Theresa Spinks Limited
Registered number: 03936736
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 204,499 146,516
Current assets
Stocks 550,105 549,612
Debtors 4 14,605 12,571
Cash at bank and in hand 1,097,430 1,003,791
1,662,140 1,565,974
Creditors: amounts falling due within one year 5 (848,777) (797,708)
Net current assets 813,363 768,266
Total assets less current liabilities 1,017,862 914,782
Provisions for liabilities (27,281) (27,838)
Net assets 990,581 886,944
Capital and reserves
Called up share capital 60 60
Capital redemption fund 30 30
Profit and loss account 990,491 886,854
Shareholders' funds 990,581 886,944
The directors are 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 directors acknowledge their 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 V L Smith
Director
Approved by the board on 17 September 2024
Theresa Spinks Limited
Notes to the Accounts
for the year ended 29 February 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.
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 over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 29 28
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 365,343 48,480 413,823
Additions 75,959 - 75,959
At 29 February 2024 441,302 48,480 489,782
Depreciation
At 1 March 2023 256,217 11,090 267,307
Charge for the year 13,512 4,464 17,976
At 29 February 2024 269,729 15,554 285,283
Net book value
At 29 February 2024 171,573 32,926 204,499
At 28 February 2023 109,126 37,390 146,516
4 Debtors 2024 2023
£ £
Trade debtors 6,582 5,753
Other debtors 8,023 6,818
14,605 12,571
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 587,068 447,434
Corporation tax 58,418 44,040
Other taxes and social security costs 103,114 81,100
Other creditors 100,177 225,134
848,777 797,708
6 Other information
Theresa Spinks Limited is a private company limited by shares and incorporated in England. Its registered office is:
Site 3A
Harelaw Industrial Estate
Stanley
County Durham
DH9 8UJ
Theresa Spinks Limited 03936736 false 2023-03-01 2024-02-29 2024-02-29 VT Final Accounts July 2024 Mrs V L Smith No description of principal activity 03936736 2022-03-01 2023-02-28 03936736 core:WithinOneYear 2023-02-28 03936736 core:ShareCapital 2023-02-28 03936736 core:SharePremium 2023-02-28 03936736 core:RetainedEarningsAccumulatedLosses 2023-02-28 03936736 2023-03-01 2024-02-29 03936736 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03936736 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 03936736 bus:Director40 2023-03-01 2024-02-29 03936736 1 2023-03-01 2024-02-29 03936736 2 2023-03-01 2024-02-29 03936736 core:PlantMachinery 2023-03-01 2024-02-29 03936736 core:Vehicles 2023-03-01 2024-02-29 03936736 countries:England 2023-03-01 2024-02-29 03936736 bus:FRS102 2023-03-01 2024-02-29 03936736 bus:FilletedAccounts 2023-03-01 2024-02-29 03936736 2024-02-29 03936736 core:WithinOneYear 2024-02-29 03936736 core:ShareCapital 2024-02-29 03936736 core:SharePremium 2024-02-29 03936736 core:RetainedEarningsAccumulatedLosses 2024-02-29 03936736 core:PlantMachinery 2024-02-29 03936736 core:Vehicles 2024-02-29 03936736 2023-02-28 03936736 core:PlantMachinery 2023-02-28 03936736 core:Vehicles 2023-02-28 iso4217:GBP xbrli:pure