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REGISTERED NUMBER: 00500155 (England and Wales)



































Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Spencer Manufacturing Limited

Spencer Manufacturing Limited (Registered number: 00500155)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Spencer Manufacturing Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D G Hawkins





REGISTERED OFFICE: Ludlow Business Park
Sheet Road
Ludlow
Shropshire
SY8 1XF





REGISTERED NUMBER: 00500155 (England and Wales)





ACCOUNTANTS: Thorne Widgery Accountancy Ltd
Chartered Accountants
2 Wyevale Business Park
Kings Acre
Hereford
Herefordshire
HR4 7BS

Spencer Manufacturing Limited (Registered number: 00500155)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 847,112 888,148

CURRENT ASSETS
Stocks 618,471 579,007
Debtors 616,180 823,708
Cash in hand 146,346 46,130
1,380,997 1,448,845
CREDITORS
Amounts falling due within one year (941,545 ) (914,067 )
NET CURRENT ASSETS 439,452 534,778
TOTAL ASSETS LESS CURRENT LIABILITIES 1,286,564 1,422,926

CREDITORS
Amounts falling due after more than one
year

(143,910

)

(293,578

)

PROVISIONS FOR LIABILITIES (101,170 ) (107,379 )
NET ASSETS 1,041,484 1,021,969

CAPITAL AND RESERVES
Called up share capital 7 2,568 2,568
Revaluation reserve 8 103,893 103,893
Retained earnings 935,023 915,508
SHAREHOLDERS' FUNDS 1,041,484 1,021,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Spencer Manufacturing Limited (Registered number: 00500155)

Abridged Balance Sheet - continued
31 December 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 July 2024 and were signed by:





D G Hawkins - Director


Spencer Manufacturing Limited (Registered number: 00500155)

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

1. STATUTORY INFORMATION

Spencer Manufacturing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - at variable rates on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Spencer Manufacturing Limited (Registered number: 00500155)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 49 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 January 2023 1,335,522
Additions 14,791
Disposals (5,000 )
At 31 December 2023 1,345,313
DEPRECIATION
At 1 January 2023 447,374
Charge for year 53,004
Eliminated on disposal (2,177 )
At 31 December 2023 498,201
NET BOOK VALUE
At 31 December 2023 847,112
At 31 December 2022 888,148

Cost or valuation at 31 December 2023 is represented by:

Totals
£   
Valuation in 1999 158,901
Valuation in 2003 16,937
Valuation in 2008 75,336
Valuation in 2014 90,950
Cost 1,003,189
1,345,313

Spencer Manufacturing Limited (Registered number: 00500155)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 837,349
DEPRECIATION
At 1 January 2023 189,547
Charge for year 32,390
At 31 December 2023 221,937
NET BOOK VALUE
At 31 December 2023 615,412
At 31 December 2022 647,802

5. LOANS

A guarantee from the UK Government to Bank of Scotland Plc has been provided for the bank loan under the CBIL scheme. The loan attracts 2.33% plus base rate interest and is due to be repaid by June 2027.

The company has obtained Coronavirus Business Interruption Loan Scheme. The loan attracts 10.2% plus base rate interest and is due to be repaid by January 2026.

6. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 85,910 186,383
Invoice financing 223,189 171,583
309,099 357,966

Liabilities under hire purchase are secured by the assets they relate to. Liabilities under invoice financing are secured by the invoices that they relate to.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2,568 Ordinary shares 1 2,568 2,568

8. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 103,893

Spencer Manufacturing Limited (Registered number: 00500155)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 152,250 152,250

10. RELATED PARTY DISCLOSURES

During the year rent of £126,447 (2022: £127,500) was charged to Spencer Manufacturing Ltd by D & D Commercial Property Ltd, a company in which Mr D G Hawkins is both a shareholder and a director.

11. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking is Spencer Manufacturing Holdings Limited.

D G Hawkins, a director, is the ultimate controlling party, owning the majority of the issued share capital of Spencer Manufacturing Holdings Limited.