Company Registration No. 01641557 (England and Wales)
S. P. Bardwell Limited
Unaudited accounts
for the year ended 31 May 2024
S. P. Bardwell Limited
Statement of financial position
as at 31 May 2024
Tangible assets
409,419
397,182
Cash at bank and in hand
165,775
142,196
Creditors: amounts falling due within one year
(336,185)
(392,362)
Net current liabilities
(27,474)
(14,786)
Total assets less current liabilities
381,945
382,396
Creditors: amounts falling due after more than one year
(153,337)
(103,212)
Provisions for liabilities
Deferred tax
(77,789)
(63,439)
Net assets
150,819
215,745
Called up share capital
100
100
Profit and loss account
150,719
215,645
Shareholders' funds
150,819
215,745
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by
S P Bardwell
Director
Company Registration No. 01641557
S. P. Bardwell Limited
Notes to the Accounts
for the year ended 31 May 2024
S. P. Bardwell Limited is a private company, limited by shares, registered in England and Wales, registration number 01641557. The registered office is Unit 6 Mapledean Industrial Estate, Latchingdon, Chelmsford, Essex, CM3 6LG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% reducing balance
Motor vehicles
10% reducing balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
S. P. Bardwell Limited
Notes to the Accounts
for the year ended 31 May 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 June 2023
625,008
457,961
1,082,969
Additions
87,700
27,336
115,036
Disposals
(183,290)
(155,036)
(338,326)
At 31 May 2024
529,418
330,261
859,679
At 1 June 2023
436,922
248,865
685,787
Charge for the year
17,053
17,631
34,684
On disposals
(165,729)
(104,482)
(270,211)
At 31 May 2024
288,246
162,014
450,260
At 31 May 2024
241,172
168,247
409,419
At 31 May 2023
188,086
209,096
397,182
Amounts falling due within one year
Trade debtors
99,492
195,343
Other debtors
15,944
10,037
S. P. Bardwell Limited
Notes to the Accounts
for the year ended 31 May 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
20,929
23,840
Obligations under finance leases and hire purchase contracts
36,295
-
Trade creditors
172,035
276,799
Amounts owed to group undertakings and other participating interests
517
-
Taxes and social security
50,741
12,047
Other creditors
16,552
79,676
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
133,070
71,690
The ultimate controlling party is S P Bardwell Holdings Limited, which is controlled by S P Bardwell Trustees Limited Employee Ownership Trust.
9
Average number of employees
During the year the average number of employees was 18 (2023: 21).