Company registration number 01661845 (England and Wales)
W S K (SPALDING) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
W S K (SPALDING) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
W S K (SPALDING) LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
34,973
51,137
Investments
5
500
500
35,473
51,637
Current assets
Stocks
687,703
715,232
Debtors
6
989,623
954,631
Cash at bank and in hand
509,527
308,583
2,186,853
1,978,446
Creditors: amounts falling due within one year
7
(613,401)
(499,359)
Net current assets
1,573,452
1,479,087
Total assets less current liabilities
1,608,925
1,530,724
Creditors: amounts falling due after more than one year
8
(24,064)
(43,951)
Provisions for liabilities
(8,743)
(8,962)
Net assets
1,576,118
1,477,811
Capital and reserves
Called up share capital
9
240
240
Profit and loss reserves
1,575,878
1,477,571
Total equity
1,576,118
1,477,811

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

W S K (SPALDING) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
M Sturnham
Director
Company registration number 01661845 (England and Wales)
W S K (SPALDING) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

W S K (Spalding) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 36 Tyndall Court, Commerce Road, Lynch Wood, Peterborough, PE2 6LR.

 

The place of business is Enterprise Way, Pinchbeck, Spalding, Lincolnshire, PE11 3YR.    

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to leasehold
20% on cost
Plant and machinery
20% per annum of cost
Fixtures, fittings & equipment
20% per annum of cost
Computer equipment
20% per annum of cost
Motor vehicles
25% per annum on written down value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Fixed asset investments are stated at cost.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

W S K (SPALDING) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and net realisable value.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, amounts held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets and liabilities

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
Equity instruments

Equity instruments being the share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits
The company operates a group personal pension scheme. Contributions are charged to the profit and loss account as they become payable, in accordance with the rules of the scheme.

The company also operates a self-administered pension fund for the benefit of certain directors. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
W S K (SPALDING) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was as follows:

2023
2022
Number
Number
Total
11
12
W S K (SPALDING) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
25,210
156,709
181,919
Depreciation and impairment
At 1 January 2023
21,239
109,543
130,782
Depreciation charged in the year
3,971
12,193
16,164
At 31 December 2023
25,210
121,736
146,946
Carrying amount
At 31 December 2023
-
0
34,973
34,973
At 31 December 2022
3,971
47,166
51,137
5
Fixed asset investments
2023
2022
£
£
Investments
500
500

The investments are measured at cost rather than fair value as there is currently no reliable measure of market value.

Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023
500
At 31 December 2023
500
Carrying amount
At 31 December 2023
500
At 31 December 2022
500
W S K (SPALDING) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
696,939
683,327
Other debtors
292,684
271,304
989,623
954,631
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases
9,888
9,888
Trade creditors
272,768
251,087
Corporation tax
37,630
27,237
Other taxation and social security
50,045
21,494
Other creditors
64,340
39,796
Accruals and deferred income
168,730
139,857
613,401
499,359
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,000
25,000
Obligations under finance leases
9,064
18,951
24,064
43,951

Liabilities in respect of obligations under finance leases are secured on the asset under finance.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
240
240
240
240
10
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited guarantee in respect of the bank overdraft of three related companies, Woodhouse & Sturnham Limited, Woodhouse & Sturnham (St Neots) Limited and Woodhouse & Sturnham (Stamford) Limited.

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