8 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03688887 2023-03-01 2024-02-29 03688887 2024-02-29 03688887 2023-02-28 03688887 2022-03-01 2023-02-28 03688887 2023-02-28 03688887 2022-02-28 03688887 core:PlantMachinery 2023-03-01 2024-02-29 03688887 core:FurnitureFittings 2023-03-01 2024-02-29 03688887 core:MotorVehicles 2023-03-01 2024-02-29 03688887 bus:Director1 2023-03-01 2024-02-29 03688887 core:PlantMachinery 2023-02-28 03688887 core:FurnitureFittings 2023-02-28 03688887 core:MotorVehicles 2023-02-28 03688887 core:PlantMachinery 2024-02-29 03688887 core:FurnitureFittings 2024-02-29 03688887 core:MotorVehicles 2024-02-29 03688887 core:WithinOneYear 2024-02-29 03688887 core:WithinOneYear 2023-02-28 03688887 core:AfterOneYear 2024-02-29 03688887 core:AfterOneYear 2023-02-28 03688887 core:ShareCapital 2024-02-29 03688887 core:ShareCapital 2023-02-28 03688887 core:RetainedEarningsAccumulatedLosses 2024-02-29 03688887 core:RetainedEarningsAccumulatedLosses 2023-02-28 03688887 core:BetweenOneFiveYears 2024-02-29 03688887 core:BetweenOneFiveYears 2023-02-28 03688887 core:PlantMachinery 2023-02-28 03688887 core:FurnitureFittings 2023-02-28 03688887 core:MotorVehicles 2023-02-28 03688887 bus:SmallEntities 2023-03-01 2024-02-29 03688887 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03688887 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03688887 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03688887 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 03688887
Spykes Limited
Filleted Unaudited Financial Statements
29 February 2024
Spykes Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
23,317
39,906
Current assets
Debtors
6
122,636
105,579
Cash at bank and in hand
55
59
---------
---------
122,691
105,638
Creditors: amounts falling due within one year
7
181,678
185,501
---------
---------
Net current liabilities
58,987
79,863
--------
--------
Total assets less current liabilities
( 35,670)
( 39,957)
Creditors: amounts falling due after more than one year
8
38,765
52,339
--------
--------
Net liabilities
( 74,435)
( 92,296)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 74,535)
( 92,396)
--------
--------
Shareholders deficit
( 74,435)
( 92,296)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Spykes Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
A Sell
Director
Company registration number: 03688887
Spykes Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 15 Avon Business Park, Lodge Causeway, Bristol, BS16 3JP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company has a shareholder deficit of £74,536 (2023 £92,296). The directors however will endeavour to ensure that the company will have sufficient funding to enable it to continue trading.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Computer equipment
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
24,500
17,656
40,854
5,050
88,060
--------
--------
--------
-------
--------
Depreciation
At 1 March 2023
22,125
8,989
11,990
5,050
48,154
Charge for the year
2,375
4,000
10,214
16,589
--------
--------
--------
-------
--------
At 29 February 2024
24,500
12,989
22,204
5,050
64,743
--------
--------
--------
-------
--------
Carrying amount
At 29 February 2024
4,667
18,650
23,317
--------
--------
--------
-------
--------
At 28 February 2023
2,375
8,667
28,864
39,906
--------
--------
--------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
5,524
103
Other debtors
117,112
105,476
---------
---------
122,636
105,579
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,317
23,204
Trade creditors
71,797
76,638
Corporation tax
8,014
5,078
Social security and other taxes
38,019
26,298
Other creditors
36,531
54,283
---------
---------
181,678
185,501
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,884
33,901
Other creditors
9,881
18,438
--------
--------
38,765
52,339
--------
--------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
8,584
17,686
Later than 1 year and not later than 5 years
9,881
18,438
--------
--------
18,465
36,124
--------
--------
10. Directors' advances, credits and guarantees
Included in other debtors are the directors loan balances for A Sell £45,981 (2023 37,281) and N Evans £51,787 (2023 £51,787 )
11. Related party transactions
The company was under the control of the directors throughout the current and previous year. Associated Company Transactions During the period and at the period end there were the following transactions and balances with companies in which the directors had an interest. Balances at year end:
2024 2023
£ £
Balances at the period end:
ANS Precision Engineering Limited 6,489 6,489
ANS Bristol Limited (3,914) (3,914)
Racebolt Limited (13,912) (13,412)
-------- --------
Total (11,337) (10,837)
-------- --------