Company registration number 07406096 (England and Wales)
SPEEDFLEX (UK & IRELAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPEEDFLEX (UK & IRELAND) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SPEEDFLEX (UK & IRELAND) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
55,671
83,507
Tangible assets
5
66,066
54,673
Investments
6
100
100
121,837
138,280
Current assets
Stocks
143,764
287,006
Debtors
8
43,862
127,693
Cash at bank and in hand
21,522
43,771
209,148
458,470
Creditors: amounts falling due within one year
9
(13,883,104)
(12,602,809)
Net current liabilities
(13,673,956)
(12,144,339)
Total assets less current liabilities
(13,552,119)
(12,006,059)
Creditors: amounts falling due after more than one year
10
(7,198)
-
0
Provisions for liabilities
(25,286)
(9,884)
Net liabilities
(13,584,603)
(12,015,943)
Capital and reserves
Called up share capital
10,633
10,633
Profit and loss reserves
(13,595,236)
(12,026,576)
Total equity
(13,584,603)
(12,015,943)
SPEEDFLEX (UK & IRELAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Mr A M Simpson
Director
Company registration number 07406096 (England and Wales)
SPEEDFLEX (UK & IRELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Speedflex (UK & Ireland) Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Square One Law, Flemming Business Centre, Burdon Terrace, Newcastle Upon Tyne, NE2 3AE. The company registration number is 07406096.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date, the company had total net liabilities and negative reserves, largely due to 3 loan creditors, details of which are disclosed in the accounts in note 11, related party transactions. The director is aware that these 3 loan creditors have indicated their continued support in not seeking repayment of their loans in order to allow the company to continue to operate as a going concern. Therefore, the director has a reasonable expectation that the company can continue in operational existence for the foreseeable future and continues to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Straight line over 5 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

SPEEDFLEX (UK & IRELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over life of lease
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SPEEDFLEX (UK & IRELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

SPEEDFLEX (UK & IRELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
11
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
83,507
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
27,836
At 31 December 2023
27,836
Carrying amount
At 31 December 2023
55,671
At 31 December 2022
83,507
SPEEDFLEX (UK & IRELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
14,336
350,703
365,039
Additions
9,536
25,997
35,533
Disposals
-
0
(8,403)
(8,403)
At 31 December 2023
23,872
368,297
392,169
Depreciation and impairment
At 1 January 2023
11,429
298,937
310,366
Depreciation charged in the year
2,919
14,499
17,418
Eliminated in respect of disposals
-
0
(1,681)
(1,681)
At 31 December 2023
14,348
311,755
326,103
Carrying amount
At 31 December 2023
9,524
56,542
66,066
At 31 December 2022
2,907
51,766
54,673
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Speedflex Ireland Limited
Ballyquane, Glanworth, Mallow, Cork, Ireland, P51 HRF8
Retail of fitness equipment
Ordinary
100.00
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,606
16,753
Corporation tax recoverable
-
0
62,398
Other debtors
39,256
48,542
43,862
127,693
SPEEDFLEX (UK & IRELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,877
38,334
Amounts owed to group undertakings
100
100
Taxation and social security
22,458
16,181
Other creditors
13,832,669
12,548,194
13,883,104
12,602,809

Included within other creditors are loan balances totalling £7,411,431 (2022: £6,594,557). Loans are unsecured, repayable on demand and subject to interest at 4% per annum. The loans are not expected to be repaid until such time as the company has sufficient surplus funds to do so.

10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
7,198
-
0
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
17,825
71,300
Between two and five years
-
0
17,825
17,825
89,125
SPEEDFLEX (UK & IRELAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
12
Related party transactions
Transactions with related parties

The company is related to Carraway Finance Ltd by virtue of a common director and shareholder, Sir A W G Wylie. The company has a loan from Carraway Finance Ltd and at the year end £5,222,359 (2022 - £5,131,527) was outstanding and included in creditors.

 

The company is related to Wylie Children's Settlement Trust through director and shareholder, Sir A W G Wylie. The company has a loan from Wylie Children's Settlement Trust and at the year end £1,490,987 (2022 - £1,463,030) was outstanding and included in creditors.

 

The company is related to Speedflex (Newcastle) Limited by virtue of common directors P J Ferris, M Simpson and Sir A W G Wylie. The company owes Speedflex (Newcastle) Limited £2,176 (2022 - £1,233) at the year end, this balance is included in trade creditors.

 

The company has a loan from a director and shareholder and at the year end £6,377,434 (2022: £5,951,630) was outstanding at the year end. There is no interest due on the loan balance and the loan balance is repayable on demand.

13
Provisions for liabilities

Other creditors includes two liabilities of uncertain timing and amounts, relating to underpaid rates and Covid-19 relief received from the Revenue (Ireland) in error. Liability is confirmed but the amounts are to be determined and paid in instalments thereafter.

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