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Registration number: 09263062

The Specky Wren Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

The Specky Wren Ltd

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Financial Statements

5 to 12

 

The Specky Wren Ltd

Company Information

Directors

Mr D Carmichael

Mr M Wren

Company secretary

Mrs S Wren

Registered office

1-2 Marshalls Row
Brighton
BN1 4JU

Accountants

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Specky Wren Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Specky Wren Ltd for the year ended 31 October 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Specky Wren Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Specky Wren Ltd and state those matters that we have agreed to state to the Board of Directors of The Specky Wren Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Specky Wren Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Specky Wren Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Specky Wren Ltd. You consider that The Specky Wren Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Specky Wren Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
163 Herne Hill
London
SE24 9LR

25 July 2024

 

The Specky Wren Ltd

(Registration number: 09263062)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,500

6,000

Tangible assets

5

36,271

29,822

 

41,771

35,822

Current assets

 

Stocks

6

87,369

84,397

Debtors

7

31,228

23,338

Cash at bank and in hand

 

20,439

70,695

 

139,036

178,430

Creditors: Amounts falling due within one year

8

(149,930)

(146,194)

Net current (liabilities)/assets

 

(10,894)

32,236

Total assets less current liabilities

 

30,877

68,058

Creditors: Amounts falling due after more than one year

8

(15,874)

(52,791)

Provisions for liabilities

(6,633)

(5,217)

Net assets

 

8,370

10,050

Capital and reserves

 

Called up share capital

2

2

Retained earnings

8,368

10,048

Shareholders' funds

 

8,370

10,050

For the financial year ending 31 October 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.

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 Income Statement.

 

The Specky Wren Ltd

(Registration number: 09263062)
Statement of Financial Position as at 31 October 2023 (continued)

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

Mr D Carmichael
Director

Mr M Wren
Director

 
     
 

The Specky Wren Ltd

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

1

General information

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

The address of its registered office is:
1-2 Marshalls Row
Brighton
BN1 4JU

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.

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

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

The Specky Wren Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 statement of financial position 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 & Machinery

20% Reducing Balance

Fixtures & Fittings

15% Reducing Balance

Equipment

20% Reducing Balance

 

The Specky Wren Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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

5% Per annum Straight Line method

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.

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.

 

The Specky Wren Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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 income statement 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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Specky Wren Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 9).

 

The Specky Wren Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

10,000

10,000

At 31 October 2023

10,000

10,000

Amortisation

At 1 November 2022

4,000

4,000

Amortisation charge

500

500

At 31 October 2023

4,500

4,500

Carrying amount

At 31 October 2023

5,500

5,500

At 31 October 2022

6,000

6,000

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

48,808

110,492

23,752

183,052

Additions

15,820

-

741

16,561

At 31 October 2023

64,628

110,492

24,493

199,613

Depreciation

At 1 November 2022

40,572

92,304

20,354

153,230

Charge for the year

4,612

4,547

953

10,112

At 31 October 2023

45,184

96,851

21,307

163,342

Carrying amount

At 31 October 2023

19,444

13,641

3,186

36,271

At 31 October 2022

8,236

18,188

3,398

29,822

 

The Specky Wren Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

6

Stocks

2023
£

2022
£

Other inventories

87,369

84,397

7

Debtors

2023
£

2022
£

Trade debtors

4,790

(2,686)

Other debtors

19,916

21,372

Prepayments

6,522

4,652

31,228

23,338

 

The Specky Wren Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,648

17,376

Trade creditors

 

61,166

37,264

Taxation and social security

 

23,297

34,138

Accruals and deferred income

 

40

1,990

Other creditors

 

54,779

55,426

 

149,930

146,194

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

27,092

Other non-current financial liabilities

 

15,874

25,699

 

15,874

52,791

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,648

17,376