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Registration number: 05068654

Spear Consultancy Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Spear Consultancy Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Spear Consultancy Limited

(Registration number: 05068654)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

308,264

322,954

Current assets

 

Debtors

5

23,564

36,065

Cash at bank and in hand

 

179,526

183,871

 

203,090

219,936

Creditors: Amounts falling due within one year

6

(39,673)

(58,246)

Net current assets

 

163,417

161,690

Total assets less current liabilities

 

471,681

484,644

Creditors: Amounts falling due after more than one year

6

(96,993)

(114,762)

Provisions for liabilities

(13,506)

(12,349)

Net assets

 

361,182

357,533

Capital and reserves

 

Called up share capital

100

100

Retained earnings

361,082

357,433

Shareholders' funds

 

361,182

357,533

 

Spear Consultancy Limited

(Registration number: 05068654)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 Profit and Loss Account.

Approved and authorised by the Board on 28 July 2024 and signed on its behalf by:
 

.........................................
Mr S D Patel
Director

 

Spear Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Spear House
37a Regent Circus
Swindon
Wiltshire
SN1 1PX

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover from consultancy services is shown net of sales/value added tax.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current 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 balance sheet 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:

 

Spear Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Depreciation method and rate

Land and building

100 years

Fixtures, fittings and equipment

3 and 7 years

Motor cars

5 years

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Spear Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

292,225

8,076

86,545

386,846

Additions

-

1,891

-

1,891

Disposals

-

-

(20,947)

(20,947)

At 31 March 2024

292,225

9,967

65,598

367,790

Depreciation

At 1 April 2023

35,064

7,881

20,946

63,891

Charge for the year

2,922

539

13,120

16,581

Eliminated on disposal

-

-

(20,946)

(20,946)

At 31 March 2024

37,986

8,420

13,120

59,526

Carrying amount

At 31 March 2024

254,239

1,547

52,478

308,264

At 31 March 2023

257,161

194

65,599

322,954

5

Debtors

Current

2024
£

2023
£

Trade debtors

23,500

31,000

Other debtors

64

5,065

 

23,564

36,065

 

Spear Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

22,322

22,322

Taxation and social security

 

9,701

21,998

Other creditors

 

7,650

13,926

 

39,673

58,246

Bank loan is secured on company assets and building. Hire purchase liability is secured against the vehicle.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

96,993

114,762

Bank loan is secured on company assets and building. Hire purchase liability is secured against the vehicle.

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,180

15,180

Hire purchase contracts

7,142

7,142

22,322

22,322

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

55,084

66,307

Hire purchase contracts

41,909

48,455

96,993

114,762