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Registered number: 11866314
Spectroform Engineering Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11866314
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 25,000 30,000
Tangible Assets 5 372,959 276,605
Investments 6 10,000 10,000
407,959 316,605
CURRENT ASSETS
Stocks 7 172,200 118,250
Debtors 8 292,927 576,508
Cash at bank and in hand 62,386 13,135
527,513 707,893
Creditors: Amounts Falling Due Within One Year 9 (436,851 ) (557,419 )
NET CURRENT ASSETS (LIABILITIES) 90,662 150,474
TOTAL ASSETS LESS CURRENT LIABILITIES 498,621 467,079
Creditors: Amounts Falling Due After More Than One Year 10 (182,609 ) (175,347 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (70,862 ) (52,555 )
NET ASSETS 245,150 239,177
CAPITAL AND RESERVES
Called up share capital 12 1 1
Profit and Loss Account 245,149 239,176
SHAREHOLDERS' FUNDS 245,150 239,177
Page 1
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr T Sharpe-Reynolds
Director
29 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Spectroform Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11866314 . The registered office is 550 Valley Road, Nottingham, NG5 1JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 28 (2023: 28)
28 28
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 50,000
As at 31 March 2024 50,000
Amortisation
As at 1 April 2023 20,000
Provided during the period 5,000
As at 31 March 2024 25,000
Net Book Value
As at 31 March 2024 25,000
As at 1 April 2023 30,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 254,361 104,527 13,929 372,817
Additions 77,630 110,139 6,050 193,819
Disposals - (36,287 ) - (36,287 )
As at 31 March 2024 331,991 178,379 19,979 530,349
Depreciation
As at 1 April 2023 55,359 35,186 5,667 96,212
Provided during the period 27,663 37,514 2,862 68,039
Disposals - (6,861 ) - (6,861 )
As at 31 March 2024 83,022 65,839 8,529 157,390
Net Book Value
As at 31 March 2024 248,969 112,540 11,450 372,959
As at 1 April 2023 199,002 69,341 8,262 276,605
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6. Investments
Other
£
Cost
As at 1 April 2023 10,000
Additions -
As at 31 March 2024 10,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 10,000
As at 1 April 2023 10,000
7. Stocks
2024 2023
£ £
Work in progress 172,200 118,250
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 254,965 571,841
Other debtors 18,000 4,667
Director's loan account 19,962 -
292,927 576,508
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 90,380 60,809
Trade creditors 179,656 202,243
Bank loans and overdrafts 47,500 47,500
Corporation tax 3,149 21,042
Other taxes and social security 17,893 62,091
VAT 47,609 89,002
Accruals and deferred income 50,664 72,542
Director's loan account - 2,190
436,851 557,419
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10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 140,734 85,972
Bank loans 41,875 89,375
182,609 175,347
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 90,380 60,809
Less: Finance charges allocated to future periods (140,734 ) (85,972 )
231,114 146,781
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
13. Related Party Transactions
At the balance sheet date, the director owed the company £19,962 (2023:£2,190 owed to the director). The directors loan account is unsecured, interest free and repaid within 9 months of the year end date.
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