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Registered number: 07131171










SPEAR TECHNOLOGY LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 31 August 2023

 
SPEAR TECHNOLOGY LIMITED
 

Company Information


Directors
S Pearson 
A T Perry (resigned 19 August 2024)




Registered number
07131171



Registered office
Retford Enterprise
Randall Way

Retford

DN22 7GR





 
SPEAR TECHNOLOGY LIMITED
Registered number: 07131171

Balance sheet
As at 31 August 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
414,000
437,000

Investments
 5 
280
280

  
414,280
437,280

Current assets
  

Debtors
 6 
26,000
1,408

Cash at bank and in hand
  
3,836
12,801

  
29,836
14,209

Creditors: amounts falling due within one year
 7 
(395,676)
(370,307)

Net current liabilities
  
 
 
(365,840)
 
 
(356,098)

Total assets less current liabilities
  
48,440
81,182

Creditors: amounts falling due after more than one year
 8 
(17,501)
(25,121)

Net assets
  
30,939
56,061


Capital and reserves
  

Called up share capital 
 9 
380
380

Profit and loss account
  
30,559
55,681

  
30,939
56,061


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2024.

S Pearson
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SPEAR TECHNOLOGY LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2023

1.


General information

Spear Technology Limited is a private company limited by shares incorporated in England within the United Kingdom.  The registred office address is given on the Company Information page of these financial statements.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

 
SPEAR TECHNOLOGY LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other 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.

 
2.13

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.

Page 3

 
SPEAR TECHNOLOGY LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).


4.


Intangible assets




Other intangible fixed assets

£



Cost


At 1 September 2022
575,000



At 31 August 2023

575,000



Amortisation


At 1 September 2022
138,000


Charge for the year on owned assets
23,000



At 31 August 2023

161,000



Net book value



At 31 August 2023
414,000



At 31 August 2022
437,000




5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
280



At 31 August 2023
280




Page 4

 
SPEAR TECHNOLOGY LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
3,800
-

Other debtors
22,200
1,408

26,000
1,408



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
11,000

Amounts owed to group undertakings
380,100
366,700

Taxation and social security
3,821
(9,153)

Other creditors
1,030
1,036

Accruals and deferred income
725
724

395,676
370,307



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,501
25,121

17,501
25,121



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



190 (2022 -190) A Ordinary shares of £1.00 each
190
190
190 (2022 -190) B Ordinary shares of £1.00 each
190
190

380

380


Page 5

 
SPEAR TECHNOLOGY LIMITED
 

 
Notes to the financial statements
For the year ended 31 August 2023

10.


Controlling party

The holding company, which is the ultimate parent company, is Spear Technology Holdings Limited, a company registered in
England and Wales whose registered office is 70 Clarkehouse Road, Sheffield S10 2LJ.
The company is controlled by Stuart Pearson as a result of his controlling interest in the holding company.


Page 6