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Registration number: 05626192

Spitfire Engineering Services Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 November 2023

 

Spitfire Engineering Services Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Spitfire Engineering Services Limited

(Registration number: 05626192)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

240,189

170,961

Current assets

 

Stocks

63,600

58,246

Debtors

131,514

176,907

Cash at bank and in hand

 

147,030

162,095

 

342,144

397,248

Creditors: Amounts falling due within one year

(160,850)

(202,948)

Net current assets

 

181,294

194,300

Total assets less current liabilities

 

421,483

365,261

Creditors: Amounts falling due after more than one year

(130,141)

(129,168)

Provisions for liabilities

(38,778)

(25,237)

Net assets

 

252,564

210,856

Capital and reserves

 

Called up share capital

100

100

Retained earnings

252,464

210,756

Shareholders' funds

 

252,564

210,856

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
G Franklin
Director

 

Spitfire Engineering Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% net book value

Motor vehicles

20% net book value

Buildings

5% straight line

Office equipment

Over 3 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Spitfire Engineering Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Financial instruments

The company is party to only the basic financial instruments such as cash, trade debtors and creditors and loans. Instruments such as trade debtors and trade creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 7).

 

Spitfire Engineering Services Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

3

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 December 2022

40,861

4,034

74,623

114,855

Revaluations

-

-

(56,500)

-

Additions

-

3,383

99,237

44,298

At 30 November 2023

40,861

7,417

117,360

159,153

Depreciation

At 1 December 2022

2,724

1,615

10,304

48,769

Charge for the year

2,043

1,838

17,382

13,989

Eliminated on disposal

-

-

(14,062)

-

At 30 November 2023

4,767

3,453

13,624

62,758

Carrying amount

At 30 November 2023

36,094

3,964

103,736

96,395

At 30 November 2022

38,137

2,419

64,319

66,086

Total
£

Cost or valuation

At 1 December 2022

234,373

Revaluations

(56,500)

Additions

146,918

At 30 November 2023

324,791

Depreciation

At 1 December 2022

63,412

Charge for the year

35,252

Eliminated on disposal

(14,062)

At 30 November 2023

84,602

Carrying amount

At 30 November 2023

240,189

At 30 November 2022

170,961