Spa Plastics Limited 02688174 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the distribution of plastic piping and fittings Digita Accounts Production Advanced 6.30.9574.0 true true 02688174 2023-01-01 2023-12-31 02688174 2023-12-31 02688174 bus:OrdinaryShareClass1 2023-12-31 02688174 core:RetainedEarningsAccumulatedLosses 2023-12-31 02688174 core:ShareCapital 2023-12-31 02688174 core:CurrentFinancialInstruments 2023-12-31 02688174 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02688174 core:Non-currentFinancialInstruments 2023-12-31 02688174 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02688174 core:MotorVehicles 2023-12-31 02688174 core:OtherPropertyPlantEquipment 2023-12-31 02688174 bus:SmallEntities 2023-01-01 2023-12-31 02688174 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02688174 bus:FilletedAccounts 2023-01-01 2023-12-31 02688174 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02688174 bus:RegisteredOffice 2023-01-01 2023-12-31 02688174 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 02688174 bus:Director1 2023-01-01 2023-12-31 02688174 bus:Director3 2023-01-01 2023-12-31 02688174 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02688174 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02688174 core:MotorVehicles 2023-01-01 2023-12-31 02688174 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02688174 core:VehiclesPlantMachinery 2023-01-01 2023-12-31 02688174 core:AllAssociates 2023-01-01 2023-12-31 02688174 countries:EnglandWales 2023-01-01 2023-12-31 02688174 2022-12-31 02688174 core:MotorVehicles 2022-12-31 02688174 core:OtherPropertyPlantEquipment 2022-12-31 02688174 2022-01-01 2022-12-31 02688174 2022-12-31 02688174 bus:OrdinaryShareClass1 2022-12-31 02688174 core:RetainedEarningsAccumulatedLosses 2022-12-31 02688174 core:ShareCapital 2022-12-31 02688174 core:CurrentFinancialInstruments 2022-12-31 02688174 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02688174 core:Non-currentFinancialInstruments 2022-12-31 02688174 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 02688174 core:MotorVehicles 2022-12-31 02688174 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02688174

Spa Plastics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Spa Plastics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Spa Plastics Limited

Company Information

Directors

N H Lissaman

K J New

D Turrall

Company secretary

D Turrall

Registered office

Unit 3 Herald Business Park
Golden Acres Lane
Coventry
Warwickshire
CV3 2SY

Accountants

Jacobs Allen Limited
Chartered Accountants and Chartered Tax Advisers
59 Abbeygate Street
Bury St. Edmunds
Suffolk
IP33 1LB

 

Spa Plastics Limited

(Registration number: 02688174)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

76,378

19,375

Current assets

 

Stocks

50,586

74,205

Debtors

5

218,018

199,897

Cash at bank and in hand

 

521,503

536,858

 

790,107

810,960

Creditors: Amounts falling due within one year

6

(369,106)

(415,225)

Net current assets

 

421,001

395,735

Total assets less current liabilities

 

497,379

415,110

Creditors: Amounts falling due after more than one year

6

(19,167)

(29,167)

Provisions for liabilities

(14,836)

(1,961)

Net assets

 

463,376

383,982

Capital and reserves

 

Called up share capital

7

60

60

Retained earnings

463,316

383,922

Shareholders' funds

 

463,376

383,982

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

 

Spa Plastics Limited

(Registration number: 02688174)
Balance Sheet as at 31 December 2023

.........................................
D Turrall
Company secretary and director

 

Spa Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Herald Business Park
Golden Acres Lane
Coventry
Warwickshire
CV3 2SY

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 revenue when:
The amount of revenue 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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Spa Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Vehicles, plant and machinery

10% - 33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Spa Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

 

Spa Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

67,065

25,568

92,633

Additions

95,558

1,916

97,474

Disposals

(67,065)

-

(67,065)

At 31 December 2023

95,558

27,484

123,042

Depreciation

At 1 January 2023

56,114

17,144

73,258

Charge for the year

26,856

3,646

30,502

Eliminated on disposal

(57,096)

-

(57,096)

At 31 December 2023

25,874

20,790

46,664

Carrying amount

At 31 December 2023

69,684

6,694

76,378

At 31 December 2022

10,951

8,424

19,375

5

Debtors

2023
£

2022
£

Trade debtors

196,968

165,306

Prepayments

11,127

31,236

Other debtors

9,923

3,355

218,018

199,897

 

Spa Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,996

10,000

Trade creditors

 

245,254

290,489

Taxation and social security

 

56,185

56,458

Accruals and deferred income

 

57,214

56,593

Other creditors

 

457

1,685

 

369,106

415,225

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

19,167

29,167

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

60

60

60

60

       
 

Spa Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,167

29,167

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,996

10,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £49,748 (2022 - £82,873). Financial commitments consist of amounts payable under operating leases for property and certain items of office equipment.

10

Related party transactions

Summary of transactions with associates

At the balance sheet date the company was owed £6,568 by a company with a participating interest and in the previous year owed £1,213. No interest was payable on the amounts and the amounts were payable/receivable on demand.