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REGISTERED NUMBER: 03783259 (England and Wales)


















IT @ Spectrum North East Limited

Financial Statements for the Year Ended 30th April 2024






IT @ Spectrum North East Limited (Registered number: 03783259)






Contents of the Financial Statements
for the year ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


IT @ Spectrum North East Limited

Company Information
for the year ended 30th April 2024







DIRECTORS: R M Cavill
K Sturdy





SECRETARY: M J Clayphan





REGISTERED OFFICE: The View
Bridgehead Business Park
Hessle
East Yorkshire
HU13 0GD





REGISTERED NUMBER: 03783259 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

IT @ Spectrum North East Limited (Registered number: 03783259)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 2,407
- 2,407

CURRENT ASSETS
Debtors 6 1,552,509 794,681
Cash at bank and in hand - 41,139
1,552,509 835,820
CREDITORS
Amounts falling due within one year 7 - 109,792
NET CURRENT ASSETS 1,552,509 726,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,552,509

728,435

PROVISIONS FOR LIABILITIES - 602
NET ASSETS 1,552,509 727,833

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,552,409 727,733
SHAREHOLDERS' FUNDS 1,552,509 727,833

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 23rd October 2024 and were signed on its behalf by:





K Sturdy - Director


IT @ Spectrum North East Limited (Registered number: 03783259)

Notes to the Financial Statements
for the year ended 30th April 2024

1. STATUTORY INFORMATION

IT @ Spectrum North East 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
In April 2024 the company hived its trade, assets and liabilities to another group company and ceased to trade. It does not intend to resume trade again .The financial statements have prepared on a going concern basis as no adjustment would result from the use of the break up basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, but net of VAT, rebates and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Turnover relating to on-going service contracts is recognised based on the machine usage over the period the services are provided to the customer. Where amounts are received in advance of services being provided, the amounts are recorded as deferred income and included in creditors.

Goodwill
Purchased goodwill is recognised at cost and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 3 years and provisions are made for any impairment following annual reviews.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Costs includes those costs that are directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery 25% straight line


IT @ Spectrum North East Limited (Registered number: 03783259)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee benefits
Where employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a money purchase scheme plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

IT @ Spectrum North East Limited (Registered number: 03783259)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2023 35,190
Disposals (35,190 )
At 30th April 2024 -
AMORTISATION
At 1st May 2023 35,190
Eliminated on disposal (35,190 )
At 30th April 2024 -
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2023 12,222
Disposals (4,408 )
Transfer to group company (7,814 )
At 30th April 2024 -
DEPRECIATION
At 1st May 2023 9,815
Charge for year 2,538
Eliminated on disposal (4,539 )
Transfer to group company (7,814 )
At 30th April 2024 -
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 2,407

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 65,539
Amounts owed by group undertakings 1,552,509 726,171
Other debtors - 2,971
1,552,509 794,681

IT @ Spectrum North East Limited (Registered number: 03783259)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 3,503
Taxation and social security - 73,953
Other creditors - 32,336
- 109,792

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

I R Lamb FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £nil (2023 £13,904).

10. ULTIMATE CONTROLLING PARTY

The parent company of the group of undertakings for which group financial statements are drawn up and of which the company is a member is Spectrum Workplace Technology Group Limited, registered in England and Wales. Spectrum Workplace Technology Limited is also the company's ultimate parent undertaking and its registered office is The View, Bridgehead Business Park, Hessle, East Yorkshire, HU13 0GD. Copies of Spectrum Workplace Technology Group Limited's financial statements can be obtained from Companies House.