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REGISTERED NUMBER: 04936438 (England and Wales)


















Exec Spec Limited

Unaudited Financial Statements

for the Year Ended 30th November 2023






Exec Spec Limited (Registered number: 04936438)






Contents of the Financial Statements
for the Year Ended 30th November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Exec Spec Limited

Company Information
for the Year Ended 30th November 2023







DIRECTORS: A K Sharma
A Sharma





REGISTERED OFFICE: Unit 4
Langham Park
Lows Lane
Stanton By Dale
Ilkeston
DE7 4RJ





REGISTERED NUMBER: 04936438 (England and Wales)





ACCOUNTANTS: Brooks Mayfield Limited
Chartered Accountants
12 Bridgford Road
West Bridgford
Nottinghamshire
NG2 6AB

Exec Spec Limited (Registered number: 04936438)

Statement of Financial Position
30th November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 11,642 8,944

CURRENT ASSETS
Stocks 28,000 28,000
Debtors 6 27,691 24,513
Cash at bank and in hand 74,122 78,828
129,813 131,341
CREDITORS
Amounts falling due within one year 7 (95,224 ) (84,294 )
NET CURRENT ASSETS 34,589 47,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

46,231

55,991

CREDITORS
Amounts falling due after more than one
year

8

(31,790

)

(36,712

)

PROVISIONS FOR LIABILITIES (2,728 ) (1,529 )
NET ASSETS 11,713 17,750

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 11,693 17,730
SHAREHOLDERS' FUNDS 11,713 17,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Exec Spec Limited (Registered number: 04936438)

Statement of Financial Position - continued
30th November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th August 2024 and were signed on its behalf by:




A K Sharma - Director



A Sharma - Director


Exec Spec Limited (Registered number: 04936438)

Notes to the Financial Statements
for the Year Ended 30th November 2023

1. STATUTORY INFORMATION

Exec Spec Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax and is derived from the fitting of specialised vehicle parts and accessories.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Exec Spec Limited (Registered number: 04936438)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st December 2022 20,183 12,906 11,461 44,550
Additions 5,453 - 398 5,851
At 30th November 2023 25,636 12,906 11,859 50,401
DEPRECIATION
At 1st December 2022 14,984 12,302 8,320 35,606
Charge for year 1,597 151 1,405 3,153
At 30th November 2023 16,581 12,453 9,725 38,759
NET BOOK VALUE
At 30th November 2023 9,055 453 2,134 11,642
At 30th November 2022 5,199 604 3,141 8,944

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,467 2,317
Other debtors 26,224 22,196
27,691 24,513

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 14,725 5,000
Trade creditors 29,368 18,270
Taxation and social security 17,673 20,793
Other creditors 33,458 40,231
95,224 84,294

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 31,790 36,712

Exec Spec Limited (Registered number: 04936438)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 11,790 16,712

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   

On 14 May 2018, Nat West Bank PLC registered a fixed and floating charge over the assets of the company.