126871

S Spavin Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 September 2023

 

S Spavin Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

S Spavin Limited

(Registration number: 01126871)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

11,083

14,083

Tangible assets

5

1,163,782

891,660

 

1,174,865

905,743

Current assets

 

Stocks

25,131

29,608

Debtors

6

1,134,385

1,126,000

Cash at bank and in hand

 

2,602

140,997

 

1,162,118

1,296,605

Creditors: Amounts falling due within one year

7

(1,425,838)

(1,572,520)

Net current liabilities

 

(263,720)

(275,915)

Total assets less current liabilities

 

911,145

629,828

Creditors: Amounts falling due after more than one year

7

(341,754)

(251,936)

Provisions for liabilities

(174,939)

(98,174)

Net assets

 

394,452

279,718

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

394,352

279,618

Shareholders' funds

 

394,452

279,718

For the financial year ending 30 September 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

S Spavin Limited

(Registration number: 01126871)
Balance Sheet as at 30 September 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 


Mr R I Spavin
Director

   
 

S Spavin Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Scotter Road South
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2BW

Registration number: 01126871

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

S Spavin Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

Motor vehicles

25% Reducing Balance

Property improvements

10% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

 

S Spavin Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

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.

 

S Spavin Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 42 (2022 - 42).

 

S Spavin Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

30,000

30,000

At 30 September 2023

30,000

30,000

Amortisation

At 1 October 2022

15,917

15,917

Amortisation charge

3,000

3,000

At 30 September 2023

18,917

18,917

Carrying amount

At 30 September 2023

11,083

11,083

At 30 September 2022

14,083

14,083

5

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

26,672

354,189

1,480,395

1,861,256

Additions

-

78,543

480,135

558,678

Disposals

-

-

(58,240)

(58,240)

At 30 September 2023

26,672

432,732

1,902,290

2,361,694

Depreciation

At 1 October 2022

22,689

211,738

735,169

969,596

Charge for the year

2,157

27,844

238,434

268,435

Eliminated on disposal

-

-

(40,119)

(40,119)

At 30 September 2023

24,846

239,582

933,484

1,197,912

Carrying amount

At 30 September 2023

1,826

193,150

968,806

1,163,782

At 30 September 2022

3,983

142,451

745,226

891,660

 

S Spavin Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

905,688

835,360

Other debtors

228,697

290,640

Total current trade and other debtors

1,134,385

1,126,000

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

870,644

1,028,697

Trade payables

 

370,018

338,285

Amounts due to related parties

12,810

40,873

Social security and other taxes

 

162,647

155,802

Other payables

 

9,719

8,863

 

1,425,838

1,572,520

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

341,754

251,936

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

S Spavin Limited

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

559,099

785,108

Hire purchase contracts

311,545

243,589

870,644

1,028,697

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,062

29,098

Hire purchase contracts

322,692

222,838

341,754

251,936

Bank borrowings

Bank borrowings is denominated in £ The carrying amount at year end is £578,161 (2022 - £814,206).

Bank borrowings are secured by legal charges on the company's freehold land and property and book debts.

Other borrowings

The carrying amount of Hire purchase and finance lease at year end is £634,237 (2022 - £466,427).

The hire purchase and finance lease liabilities are secured on the assets to which the loan relates.