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REGISTERED NUMBER: 03281662 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

P & L SPAR LIMITED

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


P & L SPAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Mr B Speck
Mr J Speck
Ms R McCabe





SECRETARY: Mrs P Speck





REGISTERED OFFICE: 13-14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW





REGISTERED NUMBER: 03281662 (England and Wales)





ACCOUNTANTS: Sullivans Chartered Accountants
13-14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

29/2/24 28/2/23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 180,294 187,986

CURRENT ASSETS
Inventories 4,296 4,856
Debtors 5 212 119
Cash at bank and in hand 34,286 44,249
38,794 49,224
CREDITORS
Amounts falling due within one year 6 53,239 44,970
NET CURRENT (LIABILITIES)/ASSETS (14,445 ) 4,254
TOTAL ASSETS LESS CURRENT
LIABILITIES

165,849

192,240

CREDITORS
Amounts falling due after more than one
year

7

(26,318

)

(38,404

)

PROVISIONS FOR LIABILITIES (1,555 ) (2,099 )
NET ASSETS 137,976 151,737

CAPITAL AND RESERVES
Called up share capital 9 275 275
Capital redemption reserve 25 25
Retained earnings 137,676 151,437
SHAREHOLDERS' FUNDS 137,976 151,737

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


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 23 October 2024 and were signed on its behalf by:





Mr J Speck - Director


P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

P & L Spar Limited 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.

Going Concern
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 foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost-excluding land at 0%
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 7 (2023 - 10 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 253,495 79,408 332,903
Additions - 266 266
At 29 February 2024 253,495 79,674 333,169
DEPRECIATION
At 1 March 2023 76,558 68,359 144,917
Charge for year 4,829 3,129 7,958
At 29 February 2024 81,387 71,488 152,875
NET BOOK VALUE
At 29 February 2024 172,108 8,186 180,294
At 28 February 2023 176,937 11,049 187,986

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 20,996
DEPRECIATION
At 1 March 2023 10,415
Charge for year 2,646
At 29 February 2024 13,061
NET BOOK VALUE
At 29 February 2024 7,935
At 28 February 2023 10,581

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Other debtors 212 119

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Bank loans and overdrafts 10,000 10,916
Hire purchase contracts 3,133 2,468
Trade creditors 11,670 10,727
Taxation and social security 15,910 7,206
Other creditors 12,526 13,653
53,239 44,970

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Bank loans 17,583 26,667
Hire purchase contracts 8,735 11,737
26,318 38,404

P & L SPAR LIMITED (REGISTERED NUMBER: 03281662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

29/2/24 28/2/23
£    £   
Bank loans 27,583 37,583
Hire purchase contracts 11,868 14,205
39,451 51,788

The company's bank borrowings are secured by a standard debenture and legal charges on the company's freehold properties.

The Coronavirus bounce back loan is materially secured by the government.
Hire Purchase liabilities are secured against the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29/2/24 28/2/23
value: £    £   
75 Ordinary shares £1 75 75
100 Ordinary class 'B' shares £1 100 100
100 Ordinary class 'C' shares £1 100 100
275 275