10 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 15,942 875 16,817 11,191 2,701 13,892 2,925 4,751 xbrli:pure xbrli:shares iso4217:GBP 08629571 2023-01-01 2023-12-31 08629571 2023-12-31 08629571 2022-12-31 08629571 2022-01-01 2022-12-31 08629571 2022-12-31 08629571 2021-12-31 08629571 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08629571 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 08629571 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 08629571 bus:Director1 2023-01-01 2023-12-31 08629571 core:WithinOneYear 2023-12-31 08629571 core:WithinOneYear 2022-12-31 08629571 core:AfterOneYear 2023-12-31 08629571 core:AfterOneYear 2022-12-31 08629571 core:ShareCapital 2023-12-31 08629571 core:ShareCapital 2022-12-31 08629571 core:CapitalRedemptionReserve 2023-12-31 08629571 core:CapitalRedemptionReserve 2022-12-31 08629571 core:RetainedEarningsAccumulatedLosses 2023-12-31 08629571 core:RetainedEarningsAccumulatedLosses 2022-12-31 08629571 core:BetweenOneFiveYears 2023-12-31 08629571 core:BetweenOneFiveYears 2022-12-31 08629571 bus:SmallEntities 2023-01-01 2023-12-31 08629571 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08629571 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08629571 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08629571 bus:FullAccounts 2023-01-01 2023-12-31 08629571 bus:OrdinaryShareClass1 2023-12-31 08629571 bus:OrdinaryShareClass1 2022-12-31 08629571 bus:OrdinaryShareClass2 2023-12-31 08629571 bus:OrdinaryShareClass2 2022-12-31 08629571 bus:OrdinaryShareClass3 2023-12-31 08629571 bus:OrdinaryShareClass3 2022-12-31 08629571 bus:AllOrdinaryShares 2023-12-31 08629571 bus:AllOrdinaryShares 2022-12-31 08629571 core:OfficeEquipment 2023-01-01 2023-12-31 08629571 core:OfficeEquipment 2022-12-31 08629571 core:OfficeEquipment 2023-12-31 08629571 core:AfterOneYear 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 08629571
Spurlite Limited
Filleted Unaudited Financial Statements
31 December 2023
Spurlite Limited
Financial Statements
Year ended 31st December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Spurlite Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,925
4,751
Current assets
Stocks
176,791
138,053
Debtors
6
471,370
634,026
Cash at bank and in hand
141,783
19,341
----------
----------
789,944
791,420
Creditors: amounts falling due within one year
7
642,623
615,517
----------
----------
Net current assets
147,321
175,903
----------
----------
Total assets less current liabilities
150,246
180,654
Creditors: amounts falling due after more than one year
8
63,325
103,337
Provisions
Taxation including deferred tax
731
789
----------
----------
Net assets
86,190
76,528
----------
----------
Capital and reserves
Called up share capital
9
120
120
Capital redemption reserve
108
108
Profit and loss account
85,962
76,300
--------
--------
Shareholders funds
86,190
76,528
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Spurlite Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
Mr N Spurling
Director
Company registration number: 08629571
Spurlite Limited
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, 6 Portman Road, Reading, Berkshire, RG30 1EA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1st January 2023
15,942
15,942
Additions
875
875
--------
--------
At 31st December 2023
16,817
16,817
--------
--------
Depreciation
At 1st January 2023
11,191
11,191
Charge for the year
2,701
2,701
--------
--------
At 31st December 2023
13,892
13,892
--------
--------
Carrying amount
At 31st December 2023
2,925
2,925
--------
--------
At 31st December 2022
4,751
4,751
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
331,252
554,690
Factoring account
119,103
54,489
Other debtors
21,015
24,847
----------
----------
471,370
634,026
----------
----------
Trade debtors includes £220,591 (2022 - £424,411) which is subject to invoice financing. The factoring account of £119,103 debtor (2022 debtor of £54,489) relates to invoice financing secured by a fixed and floating charge over all the assets of the company in favour of Calverton Finance Limited.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
40,008
39,996
Trade creditors
438,681
427,934
Accruals and deferred income
62,128
27,000
Corporation tax
24
Social security and other taxes
101,806
107,277
Other creditors
13,286
----------
----------
642,623
615,517
----------
----------
The bank loans and overdrafts amount relate to a Bounce Back loan which is secured by a government guarantee.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
63,325
103,337
--------
----------
The bank loans and overdrafts amount relates to a Bounce Back loan which is secured by a government guarantee.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
100
100
100
100
Ordinary B shares of £ 1 each
19
19
19
19
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
120
120
120
120
----
----
----
----
The ordinary A shares have full voting rights, full dividend rights and a right to participate in a distribution on the winding up of the company. The ordinary B and C shares have entitlement only to dividend payments or any other distributions of the company.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
14,158
24,343
Later than 1 year and not later than 5 years
5,653
22,742
--------
--------
19,811
47,085
--------
--------