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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
5
5
5
xbrli:pure
xbrli:shares
iso4217:GBP
04379914
2023-04-01
2024-03-31
04379914
2024-03-31
04379914
2023-03-31
04379914
2022-04-01
2023-03-31
04379914
2023-03-31
04379914
2022-03-31
04379914
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-04-01
2024-03-31
04379914
core:PlantMachinery
2023-04-01
2024-03-31
04379914
core:FurnitureFittings
2023-04-01
2024-03-31
04379914
core:MotorVehicles
2023-04-01
2024-03-31
04379914
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
04379914
bus:Director1
2023-04-01
2024-03-31
04379914
bus:Director2
2023-04-01
2024-03-31
04379914
bus:Director3
2023-04-01
2024-03-31
04379914
bus:Director4
2023-04-01
2024-03-31
04379914
core:LandBuildings
2023-03-31
04379914
core:PlantMachinery
2023-03-31
04379914
core:FurnitureFittingsToolsEquipment
2023-03-31
04379914
core:MotorVehicles
2023-03-31
04379914
core:LandBuildings
2024-03-31
04379914
core:PlantMachinery
2024-03-31
04379914
core:FurnitureFittingsToolsEquipment
2024-03-31
04379914
core:MotorVehicles
2024-03-31
04379914
core:LandBuildings
2023-04-01
2024-03-31
04379914
core:FurnitureFittingsToolsEquipment
2023-04-01
2024-03-31
04379914
core:WithinOneYear
2024-03-31
04379914
core:WithinOneYear
2023-03-31
04379914
core:AfterOneYear
2024-03-31
04379914
core:AfterOneYear
2023-03-31
04379914
core:ShareCapital
2024-03-31
04379914
core:ShareCapital
2023-03-31
04379914
core:RetainedEarningsAccumulatedLosses
2024-03-31
04379914
core:RetainedEarningsAccumulatedLosses
2023-03-31
04379914
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
04379914
core:Non-currentFinancialInstruments
2024-03-31
04379914
core:Non-currentFinancialInstruments
2023-03-31
04379914
core:LandBuildings
2023-03-31
04379914
core:PlantMachinery
2023-03-31
04379914
core:FurnitureFittingsToolsEquipment
2023-03-31
04379914
core:MotorVehicles
2023-03-31
04379914
bus:SmallEntities
2023-04-01
2024-03-31
04379914
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
04379914
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
04379914
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
04379914
bus:FullAccounts
2023-04-01
2024-03-31
04379914
core:ComputerEquipment
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
04379914
Filleted Unaudited Financial Statements |
|
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Spirit Displays Limited |
|
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spirit Displays Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Spirit Displays Limited, as a body, in accordance with the terms of our engagement letter dated 5 December 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Spirit Displays Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spirit Displays Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Spirit Displays Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spirit Displays Limited. You consider that Spirit Displays Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Spirit Displays Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
TURPIN BARKER ARMSTRONG
Chartered Certified Accountants
Allen House
1 Westmead Road
Sutton
Surrey
SM1 4LA
30 January 2025
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
1,171,909 |
1,154,932 |
Investments |
6 |
|
5 |
5 |
|
|
------------ |
------------ |
|
|
1,171,914 |
1,154,937 |
|
|
|
|
|
Current assets
Stocks |
638,441 |
|
602,272 |
Debtors |
7 |
445,748 |
|
535,599 |
Cash at bank and in hand |
244,558 |
|
267,544 |
|
------------ |
|
------------ |
|
1,328,747 |
|
1,405,415 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
469,303 |
|
571,734 |
|
------------ |
|
------------ |
Net current assets |
|
859,444 |
833,681 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,031,358 |
1,988,618 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
545,111 |
582,388 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
52,842 |
46,124 |
|
|
------------ |
------------ |
Net assets |
|
1,433,405 |
1,360,106 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
1,433,305 |
1,360,006 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,433,405 |
1,360,106 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 March 2024
These financial statements were approved by the
board of directors
and authorised for issue on
29 January 2025
, and are signed on behalf of the board by:
Mrs C S Weight |
Mrs S C Weight |
Director |
Director |
|
|
Mr A N Weight |
Mr H W Weight |
Director |
Director |
|
|
Company registration number:
04379914
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Lawson hunt Industrial Park, Broadbridge Heath, Horsham, West Sussex, United Kingdom, RH12 3JR.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
2% straight line |
|
Plant & Machinery |
- |
25% reducing balance |
|
Fixtures & Fittings |
- |
25% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
27
(2023:
30
).
5.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 April 2023 |
989,400 |
418,838 |
112,020 |
20,405 |
1,540,663 |
Additions |
– |
58,341 |
7,362 |
43,885 |
109,588 |
Disposals |
– |
(
45,747) |
(
34,302) |
(
5,999) |
(
86,048) |
|
--------- |
--------- |
--------- |
-------- |
------------ |
At 31 March 2024 |
989,400 |
431,432 |
85,080 |
58,291 |
1,564,203 |
|
--------- |
--------- |
--------- |
-------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 April 2023 |
18,964 |
284,782 |
66,846 |
15,139 |
385,731 |
Charge for the year |
9,894 |
39,140 |
9,312 |
10,962 |
69,308 |
Disposals |
– |
(
36,813) |
(
22,954) |
(
2,978) |
(
62,745) |
|
--------- |
--------- |
--------- |
-------- |
------------ |
At 31 March 2024 |
28,858 |
287,109 |
53,204 |
23,123 |
392,294 |
|
--------- |
--------- |
--------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 March 2024 |
960,542 |
144,323 |
31,876 |
35,168 |
1,171,909 |
|
--------- |
--------- |
--------- |
-------- |
------------ |
At 31 March 2023 |
970,436 |
134,056 |
45,174 |
5,266 |
1,154,932 |
|
--------- |
--------- |
--------- |
-------- |
------------ |
|
|
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
5 |
|
---- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 March 2024 |
5 |
|
---- |
At 31 March 2023 |
5 |
|
---- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
403,947 |
534,599 |
Other debtors |
41,801 |
1,000 |
|
--------- |
--------- |
|
445,748 |
535,599 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
31,038 |
53,703 |
Trade creditors |
146,827 |
312,626 |
Corporation tax |
118,535 |
89,828 |
Social security and other taxes |
86,784 |
65,948 |
Other creditors |
86,119 |
49,629 |
|
--------- |
--------- |
|
469,303 |
571,734 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
545,111 |
582,388 |
|
--------- |
--------- |
|
|
|
10.
Directors' advances, credits and guarantees
At no point during the year did advances/credits to the Director's Loan Account result in an overdrawn position.
11.
Related party transactions
As at 31st March 2024, Spirit Displays ZA (Pty) Ltd owed £79,655.86 to the company, a overseas company which
Spirit Displays Limited
own 100% of the ordinary shares. The directors confirm that all the related party transactions were at arms length and under normal commercial terms.