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Registered number: 06777000










SP1 LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
SP1 LIMITED
REGISTERED NUMBER: 06777000

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 5 
502
502

Current assets
  

Cash at bank and in hand
  
8
8

Creditors: amounts falling due within one year
 6 
(502)
(502)

Net current liabilities
  
 
 
(494)
 
 
(494)

Total assets less current liabilities
  
8
8

Net assets
  
8
8


Capital and reserves
  

Called up share capital 
  
8
8


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2024.




D E Spencer
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
SP1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

SP1 Limited is a private company limited by shares, incorporated in England and Wales (registered number: 06777000). Its registered office is Unit 1 The Bridge Business Centre, Beresford Way, Chesterfield, Derbyshire, S41 9FG. The principal activity of the Company throughout the year continued to be that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net current liabilities of £494 as at 31 July 2024 and 31 July 2023. The Company has net current liabilities due to the amount of debt owed to fellow companies within The Skills People Group Limited group of companies (the "Group"). The Company has received assurances from the Group that a demand for repayment of these intercompany balances will only be made if the Company has sufficient resources to make the payment without prejudicing the ability of the Company to make other payments as and when they fall due. On this basis, the Board of Directors have concluded that the going concern basis of preparation is appropriate as the Company has sufficient means to enable it to meet its obligations as and when they fall due, for the foreseeable future.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 2

 
SP1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Auditors' remuneration

The audit fees in the current and prior year were borne by The Construction Skills People Limited.

Page 3

 
SP1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Employees



The average monthly number of employees, including directors, during the year was 3 (2023 - 4).


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 August 2023
502



At 31 July 2024
502




Page 4

 
SP1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

The Skills People Ltd
United Kingdom
Ordinary
100%
The Construction Skills People Ltd
United Kingdom
Ordinary
100%
Invest in Skills People Limited
United Kingdom
Ordinary
100%
Defence Skills People Ltd
United Kingdom
Ordinary
100%
Skills People Academies Limited
United Kingdom
Ordinary
100%
Utilities Skills People Ltd
United Kingdom
Ordinary
100%
The Logistics Skills People Ltd
United Kingdom
Ordinary
100%

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

The Skills People Ltd
(4,684)
-

The Construction Skills People Ltd
6,644,002
1,287,958

Invest in Skills People Limited
1
-

Defence Skills People Ltd
100
-

Skills People Academies Limited
100
-

Utilities Skills People Ltd
1
-

The Logistics Skills People Ltd
100
-


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
502
502



7.


Controlling party

SP1 Limited is a wholly owned subsidiary of The Skills People Group Limited, a company incorporated in England and Wales, in which the shares are held equally by three of its directors collectively with their wives (where appropriate). The parent of both the smallest and largest groups in which the results of              SP1 Limited are consolidated is The Skills People Group Limited. Copies of the financial statements of         The Skills People Group Limited can be obtained from Unit 1 The Bridge Business Centre,                    Beresford Way, Chesterfield, Derbyshire, S41 9FG.

Page 5

 
SP1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 12 December 2024 by Howard Freeman BSc FCA (Senior statutory auditor) on behalf of Shorts.

 
Page 6