REGISTERED NUMBER: |
IT@Spectrum Limited |
Financial Statements for the Year Ended 30th April 2024 |
REGISTERED NUMBER: |
IT@Spectrum Limited |
Financial Statements for the Year Ended 30th April 2024 |
IT@Spectrum Limited (Registered number: 01875120) |
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 Limited |
Company Information |
for the year ended 30th April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
IT@Spectrum Limited (Registered number: 01875120) |
Balance Sheet |
30th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
IT@Spectrum Limited (Registered number: 01875120) |
Notes to the Financial Statements |
for the year ended 30th April 2024 |
1. | STATUTORY INFORMATION |
IT@Spectrum Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102: The Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) Section 1A and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
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. |
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 10 years and provisions are made for any impairment following annual reviews. |
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 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: |
Equipment | 25% - 100% |
Fixtures and fittings | 25% - 100% |
Motor vehicles | 25% - 50% |
IT@Spectrum Limited (Registered number: 01875120) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Deferred income |
Provision is made against charges made to customers for maintenance services which have been invoiced in advance but not yet fulfilled. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
IT@Spectrum Limited (Registered number: 01875120) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Contracts | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2023 |
Transfer from group |
At 30th April 2024 |
AMORTISATION |
At 1st May 2023 |
Amortisation for year |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer from group company |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer from group company |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
IT@Spectrum Limited (Registered number: 01875120) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
The company is party to a joint guarantee with its ultimate parent undertaking in respect of the group borrowings which are secured, in part, by fixed and floating charges over certain fixed and current assets. The potential liability under the arrangement at 30th April 2024 was £708,701 (2023: £1,175,551). |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year £60,000 was advanced to directors and at 30th April 2024 £61,512 (2023 £27,285) is included in other debtors in this respect. The loans carry varying interest rates from 0% to 2.5% and are repayable on demand. |
12. | RELATED PARTY DISCLOSURES |
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. |
IT@Spectrum Limited (Registered number: 01875120) |
Notes to the Financial Statements - continued |
for the year ended 30th April 2024 |
13. | 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. |