Registered number
08373671
Specola Limited
Filleted Accounts
31 January 2024
Specola Limited
Registered number: 08373671
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,805 10,894
Current assets
Stocks 127,212 67,985
Cash at bank and in hand 26,838 68,333
154,050 136,318
Creditors: amounts falling due within one year 4 (116,538) (90,897)
Net current assets 37,512 45,421
Net assets 47,317 56,315
Capital and reserves
Called up share capital 100 100
Profit and loss account 47,217 56,215
Shareholders' funds 47,317 56,315
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Anna Teresa Urban
Director
Approved by the board on 18 October 2024
Specola Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
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).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Freehold buildings N/A
Leasehold land and buildings N/A
Motor Vehicle 8% Reduce Balance
Fixtures, fittings, tools and equipment 8% Reduce Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
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.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 14
3 Tangible fixed assets
Fixture & Fittings Motor vehicles Total
£ £ £
Cost
At 1 February 2023 11,741 8,220 19,961
At 31 January 2024 11,741 8,220 19,961
Depreciation
At 1 February 2023 4,779 4,288 9,067
Charge for the year 696 393 1,089
At 31 January 2024 5,475 4,681 10,156
Net book value
At 31 January 2024 6,266 3,539 9,805
At 31 January 2023 6,962 3,932 10,894
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 12,589
Taxation and social security costs 49,997 34,287
Other creditors 66,541 44,021
116,538 90,897
5 Controlling party
Mr Sebastian Grzegorz Urban and Mrs Anna Teresa Urban have a controlling interest in the company by the virtue of their 50% each holding of the ordinary shares of the company.
6 Other information
Specola Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Gatewarth Industrial Estate
Barnard Street
Warrington
WA5 1DD
Specola Limited 08373671 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 Mrs Anna Teresa Urban No description of principal activity 08373671 2022-02-01 2023-01-31 08373671 core:WithinOneYear 2023-01-31 08373671 core:ShareCapital 2023-01-31 08373671 core:RetainedEarningsAccumulatedLosses 2023-01-31 08373671 2023-02-01 2024-01-31 08373671 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08373671 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 08373671 bus:Director40 2023-02-01 2024-01-31 08373671 1 2023-02-01 2024-01-31 08373671 2 2023-02-01 2024-01-31 08373671 core:PlantMachinery 2023-02-01 2024-01-31 08373671 core:Vehicles 2023-02-01 2024-01-31 08373671 countries:England 2023-02-01 2024-01-31 08373671 bus:FRS102 2023-02-01 2024-01-31 08373671 bus:FilletedAccounts 2023-02-01 2024-01-31 08373671 2024-01-31 08373671 core:WithinOneYear 2024-01-31 08373671 core:ShareCapital 2024-01-31 08373671 core:RetainedEarningsAccumulatedLosses 2024-01-31 08373671 core:PlantMachinery 2024-01-31 08373671 core:Vehicles 2024-01-31 08373671 2023-01-31 08373671 core:PlantMachinery 2023-01-31 08373671 core:Vehicles 2023-01-31 iso4217:GBP xbrli:pure