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REGISTERED NUMBER: 01875120 (England and Wales)


















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: 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: 01875120 (England and Wales)





AUDITORS: Smailes Goldie
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 2,299,787 348,834
Tangible assets 5 236,211 228,421
2,535,998 577,255

CURRENT ASSETS
Stocks 698,007 846,239
Debtors 6 5,581,678 2,692,548
Cash at bank and in hand 1,389,751 934,520
7,669,436 4,473,307
CREDITORS
Amounts falling due within one year 7 7,662,387 3,076,228
NET CURRENT ASSETS 7,049 1,397,079
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,543,047

1,974,334

CREDITORS
Amounts falling due after more than one
year

8

(62,500

)

-

PROVISIONS FOR LIABILITIES (45,544 ) (24,319 )
NET ASSETS 2,435,003 1,950,015

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 9,900 9,900
Retained earnings 2,424,103 1,939,115
SHAREHOLDERS' FUNDS 2,435,003 1,950,015

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 Limited (Registered number: 01875120)

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

1. STATUTORY INFORMATION

IT@Spectrum 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
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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Contracts are being amortised evenly over their estimated useful life of ten years.

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:

Equipment25% - 100%
Fixtures and fittings25% - 100%
Motor vehicles25% - 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 66 (2023 - 69 ) .

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 140,766 6,075 417,831 564,672
Transfer from group 2,004,911 - - 2,004,911
At 30th April 2024 2,145,677 6,075 417,831 2,569,583
AMORTISATION
At 1st May 2023 80,076 51 135,711 215,838
Amortisation for year 11,560 607 41,791 53,958
At 30th April 2024 91,636 658 177,502 269,796
NET BOOK VALUE
At 30th April 2024 2,054,041 5,417 240,329 2,299,787
At 30th April 2023 60,690 6,024 282,120 348,834

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st May 2023 373,952 86,720 148,340 609,012
Additions 54,436 5,648 67,904 127,988
Disposals - - (89,343 ) (89,343 )
Transfer from group company 12,708 3,306 - 16,014
At 30th April 2024 441,096 95,674 126,901 663,671
DEPRECIATION
At 1st May 2023 230,332 63,740 86,519 380,591
Charge for year 66,957 10,561 23,987 101,505
Eliminated on disposal - - (70,650 ) (70,650 )
Transfer from group company 12,708 3,306 - 16,014
At 30th April 2024 309,997 77,607 39,856 427,460
NET BOOK VALUE
At 30th April 2024 131,099 18,067 87,045 236,211
At 30th April 2023 143,620 22,980 61,821 228,421

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 1,309,852 1,309,733
Amounts owed by group undertakings 3,639,572 803,785
Other debtors 632,254 579,030
5,581,678 2,692,548

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 393,045 507,678
Amounts owed to group undertakings 5,650,749 895,264
Taxation and social security 663,120 519,225
Other creditors 955,473 1,154,061
7,662,387 3,076,228

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 62,500 -

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. 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.