SPERRIN MANUFACTURING LIMITED

Company Registration Number:
NI633776 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 August 2023

Period of accounts

Start date: 01 September 2022

End date: 31 August 2023

SPERRIN MANUFACTURING LIMITED

Contents of the Financial Statements

for the Period Ended 31 August 2023

Balance sheet
Notes

SPERRIN MANUFACTURING LIMITED

Balance sheet

As at 31 August 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 1,988,241 1,112,157
Total fixed assets: 1,988,241 1,112,157
Current assets
Stocks: 1,242,702 1,121,567
Debtors:   765,317 937,868
Cash at bank and in hand: 161,646 61,934
Total current assets: 2,169,665 2,121,369
Creditors: amounts falling due within one year:   (3,405,233) (2,469,416)
Net current assets (liabilities): (1,235,568) (348,047)
Total assets less current liabilities: 752,673 764,110
Total net assets (liabilities): 752,673 764,110
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 752,672 764,109
Shareholders funds: 752,673 764,110

The notes form part of these financial statements

SPERRIN MANUFACTURING LIMITED

Balance sheet statements

For the year ending 31 August 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 01 May 2024
and signed on behalf of the board by:

Name: Mark Cuskeran
Status: Director

The notes form part of these financial statements

SPERRIN MANUFACTURING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the significant risks and rewards or ownership of the goods have transferred to the buyer, the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible assets, other than investment properties, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:Plant & equipment -10% per annumMotor vehicles - 25% per annumThe carrying value of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Other accounting policies

Investment propertiesInvestment property is property held either to earn rental income, or for capital appreciation or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure.StocksStocks are stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion or disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.TaxationCurrent tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of the timing difference. In other cases, the measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

SPERRIN MANUFACTURING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

2. Employees

2023 2022
Average number of employees during the period 2 2

SPERRIN MANUFACTURING LIMITED

Notes to the Financial Statements

for the Period Ended 31 August 2023

3. Tangible Assets

Total
Cost £
At 01 September 2022 1,119,808
Additions 878,066
At 31 August 2023 1,997,874
Depreciation
At 01 September 2022 7,651
Charge for year 1,982
At 31 August 2023 9,633
Net book value
At 31 August 2023 1,988,241
At 31 August 2022 1,112,157