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Company No: 02984345 (England and Wales)

SPLINE GAUGES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SPLINE GAUGES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SPLINE GAUGES LIMITED

BALANCE SHEET

As at 31 December 2023
SPLINE GAUGES LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,073,824 990,754
1,073,824 990,754
Current assets
Stocks 5 339,617 309,626
Debtors 6 739,415 790,596
Cash at bank and in hand 252,819 283,660
1,331,851 1,383,882
Creditors: amounts falling due within one year 7 ( 745,116) ( 894,288)
Net current assets 586,735 489,594
Total assets less current liabilities 1,660,559 1,480,348
Provision for liabilities ( 70,650) ( 40,822)
Net assets 1,589,909 1,439,526
Capital and reserves
Called-up share capital 8 789,626 789,626
Share premium account 172,000 172,000
Profit and loss account 628,283 477,900
Total shareholder's funds 1,589,909 1,439,526

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Spline Gauges Limited (registered number: 02984345) were approved and authorised for issue by the Director on 05 September 2024. They were signed on its behalf by:

Mr E Graham
Director
SPLINE GAUGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SPLINE GAUGES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Spline Gauges Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Spline Gauges Limited, Piccadilly, Tamworth, B78 2ER, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Goodwill

Negative goodwill is similarly included in the Balance Sheet and is credited to the Profit and Loss Account in the periods in which the acquired non-monetary assets are recovered through depreciation or sale. Negative goodwill is an excess of the fair values of the non-monetary assets acquired is credited to the Profit and Loss Account in the years expected to benefit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 - 30 years straight line
Plant and machinery 4 - 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 55 51

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 ( 222,000) ( 222,000)
At 31 December 2023 ( 222,000) ( 222,000)
Accumulated amortisation
At 01 January 2023 ( 222,000) ( 222,000)
At 31 December 2023 ( 222,000) ( 222,000)
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 January 2023 644,437 2,977,946 3,622,383
Additions 33,674 300,254 333,928
At 31 December 2023 678,111 3,278,200 3,956,311
Accumulated depreciation
At 01 January 2023 178,903 2,452,726 2,631,629
Charge for the financial year 12,998 237,860 250,858
At 31 December 2023 191,901 2,690,586 2,882,487
Net book value
At 31 December 2023 486,210 587,614 1,073,824
At 31 December 2022 465,534 525,220 990,754

5. Stocks

2023 2022
£ £
Stocks 112,882 121,680
Work in progress 226,735 187,946
339,617 309,626

No impairment charge has been recognised in the profit and loss account in the year (2022 - £Nil). In the opinion of the director, there is no material difference between the carrying value of the stock and the replacement cost.

6. Debtors

2023 2022
£ £
Trade debtors 403,326 377,651
Amounts owed by related parties 139,634 321,000
Prepayments 62,140 70,174
VAT recoverable 24,539 15,335
Other debtors 109,776 6,436
739,415 790,596

Trade debtors are stated after provisions for impairment of £Nil (2022 - £4,000).

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 286,125 168,864
Amounts owed to Group undertakings 0 136,000
Amounts owed to related parties 40,601 15,000
Accruals 247,491 254,483
Corporation tax 75,604 274,039
Other taxation and social security 66,888 27,169
Other creditors 28,407 18,733
745,116 894,288

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
789,626 Ordinary shares of £ 1.00 each 789,626 789,626

9. Related party transactions

Other related party transactions

At the balance sheet date the company is owed £139,634 (2022 - £321,000) by a related party.

At the balance sheet date the company owes £40,601 (2022 - £15,000) to a related party.