IRIS Accounts Production v24.2.0.383 03494398 director 1.2.23 31.1.24 31.1.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh034943982023-01-31034943982024-01-31034943982023-02-012024-01-31034943982022-01-31034943982022-02-012023-01-31034943982023-01-3103494398ns15:EnglandWales2023-02-012024-01-3103494398ns14:PoundSterling2023-02-012024-01-3103494398ns10:Director12023-02-012024-01-3103494398ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3103494398ns10:SmallEntities2023-02-012024-01-3103494398ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3103494398ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3103494398ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3103494398ns10:FullAccounts2023-02-012024-01-310349439812023-02-012024-01-3103494398ns10:CompanySecretary12023-02-012024-01-3103494398ns10:RegisteredOffice2023-02-012024-01-3103494398ns5:CurrentFinancialInstruments2024-01-3103494398ns5:CurrentFinancialInstruments2023-01-3103494398ns5:Non-currentFinancialInstruments2024-01-3103494398ns5:Non-currentFinancialInstruments2023-01-3103494398ns5:ShareCapital2024-01-3103494398ns5:ShareCapital2023-01-3103494398ns5:RetainedEarningsAccumulatedLosses2024-01-3103494398ns5:RetainedEarningsAccumulatedLosses2023-01-3103494398ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3103494398ns5:PatentsTrademarksLicencesConcessionsSimilar2023-02-012024-01-3103494398ns5:LongLeaseholdAssetsns5:LandBuildings2023-02-012024-01-3103494398ns5:PlantMachinery2023-02-012024-01-3103494398ns5:MotorVehicles2023-02-012024-01-3103494398ns5:ComputerEquipment2023-02-012024-01-3103494398ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-3103494398ns5:PatentsTrademarksLicencesConcessionsSimilar2024-01-3103494398ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-3103494398ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-3103494398ns5:PlantMachinery2023-01-3103494398ns5:MotorVehicles2023-01-3103494398ns5:ComputerEquipment2023-01-3103494398ns5:LongLeaseholdAssetsns5:LandBuildings2024-01-3103494398ns5:PlantMachinery2024-01-3103494398ns5:MotorVehicles2024-01-3103494398ns5:ComputerEquipment2024-01-3103494398ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-3103494398ns5:PlantMachinery2023-01-3103494398ns5:MotorVehicles2023-01-3103494398ns5:ComputerEquipment2023-01-3103494398ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3103494398ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3103494398ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-01-3103494398ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-01-3103494398ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-01-3103494398ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-01-3103494398ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3103494398ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-3103494398ns5:DeferredTaxation2023-01-3103494398ns5:DeferredTaxation2023-02-012024-01-3103494398ns5:DeferredTaxation2024-01-31034943981ns10:Director12023-01-31034943981ns10:Director12022-01-31034943981ns10:Director12023-02-012024-01-31034943981ns10:Director12022-02-012023-01-31034943981ns10:Director12024-01-31034943981ns10:Director12023-01-31
REGISTERED NUMBER: 03494398 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

SPECTRUM PLASTICS LIMITED

SPECTRUM PLASTICS LIMITED (REGISTERED NUMBER: 03494398)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPECTRUM PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Anthony Hopkinson





SECRETARY: Mrs Irmgard Hopkinson





REGISTERED OFFICE: Unit 4
Cocker Avenue
Poulton
Lancashire
FY6 8JU





REGISTERED NUMBER: 03494398 (England and Wales)





ACCOUNTANTS: Wallwork Nelson & Johnson
Chandler House
7 Ferry Road Office Park
Riversway
Preston
Lancashire
PR2 2YH

SPECTRUM PLASTICS LIMITED (REGISTERED NUMBER: 03494398)

BALANCE SHEET
31 JANUARY 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 235,458 115,549
235,458 115,549

CURRENT ASSETS
Stocks 6 8,500 8,500
Debtors 7 219,323 316,718
Cash at bank 37,136 27,426
264,959 352,644
CREDITORS
Amounts falling due within one year 8 280,525 296,614
NET CURRENT (LIABILITIES)/ASSETS (15,566 ) 56,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

219,892

171,579

CREDITORS
Amounts falling due after more than one
year

9

(52,779

)

(23,165

)

PROVISIONS FOR LIABILITIES 10 (44,577 ) (15,440 )
NET ASSETS 122,536 132,974

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 121,536 131,974
SHAREHOLDERS' FUNDS 122,536 132,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

SPECTRUM PLASTICS LIMITED (REGISTERED NUMBER: 03494398)

BALANCE SHEET - continued
31 JANUARY 2024


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

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 10 September 2024 and were signed by:





Anthony Hopkinson - Director


SPECTRUM PLASTICS LIMITED (REGISTERED NUMBER: 03494398)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Spectrum Plastics 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - straight line over period of lease
Plant and machinery - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value.

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.


SPECTRUM PLASTICS LIMITED (REGISTERED NUMBER: 03494398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
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.

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.

Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been adopted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 February 2023
and 31 January 2024 440
AMORTISATION
At 1 February 2023
and 31 January 2024 440
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

SPECTRUM PLASTICS LIMITED (REGISTERED NUMBER: 03494398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 65,583 135,078 25,000 8,587 234,248
Additions - 47,855 121,819 708 170,382
At 31 January 2024 65,583 182,933 146,819 9,295 404,630
DEPRECIATION
At 1 February 2023 8,663 94,916 8,333 6,787 118,699
Charge for year 68 15,330 34,167 908 50,473
At 31 January 2024 8,731 110,246 42,500 7,695 169,172
NET BOOK VALUE
At 31 January 2024 56,852 72,687 104,319 1,600 235,458
At 31 January 2023 56,920 40,162 16,667 1,800 115,549

6. STOCKS
31/1/24 31/1/23
£    £   
Stocks 8,500 8,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade debtors 79,180 196,622
Directors' current accounts 125,615 116,963
Prepayments 14,528 3,133
219,323 316,718

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans and overdrafts 3,794 3,794
Hire purchase contracts 15,262 -
Trade creditors 161,423 202,644
Company credit card 358 1,293
Factoring account 33,573 22,080
Tax 22,996 33,470
Social security and other taxes (330 ) 289
VAT 30,026 22,333
Accrued expenses 13,423 10,711
280,525 296,614

SPECTRUM PLASTICS LIMITED (REGISTERED NUMBER: 03494398)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/24 31/1/23
£    £   
Bank loans - 1-2 years 3,794 3,794
Bank loans - 2-5 years 11,381 11,381
Bank loans more 5 yr by instal 5,809 7,990
Hire purchase contracts 31,795 -
52,779 23,165

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 5,809 7,990

10. PROVISIONS FOR LIABILITIES
31/1/24 31/1/23
£    £   
Deferred tax 44,577 15,440

Deferred
tax
£   
Balance at 1 February 2023 15,440
Charge to Income Statement during year 29,137
Balance at 31 January 2024 44,577

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31/1/24 31/1/23
£    £   
Anthony Hopkinson
Balance outstanding at start of year 116,963 116,559
Amounts advanced 207,844 199,512
Amounts repaid (199,192 ) (199,108 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 125,615 116,963

Interest is charged on the director's loan account at 2.25% per annum.