SPV Special Projects Limited |
Notes to the Accounts |
for the year ended 31 January 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% reducing balance |
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Motor vehicles |
25% reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
48 |
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40 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 February 2023 |
44,478 |
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66,917 |
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111,395 |
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Additions |
15,061 |
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- |
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15,061 |
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At 31 January 2024 |
59,539 |
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66,917 |
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126,456 |
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Depreciation |
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At 1 February 2023 |
26,528 |
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23,182 |
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49,710 |
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Charge for the year |
8,253 |
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10,934 |
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19,187 |
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At 31 January 2024 |
34,781 |
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34,116 |
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68,897 |
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Net book value |
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At 31 January 2024 |
24,758 |
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32,801 |
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57,559 |
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At 31 January 2023 |
17,950 |
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43,735 |
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61,685 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Trade debtors |
612,385 |
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474,738 |
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Amounts owed by associated undertakings and undertakings in which the company has a participating interest |
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786,707 |
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63,808 |
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Other debtors |
406,715 |
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195,297 |
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1,805,807 |
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733,843 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
12,017 |
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11,464 |
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Trade creditors |
666,225 |
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372,944 |
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Amounts owed to associated undertakings and undertakings in which the company has a participating interest |
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110 |
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1,000 |
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Taxation and social security costs |
375,275 |
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259,370 |
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Other creditors |
25,981 |
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19,712 |
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1,079,608 |
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664,490 |
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6 |
Creditors: amounts falling due after one year |
2024 |
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2023 |
£ |
£ |
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Obligations under finance lease and hire purchase contracts |
- |
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12,017 |
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7 |
Other financial commitments |
2024 |
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2023 |
£ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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87,507 |
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94,981 |
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8 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
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Mrs S Evans |
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Loan account |
2,447 |
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350,012 |
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(38,517) |
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313,942 |
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2,447 |
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350,012 |
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(38,517) |
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313,942 |
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Interest is being charged on this loan of 2.0% - 2.25%. |
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9 |
Related party transactions |
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Transactions with Howard Evans Rooding & Cladding Limited |
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The director's husband, Mr H Evans owns 100% of the share capital in Howard Evans Roofing & Cladding Limited. |
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During the year the company made sales of £3,304,237 and made purchases of £1,500 from Howard Evans Roofing & Cladding Limited. |
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At 31 January 2024 Howard Evans Roofing & Cladding Limited owed the company £730,178. |
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Transactions with SPV Roofing & Cladding Limited |
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Mr H Evans and his daughter, Mrs K Whatley, each own 33% of the share capital in SPV Roofing & Cladding Limited. |
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During the year the company paid rent of £11,000 to SPV Roofing & Cladding Limited. |
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Transactions with SPV Training Limited |
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Mrs K Whatley owns 100% of the share capital in SPV Training Limited. |
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During the year the company made sales of £1,832 and made purchases of £60,000 from SPV Training Limited. |
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10 |
Controlling party |
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The company is controlled by Mrs S Evans. |
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11 |
Other information |
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SPV Special Projects Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Phoenix Consortia |
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Westgate |
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Aldridge |
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Walsall |
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WS9 8EX |