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REGISTERED NUMBER: 04654792 (England and Wales)















Financial Statements for the Year Ended 28 February 2024

for

S P Medley Limited

S P Medley Limited (Registered number: 04654792)






Contents of the Financial Statements
for the Year Ended 28 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S P Medley Limited

Company Information
for the Year Ended 28 February 2024







DIRECTOR: V R Thakkar





REGISTERED OFFICE: 38 St James's Square
Bath
BA1 2TU





REGISTERED NUMBER: 04654792 (England and Wales)





ACCOUNTANTS: KP & Company
15 Oldborough Road
Wembley
Middlesex
HA0 3PP

S P Medley Limited (Registered number: 04654792)

Balance Sheet
28 February 2024

28.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 496,376 -
Tangible assets 5 122,258 13,980
618,634 13,980

CURRENT ASSETS
Stocks 66,587 21,000
Debtors 6 600,033 386,081
Cash at bank 382,197 325,740
1,048,817 732,821
CREDITORS
Amounts falling due within one year 7 930,510 215,842
NET CURRENT ASSETS 118,307 516,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

736,941

530,959

CREDITORS
Amounts falling due after more than one
year

8

23,735

33,029
NET ASSETS 713,206 497,930

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 713,106 497,830
SHAREHOLDERS' FUNDS 713,206 497,930

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 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.

S P Medley Limited (Registered number: 04654792)

Balance Sheet - continued
28 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 director and authorised for issue on 22 November 2024 and were signed by:





V R Thakkar - Director


S P Medley Limited (Registered number: 04654792)

Notes to the Financial Statements
for the Year Ended 28 February 2024

1. STATUTORY INFORMATION

S P Medley 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with acquisition of a business in 2023.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

S P Medley Limited (Registered number: 04654792)

Notes to the Financial Statements - continued
for the Year Ended 28 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 15 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 496,376
At 28 February 2024 496,376
NET BOOK VALUE
At 28 February 2024 496,376

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 - 7,450 14,511 21,961
Additions 65,125 51,630 5,540 122,295
At 28 February 2024 65,125 59,080 20,051 144,256
DEPRECIATION
At 1 March 2023 - 3,636 4,345 7,981
Charge for year 9,769 2,723 1,525 14,017
At 28 February 2024 9,769 6,359 5,870 21,998
NET BOOK VALUE
At 28 February 2024 55,356 52,721 14,181 122,258
At 28 February 2023 - 3,814 10,166 13,980

S P Medley Limited (Registered number: 04654792)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 51,630
At 28 February 2024 51,630
NET BOOK VALUE
At 28 February 2024 51,630

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Trade debtors 260,196 64,647
Other debtors 339,837 321,434
600,033 386,081

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,644 -
Hire purchase contracts 21,972 -
Trade creditors 368,787 132,035
Taxation and social security 50,365 46,682
Other creditors 478,742 37,125
930,510 215,842

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.24 28.2.23
£    £   
Bank loans 12,528 33,029
Hire purchase contracts 11,207 -
23,735 33,029