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REGISTERED NUMBER: 05959954 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Spectrum Associates (MK) Ltd

Spectrum Associates (MK) Ltd (Registered number: 05959954)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spectrum Associates (MK) Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Dr A Soyombo
Dr A A Soyombo





REGISTERED OFFICE: 6 GROUND FLOOR
220 THE VALE
London
NW11 8SR





REGISTERED NUMBER: 05959954 (England and Wales)






Spectrum Associates (MK) Ltd (Registered number: 05959954)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 536,358 615,728

CURRENT ASSETS
Debtors 5 248,971 150,938
Prepayments and accrued income 6,597 -
Cash in hand 214 234
255,782 151,172
CREDITORS
Amounts falling due within one year 6 665,690 714,072
NET CURRENT LIABILITIES (409,908 ) (562,900 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,450

52,828

CREDITORS
Amounts falling due after more than one year 7 17,670 33,266
NET ASSETS 108,780 19,562

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 108,680 19,462
SHAREHOLDERS' FUNDS 108,780 19,562

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

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

The directors acknowledge their 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 Associates (MK) Ltd (Registered number: 05959954)

Balance Sheet - continued
31 October 2023


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 Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





Dr A Soyombo - Director


Spectrum Associates (MK) Ltd (Registered number: 05959954)

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

1. STATUTORY INFORMATION

Spectrum Associates (MK) Ltd 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

Spectrum Associates (MK) Ltd (Registered number: 05959954)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Initial recognition of financial assets and liabilities.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Initial measurement
When a financial asset or liability is recognised initially, the company shall measure it at the transaction price including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financial transaction, the company shall measure the financial asset or financial liability at the present value of the future payments discounted at the market rate of interest for a similar debt instrument.

Subsequent measurement
At the end of each reporting period, the company shall measure financial instruments without any deduction for transaction costs the company may incur on sale or other disposal. Debt instruments shall be measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year shall be measured at the undiscounted amount of the cash or other consideration expected to be paid or received unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financing transaction, the company shall measure the debt instrument at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial instruments

Impairment of financial instruments measured at cost or amortised cost. At the end of each reporting period, the company shall assess whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost.If there is objective evidence of impairment, the company shall recognise an impairment loss in profit or loss immediately.

Derecognition of a financial asset

The company shall derecognise a financial asset only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company shall derecognise the asset and recognise separately any rights and obligations retained or created in the transfer

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 Associates (MK) Ltd (Registered number: 05959954)

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 17,350 149,267 737,221 103,310 1,007,148
Additions - - 95,946 - 95,946
At 31 October 2023 17,350 149,267 833,167 103,310 1,103,094
DEPRECIATION
At 1 November 2022 2,313 71,866 213,931 103,310 391,420
Charge for year 1,157 19,350 154,809 - 175,316
At 31 October 2023 3,470 91,216 368,740 103,310 566,736
NET BOOK VALUE
At 31 October 2023 13,880 58,051 464,427 - 536,358
At 31 October 2022 15,037 77,401 523,290 - 615,728

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 60,353 53,943
Amounts owed by participating interests 166,016 74,393
Other debtors 22,602 22,602
248,971 150,938

Spectrum Associates (MK) Ltd (Registered number: 05959954)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 309,254 191,218
Hire purchase contracts - 38,526
Trade creditors 2 -
Amounts owed to associates 185,999 149,999
Tax - 18,721
Social security and other taxes 904 1,761
Directors' current accounts 106,208 277,454
Accrued expenses 63,323 36,393
665,690 714,072

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans - 2-5 years 17,670 26,667
Hire purchase contracts - 6,599
17,670 33,266

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary £1 100 100