Company registration number 05089967 (England and Wales)
SP PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SP PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SP PROJECTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
55,323
73,765
Tangible assets
4
49,927
34,593
105,250
108,358
Current assets
Debtors
5
521,633
579,284
Cash at bank and in hand
306,397
152,166
828,030
731,450
Creditors: amounts falling due within one year
6
(232,741)
(224,500)
Net current assets
595,289
506,950
Total assets less current liabilities
700,539
615,308
Creditors: amounts falling due after more than one year
7
-
0
(23,289)
Net assets
700,539
592,019
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
700,439
591,919
Total equity
700,539
592,019

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

SP PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr C M Davis
Mr C S Hughes
Director
Director
Company registration number 05089967 (England and Wales)
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

SP Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Hilliards Court, Chester Business Park, Chester, Cheshire, CH4 9QP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised over its estimated useful life of ten years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
25% on reducing balance
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
612,985
Amortisation and impairment
At 1 April 2023
539,220
Amortisation charged for the year
18,442
At 31 March 2024
557,662
Carrying amount
At 31 March 2024
55,323
At 31 March 2023
73,765
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
7,109
77,394
84,503
Additions
-
0
24,143
24,143
At 31 March 2024
7,109
101,537
108,646
Depreciation and impairment
At 1 April 2023
7,109
42,801
49,910
Depreciation charged in the year
-
0
8,809
8,809
At 31 March 2024
7,109
51,610
58,719
Carrying amount
At 31 March 2024
-
0
49,927
49,927
At 31 March 2023
-
0
34,593
34,593
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
227,195
282,276
Amounts owed by group undertakings
162,806
162,806
Other debtors
131,632
134,202
521,633
579,284
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
9,936
Trade creditors
25,500
44,745
Corporation tax
95,712
53,450
Other taxation and social security
26,581
37,702
Other creditors
84,948
78,667
232,741
224,500
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
23,289
2024-03-312023-04-01false24 October 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr C M DavisMr C S Hughesfalsefalse050899672023-04-012024-03-31050899672024-03-31050899672023-03-3105089967core:NetGoodwill2024-03-3105089967core:NetGoodwill2023-03-3105089967core:LandBuildings2024-03-3105089967core:OtherPropertyPlantEquipment2024-03-3105089967core:LandBuildings2023-03-3105089967core:OtherPropertyPlantEquipment2023-03-3105089967core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105089967core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105089967core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3105089967core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105089967core:CurrentFinancialInstruments2024-03-3105089967core:CurrentFinancialInstruments2023-03-3105089967core:ShareCapital2024-03-3105089967core:ShareCapital2023-03-3105089967core:RetainedEarningsAccumulatedLosses2024-03-3105089967core:RetainedEarningsAccumulatedLosses2023-03-3105089967bus:Director12023-04-012024-03-3105089967bus:Director22023-04-012024-03-3105089967core:LeaseholdImprovements2023-04-012024-03-3105089967core:PlantMachinery2023-04-012024-03-3105089967core:FurnitureFittings2023-04-012024-03-3105089967core:MotorVehicles2023-04-012024-03-31050899672022-04-012023-03-3105089967core:NetGoodwill2023-03-3105089967core:NetGoodwill2023-04-012024-03-3105089967core:LandBuildings2023-03-3105089967core:OtherPropertyPlantEquipment2023-03-31050899672023-03-3105089967core:LandBuildings2023-04-012024-03-3105089967core:OtherPropertyPlantEquipment2023-04-012024-03-3105089967core:WithinOneYear2024-03-3105089967core:WithinOneYear2023-03-3105089967core:Non-currentFinancialInstruments2024-03-3105089967core:Non-currentFinancialInstruments2023-03-3105089967bus:PrivateLimitedCompanyLtd2023-04-012024-03-3105089967bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3105089967bus:FRS1022023-04-012024-03-3105089967bus:AuditExemptWithAccountantsReport2023-04-012024-03-3105089967bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP