SP1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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
|
|
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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
|