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REGISTERED NUMBER: 10642266 (England and Wales)













FINANCIAL STATEMENTS

FOR THE PERIOD

28 FEBRUARY 2023 TO 26 FEBRUARY 2024

FOR

SPECTRUM COATINGS SOUTHWEST LTD

SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 28 FEBRUARY 2023 TO 26 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPECTRUM COATINGS SOUTHWEST LTD

COMPANY INFORMATION
FOR THE PERIOD 28 FEBRUARY 2023 TO 26 FEBRUARY 2024







DIRECTOR: Mr M T Busby



REGISTERED OFFICE: 2 Quicks Units, Buttlands Ind. Estate
Totnes Road
Ipplepen
Newton Abbot
Devon
TQ12 5UE



REGISTERED NUMBER: 10642266 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
42 Courtenay Street
Newton Abbot
Devon
TQ12 2EB

SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266)

BALANCE SHEET
26 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,750 10,500
Tangible assets 5 20,892 26,888
30,642 37,388

CURRENT ASSETS
Stocks 6 2,525 2,000
Debtors 7 - 1,066
Cash at bank - 1,644
2,525 4,710
CREDITORS
Amounts falling due within one year 8 38,819 34,753
NET CURRENT LIABILITIES (36,294 ) (30,043 )
TOTAL ASSETS LESS CURRENT LIABILITIES (5,652 ) 7,345

CREDITORS
Amounts falling due after more than one
year

9

14,659

22,385
NET LIABILITIES (20,311 ) (15,040 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (20,312 ) (15,041 )
SHAREHOLDERS' FUNDS (20,311 ) (15,040 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 26 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266)

BALANCE SHEET - continued
26 FEBRUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 February 2025 and were signed by:





Mr M T Busby - Director


SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 28 FEBRUARY 2023 TO 26 FEBRUARY 2024


1. STATUTORY INFORMATION

Spectrum Coatings Southwest Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 FEBRUARY 2023 TO 26 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The company meets its day to day working capital requirements through a loan provided by Mr M Busby, a Director of the company. He will continue to support the company in this way until such times as profits are made.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 28 February 2023
and 26 February 2024 15,000
AMORTISATION
At 28 February 2023 4,500
Amortisation for period 750
At 26 February 2024 5,250
NET BOOK VALUE
At 26 February 2024 9,750
At 27 February 2023 10,500

SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 FEBRUARY 2023 TO 26 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 28 February 2023
and 26 February 2024 32,328 21,995 54,323
DEPRECIATION
At 28 February 2023 17,812 9,623 27,435
Charge for period 2,903 3,093 5,996
At 26 February 2024 20,715 12,716 33,431
NET BOOK VALUE
At 26 February 2024 11,613 9,279 20,892
At 27 February 2023 14,516 12,372 26,888

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 28 February 2023
and 26 February 2024 21,995
DEPRECIATION
At 28 February 2023 9,623
Charge for period 3,093
At 26 February 2024 12,716
NET BOOK VALUE
At 26 February 2024 9,279
At 27 February 2023 12,372

6. STOCKS
2024 2023
£    £   
Stocks 2,525 2,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 1,066

SPECTRUM COATINGS SOUTHWEST LTD (REGISTERED NUMBER: 10642266)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 28 FEBRUARY 2023 TO 26 FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,884 2,940
Hire purchase contracts 4,000 3,634
Directors' current accounts 26,483 24,542
Accrued expenses 3,452 3,637
38,819 34,753

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 5,560 9,286
Hire purchase contracts 9,099 13,099
14,659 22,385

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 26 February 2024 and the year ended 27 February 2023:

2024 2023
£    £   
Mr M T Busby
Balance outstanding at start of period (24,542 ) (42,803 )
Amounts advanced 1,651 21,050
Amounts repaid (3,592 ) (2,789 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (26,483 ) (24,542 )

Loans are interest free and repayable on demand.