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REGISTERED NUMBER: 02673233 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SURE EQUIPMENT (SPARES) LIMITED

SURE EQUIPMENT (SPARES) LIMITED (REGISTERED NUMBER: 02673233)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SURE EQUIPMENT (SPARES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: G D Heath





SECRETARY: Mrs S Heath





REGISTERED OFFICE: Unit 14
Dunston Dairy Farm
Dunston
Stafford
Staffordshire
ST18 9AB





REGISTERED NUMBER: 02673233 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

SURE EQUIPMENT (SPARES) LIMITED (REGISTERED NUMBER: 02673233)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 7,663 10,056
Investments 6 100 30
7,763 10,086

CURRENT ASSETS
Stocks 7 209,515 271,686
Debtors 8 524,531 551,885
Prepayments and accrued income 20,951 3,828
Cash at bank 4,238 23,247
759,235 850,646
CREDITORS
Amounts falling due within one year 9 374,576 526,578
NET CURRENT ASSETS 384,659 324,068
TOTAL ASSETS LESS CURRENT
LIABILITIES

392,422

334,154

CREDITORS
Amounts falling due after more than one
year

10

(187,906

)

(140,625

)

PROVISIONS FOR LIABILITIES (1,916 ) -

ACCRUALS AND DEFERRED INCOME (24,469 ) (30,374 )
NET ASSETS 178,131 163,155

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 178,031 163,055
178,131 163,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SURE EQUIPMENT (SPARES) LIMITED (REGISTERED NUMBER: 02673233)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 director and authorised for issue on 20 November 2024 and were signed by:





G D Heath - Director


SURE EQUIPMENT (SPARES) LIMITED (REGISTERED NUMBER: 02673233)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Sure Equipment (Spares) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02673233 and registered office is Unit 14 Dunston Dairy Farm, Dunston, Stafford, Staffordshire, ST18 9AB.

The principal activity is that of the supply of spares to the quarrying, waste recycle and washing industries.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities, accruals and impairment are its critical accounting estimates.

Turnover
Turnover represents the value of goods and services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Where a contract has only been partly completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Pant and machinery, fixtures and fittings, motor vehicles and computer equipment are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on assets is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:

Plant, machinery and equipment - 25% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss, and included in other operating income.

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

SURE EQUIPMENT (SPARES) LIMITED (REGISTERED NUMBER: 02673233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

SURE EQUIPMENT (SPARES) LIMITED (REGISTERED NUMBER: 02673233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 4,002 5,141 8,150 13,617 30,910
Additions - 791 - - 791
At 31 December 2023 4,002 5,932 8,150 13,617 31,701
DEPRECIATION
At 1 January 2023 3,928 2,702 2,802 11,422 20,854
Charge for year 74 567 1,337 1,206 3,184
At 31 December 2023 4,002 3,269 4,139 12,628 24,038
NET BOOK VALUE
At 31 December 2023 - 2,663 4,011 989 7,663
At 31 December 2022 74 2,439 5,348 2,195 10,056

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 30
Additions 70
At 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 30

SURE EQUIPMENT (SPARES) LIMITED (REGISTERED NUMBER: 02673233)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. STOCKS
2023 2022
£    £   
Stocks 209,515 271,686

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 237,951 452,169
Other debtors 286,580 99,716
524,531 551,885

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 197,055 286,506
Taxation and social security 108,512 93,735
Other creditors 69,009 146,337
374,576 526,578

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 187,906 140,625

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice finance - 79,604
Funding Circle 252,007 -
252,007 79,604

The invoice finance creditor is secured by a fixed and floating charge over the company's assets and by a personal guarantee given by the director.

The Funding Circle loan is secured by a personal guarantee given by the director.

12. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments of £6,212 (2022 - £17,670).

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end £49,805 was advanced to the director (2022 - £78,404).