REGISTERED NUMBER: |
Financial Statements |
for the Period 1st September 2022 to 27th August 2023 |
for |
Spree NDT Co Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1st September 2022 to 27th August 2023 |
for |
Spree NDT Co Limited |
Spree NDT Co Limited (Registered number: 04512339) |
Contents of the Financial Statements |
for the period 1st September 2022 to 27th August 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Spree NDT Co Limited |
Company Information |
for the period 1st September 2022 to 27th August 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1-3 Manor Road |
Chatham |
Kent |
ME4 6AE |
Spree NDT Co Limited (Registered number: 04512339) |
Balance Sheet |
27th August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Spree NDT Co Limited (Registered number: 04512339) |
Balance Sheet - continued |
27th August 2023 |
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 |
Spree NDT Co Limited (Registered number: 04512339) |
Notes to the Financial Statements |
for the period 1st September 2022 to 27th August 2023 |
1. | STATUTORY INFORMATION |
Spree NDT Co Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is also earned from the provision of non-destructive equipment hire, and is recognised in relation to the period the hire took place. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
Financial assets, trade and other debtors, are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments. |
Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value. |
Financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Borrowing costs are not capitalised. |
Taxation |
Taxation for the period 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. |
Spree NDT Co Limited (Registered number: 04512339) |
Notes to the Financial Statements - continued |
for the period 1st September 2022 to 27th August 2023 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Spree NDT Co Limited (Registered number: 04512339) |
Notes to the Financial Statements - continued |
for the period 1st September 2022 to 27th August 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st September 2022 |
Disposals | ( |
) |
At 27th August 2023 |
DEPRECIATION |
At 1st September 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
At 27th August 2023 |
NET BOOK VALUE |
At 27th August 2023 |
At 31st August 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1st September 2022 |
Disposals | ( |
) |
Transfer to ownership | (8,750 | ) |
At 27th August 2023 |
DEPRECIATION |
At 1st September 2022 |
Charge for period |
Eliminated on disposal | ( |
) |
Transfer to ownership | (5,674 | ) |
At 27th August 2023 |
NET BOOK VALUE |
At 27th August 2023 |
At 31st August 2022 |
Spree NDT Co Limited (Registered number: 04512339) |
Notes to the Financial Statements - continued |
for the period 1st September 2022 to 27th August 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors and prepayments |
Trade debtors in the sum of £96,980 (2022: £154,309) were subject to an invoice discounting agreement. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors and accruals |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 1,887 | - |
Lloyds Bank Commercial Finance Ltd hold a fixed and floating charge over the property of the Company, this includes a negative pledge. |
Obligations under hire purchase contracts are secured on the assets concerned. |