REGISTERED NUMBER: |
IT @ Spectrum North East Limited |
Financial Statements for the Year Ended 30th April 2024 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
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 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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Disposals | ( |
) |
At 30th April 2024 |
AMORTISATION |
At 1st May 2023 |
Eliminated on disposal | ( |
) |
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 |
Disposals | ( |
) |
Transfer to group company | ( |
) |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to group company | ( |
) |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Taxation and social security |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |