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SPEC Developments (Essex) Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2022
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House, 103-105 Leigh Road
Leigh-On-Sea
SS9 1JL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12927494
2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 721 1,140
721 1,140
CURRENT ASSETS
Debtors 5 40,713 27,168
Cash at bank and in hand 4,010 2,265
44,723 29,433
Creditors: Amounts Falling Due Within One Year 6 (124,943 ) (166,408 )
NET CURRENT ASSETS (LIABILITIES) (80,220 ) (136,975 )
TOTAL ASSETS LESS CURRENT LIABILITIES (79,499 ) (135,835 )
NET LIABILITIES (79,499 ) (135,835 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (79,599 ) (135,935 )
SHAREHOLDERS' FUNDS (79,499) (135,835)
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For the year ending 31 October 2022 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
E Sands
Director
E J Collis
Director
28/08/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
SPEC Developments (Essex) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12927494 . The registered office is Charter House, 103-105 London Road, Leigh-on-Sea, Essex, SS9 1JL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The accounts have been drawn up on a going concern basis. At the year end the directors were owed £110,880 (2021 £142,551) by the company. They have agreed to continue to support the company for at least one year from the balance sheet date.
If the going conceern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 33% on cost
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2021: 3)
2 3
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4. Tangible Assets
Computer Equipment
£
Cost
As at 1 November 2021 1,255
As at 31 October 2022 1,255
Depreciation
As at 1 November 2021 115
Provided during the period 419
As at 31 October 2022 534
Net Book Value
As at 31 October 2022 721
As at 1 November 2021 1,140
5. Debtors
2022 2021
£ £
Due within one year
Other debtors 40,713 27,168
6. Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Trade creditors 11,285 22,057
Accrued expenses 2,778 1,800
Directors' loan accounts 110,880 142,551
124,943 166,408
7. Share Capital
2022 2021
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
During the year the company purchased materials from Rowan Property Solutions Ltd for £6,993 (2021 £50,950). A director of SPEC Development (Essex) Ltd is also a director of Rowan Property Solutions Ltd.
9. Ultimate Controlling Party
The company is controlled by the directors.
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