Company registration number 02103894 (England and Wales)
S P FILLING SYSTEMS LIMITED
Unaudited Financial Statements
for the Year Ended 30 April 2024
S P FILLING SYSTEMS LIMITED
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
S P FILLING SYSTEMS LIMITED
Company Information
- 1 -
Directors
Mr C M Jones
Mr R H Simmons
Company number
02103894
Registered office
Unit 28
Ddole Industrial Estate
Llandrindod Wells
Powys
LD1 6DF
Accountants
RCH Accountants Limited
Wellfield House
Temple Street
Llandrindod Wells
Powys
LD1 5HG
S P FILLING SYSTEMS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
168,229
169,158
Current assets
Stocks
439,166
122,810
Debtors
5
285,545
250,353
Cash at bank and in hand
35,232
321,520
759,943
694,683
Creditors: amounts falling due within one year
6
(248,377)
(141,895)
Net current assets
511,566
552,788
Total assets less current liabilities
679,795
721,946
Provisions for liabilities
(1,541)
(16,653)
Net assets
678,254
705,293
Capital and reserves
Called up share capital
6,000
6,000
Capital redemption reserve
2,000
2,000
Profit and loss reserves
670,254
697,293
Total equity
678,254
705,293
The notes on pages 4 to 8 form part of these financial statements.
S P FILLING SYSTEMS LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
Mr C M Jones
Mr R H Simmons
Director
Director
Company registration number 02103894 (England and Wales)
S P FILLING SYSTEMS LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
S P Filling Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 28, Ddole Industrial Estate, Llandrindod Wells, Powys, LD1 6DF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
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 Turnover when:
The amount of Turnover 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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
S P FILLING SYSTEMS LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
1
Accounting policies
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
S P FILLING SYSTEMS LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
1
Accounting policies
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
S P FILLING SYSTEMS LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2023
176,570
90,800
90,770
358,140
Additions
9,042
9,042
At 30 April 2024
176,570
90,800
99,812
367,182
Depreciation and impairment
At 1 May 2023
36,780
78,110
74,092
188,982
Depreciation charged in the year
3,171
2,537
4,263
9,971
At 30 April 2024
39,951
80,647
78,355
198,953
Carrying amount
At 30 April 2024
136,619
10,153
21,457
168,229
At 30 April 2023
139,790
12,690
16,678
169,158
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
245,980
242,734
Other debtors
34,352
Prepayments and accrued income
5,213
7,619
285,545
250,353
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
175,518
22,075
Corporation tax
2,079
Other taxation and social security
7,523
48,920
Other creditors
115
115
Accruals and deferred income
65,221
68,706
248,377
141,895
S P FILLING SYSTEMS LIMITED
Notes to the Financial Statements
For the Year Ended 30 April 2024
- 8 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
7,864
771