REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
J & A Speakman Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
J & A Speakman Limited |
J & A Speakman Limited (Registered number: 01174051) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
J & A Speakman Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Old Grange |
Warren Estate |
Lordship Road |
Writtle |
Essex |
CM1 3WT |
J & A Speakman Limited (Registered number: 01174051) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
J & A Speakman Limited (Registered number: 01174051) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
J & A Speakman Limited is a |
These financial statements are presented in sterling and are rounded to the nearest £1. |
The company is part of a group. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Revenue recognition |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. |
Tangible fixed assets |
Tangible fixed assets comprise plant and machinery and freehold land. |
Plant and machinery is initially measured at cost. After initial recognition, plant and machinery is measured at cost less any accumulated depreciation and any accumulated impairment losses. |
Depreciation is provided at 15% on reducing balance, in order to write off each asset over its estimated useful life: |
Freehold land is shown at fair value under the revaluation model. Gains are recognised in the statement of comprehensive income and subsequently transferred to the revaluation reserve. Deferred tax is provided on these gains at the rate expected to apply when the land is sold. |
Investment property |
Investment properties are included at fair value. Gains are recognised in the income statement and subsequently transferred to the fair value reserve. Deferred taxation is provided on these gains at the rate expected to apply when the properties are sold. |
Stock and work in progress |
In the previous accounting period, stock was valued at the cost of production. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from third parties and loans to related parties. |
J & A Speakman Limited (Registered number: 01174051) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Significant judgements and estimates |
No significant judgements or estimations have been applied in the preparation of the financial statements. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Going concern |
The financial statements have been prepared on the going concern basis which assumes the continued support of the group. The directors have confirmed that this support will continue for at least 12 months from the date of approval of these financial statements and therefore believe that no adjustments relating to the company's ability to continue as a going concern need to be made. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
J & A Speakman Limited (Registered number: 01174051) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Revaluations | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2022 | 7,425,127 | - | 7,425,127 |
Valuation in 2023 | (354,647 | ) | - | (354,647 | ) |
Cost | 1,752,837 | 10,560 | 1,763,397 |
8,823,317 | 10,560 | 8,833,877 |
If the freehold land had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,752,837 | 1,053,273 |
Freehold land was valued at its market value on the assumption of full vacant possession on 31 December 2023 by Savills plc. |
J & A Speakman Limited (Registered number: 01174051) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
Revaluations | (254,930 | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2022 | 3,328,940 |
Valuation in 2023 | (254,930 | ) |
Cost | 502,673 |
3,576,683 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 502,673 | 502,673 |
Investment properties were valued at their market value on the assumption of full vacant possession on 31 December 2023 by Savills plc. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
J & A Speakman Limited (Registered number: 01174051) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent is LSL MHF Ltd and its ultimate parent is LSL MHF Cirrus Ltd, both of which are registered in England and Wales. The registered office of both parents is 33 Welbeck Street, London, W1G 8EX. There is no ultimate controlling party. |