Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs T Sammels 21/02/2023 Mr H Speare 25/07/2018 Mr K Speare 25/07/2018 Mr L Speare Mrs S Speare Mrs S Speare 06 August 2024 The principal activity of the Company during the financial year was the retail of carpets, vinyl and beds. It also offers same day delivery and fitting services to both domestic and commercial customers. 01577980 2024-03-31 01577980 bus:Director1 2024-03-31 01577980 bus:Director2 2024-03-31 01577980 bus:Director3 2024-03-31 01577980 2023-03-31 01577980 core:CurrentFinancialInstruments 2024-03-31 01577980 core:CurrentFinancialInstruments 2023-03-31 01577980 core:Non-currentFinancialInstruments 2024-03-31 01577980 core:Non-currentFinancialInstruments 2023-03-31 01577980 core:ShareCapital 2024-03-31 01577980 core:ShareCapital 2023-03-31 01577980 core:SharePremium 2024-03-31 01577980 core:SharePremium 2023-03-31 01577980 core:RetainedEarningsAccumulatedLosses 2024-03-31 01577980 core:RetainedEarningsAccumulatedLosses 2023-03-31 01577980 core:LandBuildings 2023-03-31 01577980 core:PlantMachinery 2023-03-31 01577980 core:Vehicles 2023-03-31 01577980 core:FurnitureFittings 2023-03-31 01577980 core:LandBuildings 2024-03-31 01577980 core:PlantMachinery 2024-03-31 01577980 core:Vehicles 2024-03-31 01577980 core:FurnitureFittings 2024-03-31 01577980 2022-03-31 01577980 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-03-31 01577980 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-03-31 01577980 bus:OrdinaryShareClass1 2024-03-31 01577980 bus:OrdinaryShareClass2 2024-03-31 01577980 2023-04-01 2024-03-31 01577980 bus:FilletedAccounts 2023-04-01 2024-03-31 01577980 bus:SmallEntities 2023-04-01 2024-03-31 01577980 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01577980 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01577980 bus:Director1 2023-04-01 2024-03-31 01577980 bus:Director2 2023-04-01 2024-03-31 01577980 bus:Director3 2023-04-01 2024-03-31 01577980 bus:Director4 2023-04-01 2024-03-31 01577980 bus:Director5 2023-04-01 2024-03-31 01577980 bus:CompanySecretary1 2023-04-01 2024-03-31 01577980 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 01577980 core:PlantMachinery core:BottomRangeValue 2023-04-01 2024-03-31 01577980 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 01577980 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 01577980 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 01577980 2022-04-01 2023-03-31 01577980 core:LandBuildings 2023-04-01 2024-03-31 01577980 core:PlantMachinery 2023-04-01 2024-03-31 01577980 core:Vehicles 2023-04-01 2024-03-31 01577980 core:FurnitureFittings 2023-04-01 2024-03-31 01577980 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 01577980 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 01577980 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01577980 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01577980 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 01577980 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01577980 (England and Wales)

LARRY SPEARE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LARRY SPEARE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LARRY SPEARE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
LARRY SPEARE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 352,629 375,580
352,629 375,580
Current assets
Stocks 139,162 133,456
Debtors 4 72,940 38,188
Cash at bank and in hand 552,715 738,163
764,817 909,807
Creditors: amounts falling due within one year 5 ( 140,619) ( 274,627)
Net current assets 624,198 635,180
Total assets less current liabilities 976,827 1,010,760
Creditors: amounts falling due after more than one year 6 ( 26,865) ( 27,985)
Net assets 949,962 982,775
Capital and reserves
Called-up share capital 8 5,000 5,000
Share premium account 96,000 96,000
Profit and loss account 848,962 881,775
Total shareholders' funds 949,962 982,775

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 financial statements of Larry Speare Limited (registered number: 01577980) were approved and authorised for issue by the Board of Directors on 06 August 2024. They were signed on its behalf by:

Mr L Speare
Director
LARRY SPEARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LARRY SPEARE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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, unless otherwise stated.

General information and basis of accounting

Larry Speare Limited (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 5th Floor Salt Quay House, 4 North East Quay, Sutton Harbour, Plymouth, PL4 0BN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 - 20 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 14

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 870,173 78,711 56,778 268,212 1,273,874
Additions 0 0 0 423 423
At 31 March 2024 870,173 78,711 56,778 268,635 1,274,297
Accumulated depreciation
At 01 April 2023 541,313 38,964 51,252 266,765 898,294
Charge for the financial year 16,004 2,198 4,737 435 23,374
At 31 March 2024 557,317 41,162 55,989 267,200 921,668
Net book value
At 31 March 2024 312,856 37,549 789 1,435 352,629
At 31 March 2023 328,860 39,747 5,526 1,447 375,580

4. Debtors

2024 2023
£ £
Trade debtors 15,174 18,626
Amounts owed by directors 2,500 0
Prepayments 32,923 16,231
Deferred tax asset 3,093 3,331
Other debtors 19,250 0
72,940 38,188

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 26,248 2,490
Corporation tax 317 40,632
Other taxation and social security 38,626 38,529
Other creditors 75,428 192,976
140,619 274,627

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

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

2024 2023
£ £
Deferred income 26,865 27,985

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

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 3,331 2,213
(Charged)/credited to the Statement of Income and Retained Earnings ( 238) 1,118
At the end of financial year 3,093 3,331

The deferred taxation balance is made up as follows:

2024 2023
£ £
Fixed asset timing differences 3,093 3,331

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4,000 Ordinary A shares of £ 1.00 each 4,000 4,000
1,000 Ordinary B shares of £ 1.00 each 1,000 1,000
5,000 5,000

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £234,403 (2023: £47,962). Contributions totalling £Nil (2023: £Nil) were outstanding at the year end.

10. Related party transactions

During the year, rent of £18,000 (2023: £18,000) was paid to a director.

At the year end, the shareholder directors owed £2,500 the company (2023: were owed £138,133 by the company). There is no interest charged on these balances and there are no set repayment dates.

11. Deferred Government grant

2024 2023
£ £
Grants 27,985 29,105

During the year ended 31 March 2000, the company received a government grant towards the purchase and renovation of property for storage purposes. The grant amounted to £55,987 and is subject under the conditions of the grant assistance to repayment on a sliding scale within 5 years from the date of completion of the works on 24 August 1999 if the building is not disposed of.

The grant is recorded as deferred income in the accounts and amortised over 50 years with £1,120 being shown as amortisation in the profit and loss account annually. The accumulated amortisation at 31 March 2024 was £28,002 (2023: £26,882).