Spencewood Interiors Limited 07198122 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Manufacture of other furniture Digita Accounts Production Advanced 6.30.9574.0 true true 07198122 2023-04-01 2024-03-31 07198122 2024-03-31 07198122 core:RetainedEarningsAccumulatedLosses 2024-03-31 07198122 core:ShareCapital 2024-03-31 07198122 core:CurrentFinancialInstruments 2024-03-31 07198122 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07198122 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 07198122 core:FurnitureFittingsToolsEquipment 2024-03-31 07198122 core:MotorVehicles 2024-03-31 07198122 core:OtherPropertyPlantEquipment 2024-03-31 07198122 bus:SmallEntities 2023-04-01 2024-03-31 07198122 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07198122 bus:AbridgedAccounts 2023-04-01 2024-03-31 07198122 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 07198122 bus:RegisteredOffice 2023-04-01 2024-03-31 07198122 bus:CompanySecretary1 2023-04-01 2024-03-31 07198122 bus:Director2 2023-04-01 2024-03-31 07198122 bus:Director3 2023-04-01 2024-03-31 07198122 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07198122 core:FurnitureFittings 2023-04-01 2024-03-31 07198122 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 07198122 core:MotorVehicles 2023-04-01 2024-03-31 07198122 core:OfficeEquipment 2023-04-01 2024-03-31 07198122 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 07198122 core:PlantMachinery 2023-04-01 2024-03-31 07198122 countries:EnglandWales 2023-04-01 2024-03-31 07198122 2023-03-31 07198122 core:FurnitureFittingsToolsEquipment 2023-03-31 07198122 core:MotorVehicles 2023-03-31 07198122 core:OtherPropertyPlantEquipment 2023-03-31 07198122 2022-04-01 2023-03-31 07198122 2023-03-31 07198122 core:RetainedEarningsAccumulatedLosses 2023-03-31 07198122 core:ShareCapital 2023-03-31 07198122 core:CurrentFinancialInstruments 2023-03-31 07198122 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07198122 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07198122 core:FurnitureFittingsToolsEquipment 2023-03-31 07198122 core:MotorVehicles 2023-03-31 07198122 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 07198122

Spencewood Interiors Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Spencewood Interiors Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Spencewood Interiors Limited

Company Information

Directors

G Wooding

S Spencer

Company secretary

Cheyne Walk Registrars Limited

Registered office

10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

Accountants

The Numbersmith Limited
10 Cheyne Walk
Northampton
England
NN1 5PT

 

Spencewood Interiors Limited

(Registration number: 07198122)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

21,099

1,384

Current assets

 

Stocks

6

9,771

9,080

Debtors

142,267

138,498

Cash at bank and in hand

 

211

211

 

152,249

147,789

Creditors: Amounts falling due within one year

(144,168)

(100,188)

Net current assets

 

8,081

47,601

Total assets less current liabilities

 

29,180

48,985

Creditors: Amounts falling due after more than one year

(27,345)

(48,378)

Provisions for liabilities

(236)

(177)

Accruals and deferred income

 

(1,493)

(328)

Net assets

 

106

102

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6

2

Shareholders' funds

 

106

102

For the financial 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.

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 and the option to not file the profit and loss account has been taken.

 

Spencewood Interiors Limited

(Registration number: 07198122)
Abridged Balance Sheet as at 31 March 2024

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
G Wooding
Director

 

Spencewood Interiors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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:
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT
United Kingdom

The principal place of business is:
95 St James Mill Road
Northampton
NN5 5JP

These financial statements were authorised for issue by the Board on 1 October 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 abridged 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 abridged 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.

 

Spencewood Interiors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

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.

Tax

The tax expense for the period comprises current 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.

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.

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

Plant and machinery

25% on cost

Motor vehciles

25% on cost

Furniture & fittings

25% on cost

 

Spencewood Interiors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Office equipment

25% on cost

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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

 

Spencewood Interiors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 shorter of the useful life of the asset and the lease term. 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Spencewood Interiors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

 

Spencewood Interiors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Depreciation expense

5,806

4,936

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

16,311

28,395

27,859

72,565

Additions

-

25,521

-

25,521

At 31 March 2024

16,311

53,916

27,859

98,086

Depreciation

At 1 April 2023

15,677

27,645

27,859

71,181

Charge for the year

271

5,535

-

5,806

At 31 March 2024

15,948

33,180

27,859

76,987

Carrying amount

At 31 March 2024

363

20,736

-

21,099

At 31 March 2023

634

750

-

1,384

6

Stocks

2024
£

2023
£

Other inventories

9,771

9,080