Caseware UK (AP4) 2023.0.135 2023.0.135 2023-01-01truefalse2falseNo description of principal activityfalse2The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01277835 2023-01-01 2023-12-31 01277835 2022-01-01 2022-12-31 01277835 2023-12-31 01277835 2022-12-31 01277835 c:Director3 2023-01-01 2023-12-31 01277835 d:Buildings 2023-01-01 2023-12-31 01277835 d:Buildings 2023-12-31 01277835 d:Buildings 2022-12-31 01277835 d:CurrentFinancialInstruments 2023-12-31 01277835 d:CurrentFinancialInstruments 2022-12-31 01277835 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01277835 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01277835 d:ShareCapital 2023-12-31 01277835 d:ShareCapital 2022-12-31 01277835 d:RevaluationReserve 2023-01-01 2023-12-31 01277835 d:RevaluationReserve 2023-12-31 01277835 d:RevaluationReserve 2022-12-31 01277835 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01277835 d:RetainedEarningsAccumulatedLosses 2023-12-31 01277835 d:RetainedEarningsAccumulatedLosses 2022-12-31 01277835 c:FRS102 2023-01-01 2023-12-31 01277835 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01277835 c:FullAccounts 2023-01-01 2023-12-31 01277835 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01277835 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01277835










Speedwork Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Speedwork Limited
Registered number: 01277835

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
352,015
352,015

Current assets
  

Debtors: amounts falling due within one year
 5 
29,496
-

Cash at bank and in hand
 6 
50,652
50,612

Creditors: amounts falling due within one year
 7 
(35,683)
(31,764)

Net current assets
  
 
 
44,465
 
 
18,848

  

Net assets
  
396,480
370,863


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Revaluation reserve
 8 
54,297
54,297

Profit and loss account
 8 
242,183
216,566

  
396,480
370,863


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




James Malcolm Theaker
Director

Date: 23 September 2024

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Speedwork Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 14 Park Road, Sittingbourne, Kent ME10 1DR. The principal place of business is 15 Mountfield, Faversham, Kent ME13 8SZ.  The company's principal activity is the renting of property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 2

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

As permitted by the transitional provisions of FRS102 the company has elected not to adopt a policy of revaluation of tangible fixed assets.  The company has opted to retain the book value of land and buildings, previously revalued on 31 December 1994, and will not update that valuation.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 3

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Page 4

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 January 2023
383,186



At 31 December 2023

383,186



Depreciation


At 1 January 2023
31,171



At 31 December 2023

31,171



Net book value



At 31 December 2023
352,015



At 31 December 2022
352,015

Cost or valuation at 31 December 2023 is as follows:

Land and buildings
£


At cost
199,853
At valuation:

Current use basis at 31 December 1994
183,333



383,186

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
199,853
199,853

Accumulated depreciation
(24,761)
(24,761)

Net book value
175,092
175,092



Page 6

 
Speedwork Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

5.


Debtors

2023
2022
£
£


Other debtors
7,416
-

Prepayments and accrued income
22,080
-

29,496
-



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
50,652
50,612



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
8,603
2,536

Other taxation and social security
7,713
12,046

Other creditors
19,367
17,182

35,683
31,764



8.


Reserves

Revaluation reserve

The company has adopted the cost model, but has a historic pre-FRS102 revaluation reserve.
The company's land and buildings were revalued in December 1994 and the company has retained this valuation as the book value.  This reserve records the legacy revaluation surplus.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.


9.


Related party transactions

Remuneration paid to key management personnel amounted to £5,815 (2022 - £24,600).


10.


Controlling party

As at the balance sheet date the company was controlled by The Executors of Mr. G.M.B Theaker who owned 100% of the issued share capital.

Page 7

 
Speedwork Limited
 

Page 8