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REGISTERED NUMBER: 08596314 (England and Wales)

















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Speedwell Office Systems Limited

Speedwell Office Systems Limited (Registered number: 08596314)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Speedwell Office Systems Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Mr R P Dunigan
Mrs S Dunigan





REGISTERED OFFICE: 24-26 Mansfield Road
Rotherham
South Yorkshire
S60 2DT





REGISTERED NUMBER: 08596314 (England and Wales)





ACCOUNTANTS: SMH Haywood & Co Limited
24-26 Mansfield Road
Rotherham
South Yorkshire
S60 2DT

Speedwell Office Systems Limited (Registered number: 08596314)

Balance Sheet
31 July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 8,861 10,195
8,861 10,195

CURRENT ASSETS
Debtors 5 22,327 30,491
Cash at bank 17,254 10,889
39,581 41,380
CREDITORS
Amounts falling due within one year 6 (51,483 ) (54,362 )
NET CURRENT LIABILITIES (11,902 ) (12,982 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,041 ) (2,787 )

CREDITORS
Amounts falling due after more than one
year

7

(7,205

)

(11,007

)
NET LIABILITIES (10,246 ) (13,794 )

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings (10,248 ) (13,796 )
SHAREHOLDERS' FUNDS (10,246 ) (13,794 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Speedwell Office Systems Limited (Registered number: 08596314)

Balance Sheet - continued
31 July 2023


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 11 April 2024 and were signed on its behalf by:





Mr R P Dunigan - Director


Speedwell Office Systems Limited (Registered number: 08596314)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of two years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - at varying rates on cost

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.

Speedwell Office Systems Limited (Registered number: 08596314)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

1. ACCOUNTING POLICIES - continued

Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore adopts the going concern basis in preparing its financial statements.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 10,000
AMORTISATION
At 1 August 2022
and 31 July 2023 10,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 42,155
Additions 3,543
At 31 July 2023 45,698
DEPRECIATION
At 1 August 2022 31,960
Charge for year 4,877
At 31 July 2023 36,837
NET BOOK VALUE
At 31 July 2023 8,861
At 31 July 2022 10,195

Speedwell Office Systems Limited (Registered number: 08596314)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,881 16,314
Lease receivable - 14,106
VAT 1,150 -
Prepayments 2,296 71
22,327 30,491

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 3,814 3,720
Trade creditors 33,434 22,332
Social security and other taxes (1 ) -
VAT - 254
Other creditors - 14,106
Directors' current accounts 12,447 12,146
Accruals and deferred income 409 409
Accrued expenses 1,380 1,395
51,483 54,362

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans - 1-2 years 3,911 3,814
Other loans - 2-5 years 3,294 7,193
7,205 11,007

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2

Speedwell Office Systems Limited (Registered number: 08596314)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Mr R P Dunigan and Mrs S Dunigan
Balance outstanding at start of year (12,146 ) (6,898 )
Amounts advanced 20,312 20,645
Amounts repaid (20,612 ) (25,893 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (12,446 ) (12,146 )

10. OPERATING LEASES RECEIVABLE

At the reporting end date the company had outstanding amounts owed to the company on future minimum lease payments under non-cancellable operating leases, as follows:

2023 2022
£ £   
Under 1 year 6,335 4,909
1-5 years 7,023 9,198
Over 5 years 0 0