Company registration number 10602308 (England and Wales)
SPC KENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SPC KENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SPC KENT LIMITED (REGISTERED NUMBER: 10602308)
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,225
14,834
Current assets
Debtors
4
21,109
12,056
Cash at bank and in hand
45,801
63,009
66,910
75,065
Creditors: amounts falling due within one year
5
(24,124)
(41,459)
Net current assets
42,786
33,606
Total assets less current liabilities
54,011
48,440
Creditors: amounts falling due after more than one year
6
(32,985)
(38,056)
Provisions for liabilities
(1,914)
(2,769)
Net assets
19,112
7,615
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
19,012
7,515
Total equity
19,112
7,615
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPC KENT LIMITED (REGISTERED NUMBER: 10602308)
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 August 2024
Mr P Stanley
Director
SPC KENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
SPC Kent Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of consideration received or receivable for the goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria also must be met before turnover is recognised.
Turnover for the sale of goods is recognised when all of the following conditions are met: |
- The company has transferred the significant risks and rewards of ownership to the buyer; |
- the amount of turnover can be recognised reliably and; |
- It is probable that the company will receive the consideration due under the transaction. |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- The amount of turnover can be measure reliably.
- It is probable that the company will receive the consideration under the contract.
-The stage of completion of the contract at the end of the reporting period can be measure reliably; and
- The costs incurred and the costs to complete the contract can be measure reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
SPC KENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
-25% on reducing balance
Fixtures and fittings
-25% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2023
36,150
3,631
39,781
Additions
626
626
Disposals
(2,690)
(2,690)
At 30 April 2024
36,150
1,567
37,717
Depreciation and impairment
At 1 May 2023
22,118
2,829
24,947
Depreciation charged in the year
3,508
181
3,689
Eliminated in respect of disposals
(2,144)
(2,144)
At 30 April 2024
25,626
866
26,492
Carrying amount
At 30 April 2024
10,524
701
11,225
At 30 April 2023
14,032
802
14,834
SPC KENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,109
12,056
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,742
8,498
Trade creditors
432
6,432
Taxation and social security
12,609
17,891
Other creditors
2,341
8,638
24,124
41,459
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
32,985
38,056
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Financial commitments, guarantees and contingent liabilities
Included within loans is an amount of £41,727.78 (PY: 46,554.51) borrowed as part of the CBIL scheme in 2020.
The initial amount borrowed was £50,000 and as part of the loan scheme the UK government guaranteed the advance and paid the interest and fees due for the first 12 months.
The loan now attracts an interest rate of 0.45%.