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Registration number: 05012241

F.W. Spilsbury Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

F.W. Spilsbury Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

F.W. Spilsbury Limited

Company Information

Directors

Mr D T Spilsbury

Miss G Spilsbury

Company secretary

Ms JS Minton

Registered office

12 Upper Howsell Road
Malvern
Worcs
WR14 1TL

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

F.W. Spilsbury Limited

(Registration number: 05012241)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,210

12,750

Tangible assets

5

562,387

578,878

Other financial assets

6

382,395

187,114

 

950,992

778,742

Current assets

 

Stocks

7

5,884

5,884

Debtors

8

41,735

117,288

Cash at bank and in hand

 

595,009

762,825

 

642,628

885,997

Creditors: Amounts falling due within one year

9

(63,642)

(118,225)

Net current assets

 

578,986

767,772

Net assets

 

1,529,978

1,546,514

Capital and reserves

 

Called up share capital

150,100

150,100

Retained earnings

1,379,878

1,396,414

Shareholders' funds

 

1,529,978

1,546,514

For the financial year ending 5 April 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................
Miss G Spilsbury
Director

   
     
 

F.W. Spilsbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
12 Upper Howsell Road
Malvern
Worcs
WR14 1TL
United Kingdom

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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.

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 and deferred 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.

 

F.W. Spilsbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

2% Straight line

Furniture, fittings, tools and equipment

15% reducing balance and 20% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

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.

 

F.W. Spilsbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

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.

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.

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.

 

F.W. Spilsbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

F.W. Spilsbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 6 April 2023

255,000

-

255,000

Additions acquired separately

-

6,900

6,900

At 5 April 2024

255,000

6,900

261,900

Amortisation

At 6 April 2023

242,250

-

242,250

Amortisation charge

12,750

690

13,440

At 5 April 2024

255,000

690

255,690

Carrying amount

At 5 April 2024

-

6,210

6,210

At 5 April 2023

12,750

-

12,750

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 6 April 2023

581,991

50,578

185,240

817,809

Additions

-

304

-

304

At 5 April 2024

581,991

50,882

185,240

818,113

Depreciation

At 6 April 2023

45,597

34,740

158,594

238,931

Charge for the year

7,599

2,534

6,662

16,795

At 5 April 2024

53,196

37,274

165,256

255,726

Carrying amount

At 5 April 2024

528,795

13,608

19,984

562,387

At 5 April 2023

536,394

15,838

26,646

578,878

Included within the net book value of land and buildings above is £528,795 (2023 - £536,394) in respect of freehold land and buildings.
 

 

F.W. Spilsbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 6 April 2023

187,114

187,114

Fair value adjustments

25,845

25,845

Additions

186,860

186,860

Disposals

(17,424)

(17,424)

At 5 April 2024

382,395

382,395

Carrying amount

At 5 April 2024

382,395

382,395

At 5 April 2023

187,114

187,114

7

Stocks

2024
£

2023
£

Other inventories

5,884

5,884

8

Debtors

Current

2024
£

2023
£

Trade debtors

38,745

109,884

Prepayments

2,665

2,146

Other debtors

325

5,258

 

41,735

117,288

 

F.W. Spilsbury Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

9

Creditors

2024
£

2023
£

Due within one year

Trade creditors

6,964

23,523

Amounts owed to related parties

-

236

Taxation and social security

3,753

3,776

Other creditors

52,925

90,690

63,642

118,225