S.P.M. Instrument U.K. Limited 1076918 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is The principal activity of the company continued to be the marketing and selling of electronic monitoring instruments manufactured in Sweden by SPM Instrument AB. Digita Accounts Production Advanced 6.30.9574.0 true true true true 1076918 2023-01-01 2023-12-31 1076918 2023-12-31 1076918 core:CurrentFinancialInstruments 2023-12-31 1076918 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 1076918 core:FurnitureFittings 2023-12-31 1076918 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 1076918 core:OfficeEquipment 2023-12-31 1076918 core:OtherPropertyPlantEquipment 2023-12-31 1076918 bus:SmallEntities 2023-01-01 2023-12-31 1076918 bus:Audited 2023-01-01 2023-12-31 1076918 bus:FilletedAccounts 2023-01-01 2023-12-31 1076918 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 1076918 bus:RegisteredOffice 2023-01-01 2023-12-31 1076918 bus:Director6 2023-01-01 2023-12-31 1076918 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 1076918 core:ComputerEquipment 2023-01-01 2023-12-31 1076918 core:FurnitureFittings 2023-01-01 2023-12-31 1076918 core:LandBuildings 2023-01-01 2023-12-31 1076918 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 1076918 core:OfficeEquipment 2023-01-01 2023-12-31 1076918 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 1076918 core:PlantMachinery 2023-01-01 2023-12-31 1076918 1 2023-01-01 2023-12-31 1076918 countries:EnglandWales 2023-01-01 2023-12-31 1076918 2022-12-31 1076918 core:FurnitureFittings 2022-12-31 1076918 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 1076918 core:OfficeEquipment 2022-12-31 1076918 core:OtherPropertyPlantEquipment 2022-12-31 1076918 2022-01-01 2022-12-31 1076918 2022-12-31 1076918 core:CurrentFinancialInstruments 2022-12-31 1076918 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 1076918 core:FurnitureFittings 2022-12-31 1076918 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 1076918 core:OfficeEquipment 2022-12-31 1076918 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 1076918

S.P.M. Instrument U.K. Limited
Annual Report and
Financial Statements

31 December 2023

 

S.P.M. Instrument U.K. Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

S.P.M. Instrument U.K. Limited

Balance Sheet
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

134,963

16,741

Current assets

 

Stocks

5

107,478

80,277

Debtors

6

474,973

838,809

Cash at bank and in hand

 

549,900

552,425

 

1,132,351

1,471,511

Creditors: Amounts falling due within one year

7

(583,438)

(729,737)

Net current assets

 

548,913

741,774

Net assets

 

683,876

758,515

Capital and reserves

 

Called up share capital

22,000

22,000

Share premium reserve

5,000

5,000

Retained earnings

656,876

731,515

Shareholders' funds

 

683,876

758,515

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 February 2024 and signed on its behalf by:
 

.........................................
Mr P J Owen
Director

Company Registration Number: 1076918

 

S.P.M. Instrument U.K. Limited

Notes to the Financial Statements
Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7 Rising Bridge Business & Enterprise Village
Blackburn Road
Rising Bridge
Accrington
Lancashire
BB5 2AL

2

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 February 2024 was Peter Nicol BSc FCA , who signed for and on behalf of Horsfield & Smith.

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.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

S.P.M. Instrument U.K. Limited

Notes to the Financial Statements
Year Ended 31 December 2023

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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

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

Demonstration Equipment

33% Straight Line

Fixtures and Fittings

25% Reducing Balance

Computer Equipment

25% Straight Line

Land and Buildings

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

S.P.M. Instrument U.K. Limited

Notes to the Financial Statements
Year Ended 31 December 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

S.P.M. Instrument U.K. Limited

Notes to the Financial Statements
Year Ended 31 December 2023

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.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 12 (2022 - 12).

 

S.P.M. Instrument U.K. Limited

Notes to the Financial Statements
Year Ended 31 December 2023

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

-

44,012

128,502

299,085

471,599

Additions

97,419

25,468

4,403

10,454

137,744

Disposals

-

(32,450)

(74,207)

(185,481)

(292,138)

At 31 December 2023

97,419

37,030

58,698

124,058

317,205

Depreciation

At 1 January 2023

-

42,277

120,300

292,283

454,860

Charge for the year

7,284

2,555

3,840

5,724

19,403

Eliminated on disposal

-

(32,347)

(74,192)

(185,482)

(292,021)

At 31 December 2023

7,284

12,485

49,948

112,525

182,242

Carrying amount

At 31 December 2023

90,135

24,545

8,750

11,533

134,963

At 31 December 2022

-

1,737

8,202

6,802

16,741

Included within the net book value of land and buildings above is £90,135 (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

S.P.M. Instrument U.K. Limited

Notes to the Financial Statements
Year Ended 31 December 2023

5

Stocks

2023
£

2022
£

Merchandise

107,478

80,277

6

Debtors

Current

2023
£

2022
£

Trade debtors

451,144

812,985

Prepayments

21,843

24,178

Other debtors

1,986

1,646

 

474,973

838,809

 

S.P.M. Instrument U.K. Limited

Notes to the Financial Statements
Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

83,988

131,107

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

8

94,992

135,497

Taxation and social security

 

98,423

165,221

Accruals and deferred income

 

300,810

291,586

Other creditors

 

5,225

6,326

 

583,438

729,737

8

Related party transactions

Directors' remuneration

The directors are remunerated by the company. The directors consider that their remuneration meets the criteria of being under normal market conditions.

9

Parent and ultimate parent undertaking

The company is controlled by its parent undertaking SPM International AB, a company incorporated in Sweden, by virtue of its majority interest in the equity share capital of the company.

Consolidated accounts are prepared and are available from Box 504, 645 25 Strangnas, Sweden.