IRIS Accounts Productionv24.1.4.3302996246Board of Directors1.1.2331.12.2331.12.23truefalsetruetruefalsefalsefalsetruefalseOrdinary1.00000 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REGISTERED NUMBER: 02996246 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


FOR



SPL COMPONENTS LIMITED



SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023





Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

4




Income Statement  

7




Other Comprehensive Income  

8




Balance Sheet  

9




Statement of Changes in Equity  

10




Cash Flow Statement  

11




Notes to the Cash Flow Statement  

12




Notes to the Financial Statements

13





SPL COMPONENTS LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023









DIRECTORS:

G P Baxter


Mrs R E Baxter


S P Baxter


D Nicholson







SECRETARY:

Mrs R E Baxter







REGISTERED OFFICE:

Unit 6


Lockwood Park Industrial Estate


Leeds


West Yorkshire


LS11 5UX







REGISTERED NUMBER:

02996246 (England and Wales)







AUDITORS:

Lewis's Ltd (Statutory Auditors)


Windsor House


44 High Road


Balby


Doncaster


DN4 0PL



SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.


REVIEW OF BUSINESS

The directors considers the level of activity and the year end financial position to be satisfactory.  Year on year, turnover has been comparable with the previous accounting period.


PRINCIPAL RISKS AND UNCERTAINTIES

Competitive pressure in the UK is a continuing risk for the company, which could result in losing sales to its key competitors.  The company manages this risk by reviewing its pricing policy and marketing strategy on a regular basis.


KEY PERFORMANCE INDICATORS


2023



2022




£



£



Revenue  



9,738,393



10,886,063



Operating profit



268,444



318,809



Operating profit margin



2.76%



2.93%



Cash



105,032



60,305




FUTURE DEVELOPMENTS

The directors do not anticipate any material development in the ensuing year. However, the management policies will continue to be reviewed in the context of changing trading conditions.


ON BEHALF OF THE BOARD:






G P Baxter - Director



22 July 2024



SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



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.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesalers of furniture fittings.

DIVIDENDS

No dividends will be distributed 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.


G P Baxter

Mrs R E Baxter

S P Baxter

D Nicholson


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Lewis's Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






G P Baxter - Director



22 July 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SPL COMPONENTS LIMITED


Opinion

We have audited the financial statements of SPL Components Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SPL COMPONENTS LIMITED



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SPL COMPONENTS LIMITED



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Mr Paul Lewis (Senior Statutory Auditor)

for and on behalf of Lewis's Ltd (Statutory Auditors)

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL


22 July 2024



SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023



31.12.23


31.12.22


Notes

£   

£   



TURNOVER

3

9,738,393


10,886,063




Cost of sales

7,756,782


8,809,943



GROSS PROFIT

1,981,611


2,076,120




Administrative expenses

1,713,167


1,757,311



OPERATING PROFIT

6

268,444


318,809





Interest payable and similar expenses

7

70,603


54,340



PROFIT BEFORE TAXATION

197,841


264,469




Tax on profit

8

77,508


46,947



PROFIT FOR THE FINANCIAL YEAR

120,333


217,522





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023



31.12.23


31.12.22


Notes

£   

£   



PROFIT FOR THE YEAR

120,333


217,522





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

120,333


217,522





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



BALANCE SHEET

31 DECEMBER 2023



31.12.23

31.12.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

9

-


-



Tangible assets

10

415,359


451,205



415,359


451,205




CURRENT ASSETS

Stocks

11

2,350,178


2,494,995



Debtors

12

2,198,320


2,992,121



Cash at bank and in hand

105,033


60,305



4,653,531


5,547,421



CREDITORS

Amounts falling due within one year

13

2,725,621


3,706,334



NET CURRENT ASSETS

1,927,910


1,841,087



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,343,269


2,292,292




CREDITORS

Amounts falling due after more than one

year

14

(74,266

)

(161,372

)



PROVISIONS FOR LIABILITIES

18

(101,958

)

(84,208

)


NET ASSETS

2,167,045


2,046,712




CAPITAL AND RESERVES

Called up share capital

19

1,167


1,167



Share premium

20

19,535


19,535



Capital redemption reserve

20

149,898


149,898



Retained earnings

20

1,996,445


1,876,112



SHAREHOLDERS' FUNDS

2,167,045


2,046,712




The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:






G P Baxter - Director




SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023



Called up


Capital



share


Retained


Share


redemption


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 January 2022

1,167


1,658,590


19,535


149,898


1,829,190




Changes in equity

Total comprehensive income

-


217,522


-


-


217,522



Balance at 31 December 2022

1,167


1,876,112


19,535


149,898


2,046,712




Changes in equity

Total comprehensive income

-


120,333


-


-


120,333



Balance at 31 December 2023

1,167


1,996,445


19,535


149,898


2,167,045





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023



31.12.23


31.12.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

295,826


193,591



Interest paid

(69,765

)

(46,409

)


Interest element of hire purchase payments

paid

(838

)

(7,931

)


Tax paid

(60,798

)

(22,048

)


Net cash from operating activities

164,425


117,203




Cash flows from investing activities

Purchase of tangible fixed assets

(37,434

)

(123,945

)


Sale of tangible fixed assets

-


138,292



Net cash from investing activities

(37,434

)

14,347




Cash flows from financing activities

Loan repayments in year

(78,195

)

(96,080

)


Capital repayments in year

(4,068

)

(59,408

)


Net cash from financing activities

(82,263

)

(155,488

)



Increase/(decrease) in cash and cash equivalents

44,728


(23,938

)


Cash and cash equivalents at beginning of

year

2

60,305


84,243




Cash and cash equivalents at end of year

2

105,033


60,305





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


31.12.23


31.12.22

£   

£   



Profit before taxation

197,841


264,469




Depreciation charges

73,279


102,214




Profit on disposal of fixed assets

-


(8,646

)



Finance costs

70,603


54,340



341,723


412,377




Decrease/(increase) in stocks

144,817


(249,370

)



Decrease in trade and other debtors

793,801


17,202




(Decrease)/increase in trade and other creditors

(984,515

)

13,382




Cash generated from operations

295,826


193,591




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

105,033


60,305




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

60,305


84,243





3.

ANALYSIS OF CHANGES IN NET DEBT



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank and in hand

60,305


44,728


105,033



60,305


44,728


105,033




Debt


Finance leases

(16,950

)

4,068


(12,882

)



Debts falling due within 1 year

(804,507

)

(4,842

)

(809,349

)



Debts falling due after 1 year

(148,490

)

83,038


(65,452

)


(969,947

)

82,264


(887,683

)



Total

(909,642

)

126,992


(782,650

)




SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


1.

STATUTORY INFORMATION



SPL Components 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.


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" 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.


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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.  


Plant and machinery

-

15% on cost


Fixtures and fittings

-

15% on reducing balance


Motor vehicles

-

33% on reducing balance


Computer equipment

-

25% on cost



Stocks

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


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.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.



SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


2.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by geographical market is given below:



31.12.23


31.12.22

£   

£   



United Kingdom

9,644,265


10,816,857




Europe

94,128


69,206



9,738,393


10,886,063




4.

EMPLOYEES AND DIRECTORS


31.12.23


31.12.22

£   

£   



Wages and salaries

1,146,940


1,145,110




Social security costs

28,440


30,350




Other pension costs

22,791


35,907



1,198,171


1,211,367





The average number of employees during the year was as follows:


31.12.23


31.12.22



Directors

4


5




Office

14


11




Warehouse

23


23



41


39




5.

DIRECTORS' EMOLUMENTS


31.12.23


31.12.22

£   

£   



Directors' remuneration

245,363


266,285




Directors' pension contributions to money purchase schemes  

6,000


22,500





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


5.

DIRECTORS' EMOLUMENTS - continued



The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

3


4





Information regarding the highest paid director is as follows:


31.12.23


31.12.22

£   

£   



Emoluments etc

83,323


67,097




Pension contributions to money purchase schemes

3,000


-




6.

OPERATING PROFIT



The operating profit is stated after charging/(crediting):



31.12.23


31.12.22

£   

£   



Other operating leases

11,893


13,931




Depreciation - owned assets

73,130


76,672




Depreciation - assets on hire purchase contracts

150


25,543




Profit on disposal of fixed assets

-


(8,646

)



Auditors' remuneration

11,200


6,260




Operating leases - other  

37,536


28,411




Operating leases - land & buildings  

177,765


170,576




7.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.12.23


31.12.22

£   

£   



Loan interest

69,765


46,409




Hire purchase

838


7,931



70,603


54,340




8.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.12.23


31.12.22

£   

£   



Current tax:


UK corporation tax

59,758


60,798





Deferred tax:


Accelerated Capital Allowances

17,750


(13,851

)



Tax on profit

77,508


46,947





UK corporation tax was charged at 19%) in 2022.



SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


8.

TAXATION - continued



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



31.12.23


31.12.22

£   

£   



Profit before tax

197,841


264,469




Profit multiplied by the standard rate of corporation tax in the UK of

23.520% (2022 - 19%)  

46,532


50,249





Effects of:


Expenses not deductible for tax purposes

5,026


363




Income not taxable for tax purposes

-


(1,643

)



Depreciation in excess of capital allowances

8,200


11,829




Deferred tax  

17,750


(13,851

)



Total tax charge

77,508


46,947




9.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 January 2023


and 31 December 2023

86,000




AMORTISATION


At 1 January 2023


and 31 December 2023

86,000




NET BOOK VALUE


At 31 December 2023

-




At 31 December 2022

-





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


10.

TANGIBLE FIXED ASSETS


Fixtures



Plant and


and


Motor


Computer



machinery


fittings


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2023

770,545


223,486


27,234


79,793


1,101,058




Additions

10,028


24,563


-


2,843


37,434




At 31 December 2023

780,573


248,049


27,234


82,636


1,138,492




DEPRECIATION


At 1 January 2023

472,860


107,295


11,132


58,566


649,853




Charge for year

45,260


18,178


4,025


5,817


73,280




At 31 December 2023

518,120


125,473


15,157


64,383


723,133




NET BOOK VALUE


At 31 December 2023

262,453


122,576


12,077


18,253


415,359




At 31 December 2022

297,685


116,191


16,102


21,227


451,205





Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£   



COST


At 1 January 2023


and 31 December 2023

6,541




DEPRECIATION


At 1 January 2023

(5,942

)



Charge for year

150




At 31 December 2023

(5,792

)



NET BOOK VALUE


At 31 December 2023

12,333




At 31 December 2022

12,483




11.

STOCKS


31.12.23


31.12.22

£   

£   



Closing stock

2,350,178


2,494,995




12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Trade debtors

1,813,636


2,207,462




Other debtors

293,609


715,454




Prepayments

91,075


69,205



2,198,320


2,992,121





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.12.23


31.12.22

£   

£   



Bank loans and overdrafts (see note 15)

809,349


804,507




Hire purchase contracts  (see note 16)

4,068


4,068




Trade creditors

637,885


967,506




Tax

59,758


60,798




Social security and other taxes

74,711


90,601




VAT

54,122


96,727




Other creditors

903,574


1,527,169




Accrued expenses

182,154


154,958



2,725,621


3,706,334




14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.12.23


31.12.22

£   

£   



Bank loans (see note 15)

65,452


148,490




Hire purchase contracts  (see note 16)

8,814


12,882



74,266


161,372




15.

LOANS



An analysis of the maturity of loans is given below:



31.12.23


31.12.22

£   

£   



Amounts falling due within one year or on demand:


Bank loans

85,500


93,028




Bank loans

723,849


711,479



809,349


804,507





Amounts falling due between two and five years:


Bank loans - 2-5 years

65,452


148,490




16.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts



31.12.23


31.12.22


£   

£   



Net obligations repayable:


Within one year

4,068


4,068




Between one and five years

8,814


12,882



12,882


16,950





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


16.

LEASING AGREEMENTS - continued



Non-cancellable

operating leases



31.12.23


31.12.22

£   

£   



Within one year

215,301


198,987




Between one and five years

740,635


723,576




In more than five years

355,530


533,295



1,311,466


1,455,858




17.

SECURED DEBTS



The following secured debts are included within creditors:



31.12.23


31.12.22

£   

£   



Bank loans

874,801


952,997




Hire purchase contracts

12,882


16,950




Other creditors

1,012,547


1,521,554



1,900,230


2,491,501





Other creditors are secured against Trade Debtors and via fixed and floating charges over all the assets of the company in respect of monies advanced as part of an Invoice Discounting agreement.



Bank loans are secured via a fixed and floating charge over all the assets of the company.



Hire purchase creditors are secured on the relevant assets.



There is a guarantee in favour of H M Revenue and Customs dated 1 November 2018 for £350,000.


18.

PROVISIONS FOR LIABILITIES


31.12.23


31.12.22

£   

£   



Deferred tax

101,958


84,208





Deferred



tax


£   



Balance at 1 January 2023

84,208




Accelerated capital allowances

17,750




Balance at 31 December 2023

101,958




19.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.12.23


31.12.22


value:

£   

£   



1,167

Ordinary

£1

1,167


1,167





SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


19.

CALLED UP SHARE CAPITAL - continued


.

20.

RESERVES


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 January 2023

1,876,112


19,535


149,898


2,045,545




Profit for the year

120,333


120,333




At 31 December 2023

1,996,445


19,535


149,898


2,165,878




21.

PENSION COMMITMENTS


The company operates a defined contribution pension scheme. Contributions to the scheme were as follows:

20222021
££

Pension contributions35,90719,399

22.

ULTIMATE CONTROLLING PARTY



The controlling party is G P Baxter.



The ultimate controlling party is G P Baxter.



SPL COMPONENTS LIMITED (REGISTERED NUMBER: 02996246)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


23.

RELATED PARTY DISCLOSURE



Muneris Product by Design Ltd


A company in which Mr G P Baxter is a significant shareholder




2023



2022




£



£




Hire



46,645



17,360



Purchases



7,388



63,123



Management charges



170,000



170,000



Balance included in trade creditors



97,260



97,620








Lighting Innovations Ltd




A company in which Mr G P Baxter is a significant shareholder





2023



2022




£



£




Sales



291,646



352,779



Balance included in trade debtors



28,367