Company registration number 08270029 (England and Wales)
SPEEDFLEX (NEWCASTLE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPEEDFLEX (NEWCASTLE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SPEEDFLEX (NEWCASTLE) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,142
Current assets
Debtors
5
28,449
27,560
Cash at bank and in hand
248
21,226
28,697
48,786
Creditors: amounts falling due within one year
6
(3,204,409)
(3,047,877)
Net current liabilities
(3,175,712)
(2,999,091)
Total assets less current liabilities
(3,175,712)
(2,992,949)
Provisions for liabilities
(250)
Net liabilities
(3,175,712)
(2,993,199)
Capital and reserves
Called up share capital
1,140
1,140
Profit and loss reserves
(3,176,852)
(2,994,339)
Total equity
(3,175,712)
(2,993,199)
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 08270029 (England and Wales)
SPEEDFLEX (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Speedflex (Newcastle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nelson House, Fleming Business Centre, Burdon Terrace, Jesmond, Newcastle upon Tyne, NE2 3AE. The company registration number is 08270029.
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 2 loan creditors, details of which are disclosed in the accounts in note 8, related party transactions. The director is aware that these 2 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 - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
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.
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
SPEEDFLEX (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.7
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 initially measured at transaction price including transaction costs.
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, are initially 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 initially at transaction price.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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 (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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
2
6
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023
176,150
Disposals
(176,150)
At 31 December 2023
Depreciation and impairment
At 1 January 2023
170,008
Depreciation charged in the year
6,142
Eliminated in respect of disposals
(176,150)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
6,142
SPEEDFLEX (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,176
1,233
Other debtors
26,273
26,327
28,449
27,560
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,167
Other creditors
3,203,242
3,047,877
3,204,409
3,047,877
Other creditors includes £2,002,357 (2022: £1,993,926) of loan balances. Loans are unsecured, repayable on demand and subject to interest of 3-6% per annum. None of the loans are expected to be repaid until such time as the company has sufficient surplus funds to do so.
7
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
36,645
73,290
Between two and five years
36,645
36,645
109,935
SPEEDFLEX (NEWCASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Related party transactions
Transactions with related parties
The company is related to Carraway Finance Ltd by virtue of a common shareholder, Sir A W G Wylie. The company has a loan from Carraway Finance Ltd and at the year end £1,852,357 (2022 - £1,843,926) was outstanding and included in creditors.
The company is related to the Wylie Childrens Settlement Trust by virtue of Sir A W G Wylie being both a shareholder of Speedflex (Newcastle) Limited and a settlor of the Wylie Childrens Settlement Trust. The company has a loan from the Wylie Childrens Settlement Trust and at the year end £150,000 (2022 - £150,000) was outstanding and included in creditors.
The company is related to Speedlfex (UK & Ireland) Limited by virtue of common directors P J Ferris, A M Simpson and ownership by Sir A W G Wylie. The company is currently owed £2,176 (2022 - £1,233) from Speedflex (UK & Ireland) this outstanding amount is included in debtors.
The company has a loan from a shareholder and at the year end £1,200,285 (2022: £1,052,401) was outstanding at the year end. There is no interest due on the loan balance and the loan balance is repayable on demand.