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REGISTERED NUMBER: 01729675


















Spectrum Rentals Limited

Financial Statements for the Year Ended 30th April 2024






Spectrum Rentals Limited (Registered number: 01729675)






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


Spectrum Rentals Limited

Company Information
for the year ended 30th April 2024







DIRECTORS: E Cavill
T Cavill
K Sturdy
R M Cavill





SECRETARY: M J Clayphan





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





REGISTERED NUMBER: 01729675





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

Spectrum Rentals Limited (Registered number: 01729675)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 81,675 123,716
Investments 5 - 21,900
81,675 145,616

CURRENT ASSETS
Debtors 6 1,842,738 1,095,292
Cash at bank 23,900 44,343
1,866,638 1,139,635
CREDITORS
Amounts falling due within one year 7 623,269 317,771
NET CURRENT ASSETS 1,243,369 821,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,325,044

967,480

PROVISIONS FOR LIABILITIES 20,419 27,582
NET ASSETS 1,304,625 939,898

CAPITAL AND RESERVES
Called up share capital 8 39,000 39,000
Retained earnings 1,265,625 900,898
SHAREHOLDERS' FUNDS 1,304,625 939,898

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


Spectrum Rentals Limited (Registered number: 01729675)

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

1. STATUTORY INFORMATION

Spectrum Copiers Limited is a private company, limited by shares, registered in England and Wales. The company's registration number and registered office address can be found on the Company Information page.

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.

Related party exemption
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.

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 rental of machines is accounted for on a straight line basis over the lease term.

Turnover from the provision of services is recognised once such services have been rendered and the outcome of the transaction can be estimated reliably.

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:

Equipment - 25%

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.

Spectrum Rentals Limited (Registered number: 01729675)

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

2. ACCOUNTING POLICIES - continued

Photocopiers out on hire
The cost of photocopiers out on internally financed hire agreements are capitalised and written off to profit and loss account over their expected useful lives. All internal hire agreements granted are treated as operating leases and rental income is recognised on a straight line basis over the period of each agreement.

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 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st May 2023 282,651
Additions 34,782
Disposals (66,161 )
At 30th April 2024 251,272
DEPRECIATION
At 1st May 2023 158,935
Charge for year 54,102
Eliminated on disposal (43,440 )
At 30th April 2024 169,597
NET BOOK VALUE
At 30th April 2024 81,675
At 30th April 2023 123,716

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st May 2023 21,900
Transfer to group company (21,900 )
At 30th April 2024 -
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 21,900

Spectrum Rentals Limited (Registered number: 01729675)

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 50,845 76,139
Amounts owed by group undertakings 1,791,893 1,016,633
Other debtors - 2,520
1,842,738 1,095,292

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,237 18,436
Amounts owed to group undertakings 402,103 143,112
Taxation and social security 155,708 92,435
Other creditors 57,221 63,788
623,269 317,771

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
39,000 Ordinary £1 39,000 39,000

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

The Report of the Auditors was unqualified.

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

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. 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.