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Company No: 03439422 (England and Wales)

S.P.C. (TECHNICAL SERVICES) LTD.

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

S.P.C. (TECHNICAL SERVICES) LTD.

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

S.P.C. (TECHNICAL SERVICES) LTD.

BALANCE SHEET

As at 31 December 2023
S.P.C. (TECHNICAL SERVICES) LTD.

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 181,093 131,677
181,093 131,677
Current assets
Debtors 5 601,371 445,523
Cash at bank and in hand 1,722,660 1,821,856
2,324,031 2,267,379
Creditors: amounts falling due within one year 6 ( 877,805) ( 876,736)
Net current assets 1,446,226 1,390,643
Total assets less current liabilities 1,627,319 1,522,320
Creditors: amounts falling due after more than one year 7 ( 5,877) ( 23,396)
Provision for liabilities ( 28,720) ( 32,920)
Net assets 1,592,722 1,466,004
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,592,720 1,466,002
Total shareholders' funds 1,592,722 1,466,004

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of S.P.C. (Technical Services) Ltd. (registered number: 03439422) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

S P Crisp
Director
S.P.C. (TECHNICAL SERVICES) LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
S.P.C. (TECHNICAL SERVICES) LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

General information and basis of accounting S.P.C. (Technical Services) Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oak Tree House Sawbridgeworth Road, Little Hallingbury, Bishop's Stortford, CM22 7QU, , United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of S.P.C. (Technical Services) Ltd. is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

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

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Taxation

Current 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 corporation 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
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed 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.

Motor Vehicles - 20% Straight line
Computer Equipment - 33% Straight line

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

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.

Impairment of assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Trade and other debtors

Trade and other 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.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

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.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Fair value measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Specifically, areas requiring judgement are the residual value of tangible fixed assets , recoverability of trade debtors and using the going concern basis.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 295,016 295,016
Additions 70,924 70,924
Disposals ( 53,792) ( 53,792)
At 31 December 2023 312,148 312,148
Accumulated depreciation
At 01 January 2023 163,339 163,339
Charge for the financial year 21,508 21,508
Disposals ( 53,792) ( 53,792)
At 31 December 2023 131,055 131,055
Net book value
At 31 December 2023 181,093 181,093
At 31 December 2022 131,677 131,677

5. Debtors

2023 2022
£ £
Trade debtors 600,639 443,896
Other debtors 732 1,627
601,371 445,523

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 489,546 302,027
Corporation tax 43,880 6,952
Other taxation and social security 123,777 186,538
Obligations under finance leases and hire purchase contracts 17,519 17,519
Other creditors 203,083 363,700
877,805 876,736

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 5,877 23,396

There are no amounts included above in respect of which any security has been given by the small entity.