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REGISTERED NUMBER: 05647771 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Specialist UK Restorations Limited

Specialist UK Restorations Limited (Registered number: 05647771)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Specialist UK Restorations Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M J Knowles
I Baldwin





SECRETARY: M J Knowles





REGISTERED OFFICE: 32 Derby Street
Ormskirk
Lancashire
L39 2BY





REGISTERED NUMBER: 05647771 (England and Wales)





ACCOUNTANTS: Myersons
Chartered Accountants
32 Derby Street
Ormskirk
Lancashire
L39 2BY

Specialist UK Restorations Limited (Registered number: 05647771)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 465,685 170,149

CURRENT ASSETS
Stocks 28,181 203,323
Debtors 5 901,749 837,995
Cash at bank and in hand 1,757,268 702,148
2,687,198 1,743,466
CREDITORS
Amounts falling due within one year 6 815,059 459,733
NET CURRENT ASSETS 1,872,139 1,283,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,337,824

1,453,882

CREDITORS
Amounts falling due after more than one year 7 (204,662 ) (53,679 )

PROVISIONS FOR LIABILITIES 9 (205,091 ) (102,000 )
NET ASSETS 1,928,071 1,298,203

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,927,971 1,298,103
SHAREHOLDERS' FUNDS 1,928,071 1,298,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Specialist UK Restorations Limited (Registered number: 05647771)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

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





M J Knowles - Director


Specialist UK Restorations Limited (Registered number: 05647771)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Specialist UK Restorations 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Specialist UK Restorations Limited (Registered number: 05647771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 9,393 54,323 7,953
Additions - 16,301 705
Disposals - - -
At 31 December 2023 9,393 70,624 8,658
DEPRECIATION
At 1 January 2023 3,012 40,495 5,014
Charge for year 940 3,032 546
Eliminated on disposal - - -
At 31 December 2023 3,952 43,527 5,560
NET BOOK VALUE
At 31 December 2023 5,441 27,097 3,098
At 31 December 2022 6,381 13,828 2,939

Specialist UK Restorations Limited (Registered number: 05647771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 251,517 32,904 356,090
Additions 458,558 5,378 480,942
Disposals (107,916 ) - (107,916 )
At 31 December 2023 602,159 38,282 729,116
DEPRECIATION
At 1 January 2023 112,435 24,985 185,941
Charge for year 140,009 3,272 147,799
Eliminated on disposal (70,309 ) - (70,309 )
At 31 December 2023 182,135 28,257 263,431
NET BOOK VALUE
At 31 December 2023 420,024 10,025 465,685
At 31 December 2022 139,082 7,919 170,149

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 579,401 787,516
Other debtors 350 350
Directors' current accounts 206,796 16,340
Tax 69,794 -
VAT 39,408 27,789
Prepayments 6,000 6,000
901,749 837,995

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 8) 83,762 18,404
Trade creditors 320,599 293,279
Tax 290,516 84,726
Social security and other taxes 38,897 33,939
Other creditors 9,182 1,261
Directors' current accounts - 44
Accrued expenses 72,103 28,080
815,059 459,733

Specialist UK Restorations Limited (Registered number: 05647771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 8) 204,662 53,679

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 83,762 18,404
Between one and five years 204,662 53,679
288,424 72,083

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 50,638 67,594
Between one and five years - 26,637
50,638 94,231

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 45,383 -
Other provisions 159,708 102,000
205,091 102,000

Deferred
tax
£   
Provided during year 45,383
Balance at 31 December 2023 45,383

Other provisions are in respect of Warranties.

Specialist UK Restorations Limited (Registered number: 05647771)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
60 Ordinary A £1 60 60
39 Ordinary B £1 39 39
1 Ordinary C £1 1 1
100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
M J Knowles
Balance outstanding at start of year - -
Amounts advanced 192,956 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 192,956 -

I Baldwin
Balance outstanding at start of year 16,340 18,840
Amounts repaid (2,500 ) (2,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,840 16,340

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Knowles.