0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,000 2,000 2,000 xbrli:pure xbrli:shares iso4217:GBP 02014972 2023-06-01 2024-05-31 02014972 2024-05-31 02014972 2023-05-31 02014972 2022-06-01 2023-05-31 02014972 2023-05-31 02014972 2022-05-31 02014972 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02014972 core:PlantMachinery 2023-06-01 2024-05-31 02014972 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 02014972 core:MotorVehicles 2023-06-01 2024-05-31 02014972 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 02014972 bus:Director1 2023-06-01 2024-05-31 02014972 bus:Director2 2023-06-01 2024-05-31 02014972 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 02014972 core:LandBuildings core:LongLeaseholdAssets 2023-05-31 02014972 core:PlantMachinery 2023-05-31 02014972 core:FurnitureFittingsToolsEquipment 2023-05-31 02014972 core:MotorVehicles 2023-05-31 02014972 core:LandBuildings core:OwnedOrFreeholdAssets 2024-05-31 02014972 core:LandBuildings core:LongLeaseholdAssets 2024-05-31 02014972 core:PlantMachinery 2024-05-31 02014972 core:FurnitureFittingsToolsEquipment 2024-05-31 02014972 core:MotorVehicles 2024-05-31 02014972 core:LandBuildings core:LongLeaseholdAssets 2023-06-01 2024-05-31 02014972 core:LandBuildings core:LongLeaseholdAssets 2023-05-31 02014972 core:WithinOneYear 2024-05-31 02014972 core:WithinOneYear 2023-05-31 02014972 core:ShareCapital 2024-05-31 02014972 core:ShareCapital 2023-05-31 02014972 core:RevaluationReserve 2024-05-31 02014972 core:RevaluationReserve 2023-05-31 02014972 core:RetainedEarningsAccumulatedLosses 2024-05-31 02014972 core:RetainedEarningsAccumulatedLosses 2023-05-31 02014972 core:CostValuation core:Non-currentFinancialInstruments 2024-05-31 02014972 core:Non-currentFinancialInstruments 2024-05-31 02014972 core:Non-currentFinancialInstruments 2023-05-31 02014972 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 02014972 core:PlantMachinery 2023-05-31 02014972 core:FurnitureFittingsToolsEquipment 2023-05-31 02014972 core:MotorVehicles 2023-05-31 02014972 bus:SmallEntities 2023-06-01 2024-05-31 02014972 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02014972 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 02014972 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02014972 bus:FullAccounts 2023-06-01 2024-05-31 02014972 bus:OrdinaryShareClass1 2024-05-31 02014972 bus:OrdinaryShareClass1 2023-05-31
COMPANY REGISTRATION NUMBER: 02014972
P J Spillings Limited
Unaudited financial statements
31 May 2024
P J Spillings Limited
Statement of financial position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,980,564
2,604,809
Investments
6
2,000
2,000
-----------
-----------
2,982,564
2,606,809
Current assets
Debtors
7
388,248
570,030
Cash at bank and in hand
27,465
378,518
---------
---------
415,713
948,548
Creditors: Amounts falling due within one year
8
( 131,051)
( 68,207)
---------
---------
Net current assets
284,662
880,341
-----------
-----------
Total assets less current liabilities
3,267,226
3,487,150
Provisions
Taxation including deferred tax
( 50,819)
( 51,904)
-----------
-----------
Net assets
3,216,407
3,435,246
-----------
-----------
Capital and reserves
Called up share capital
9
1,000
1,000
Revaluation reserve
222,855
222,855
Profit and loss account
2,992,552
3,211,391
-----------
-----------
Shareholders funds
3,216,407
3,435,246
-----------
-----------
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 May 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 .
P J Spillings Limited
Statement of financial position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr P J Spillings
Mrs L A Spillings
Director
Director
Company registration number: 02014972
P J Spillings Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 41 Pinbush Road, South Lowestoft Industrial Est., Lowestoft, Suffolk, NR33 7NL.
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.
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
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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:- Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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
-
15% straight line
Fixtures & Fittings
-
10% straight line
Motor Vehicles
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of employees during the year was Nil (2023: Nil).
5. Tangible assets
Freehold property
Investment Properties
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
2,397,330
510,004
270,359
21,431
46,589
3,245,713
Additions
233,242
163,674
3,100
400,016
-----------
---------
---------
-------
-------
-----------
At 31 May 2024
2,630,572
673,678
270,359
24,531
46,589
3,645,729
-----------
---------
---------
-------
-------
-----------
Depreciation
At 1 June 2023
320,504
253,098
20,714
46,588
640,904
Charge for the year
19,023
4,599
639
24,261
-----------
---------
---------
-------
-------
-----------
At 31 May 2024
339,527
257,697
21,353
46,588
665,165
-----------
---------
---------
-------
-------
-----------
Carrying amount
At 31 May 2024
2,291,045
673,678
12,662
3,178
1
2,980,564
-----------
---------
---------
-------
-------
-----------
At 31 May 2023
2,076,826
510,004
17,261
717
1
2,604,809
-----------
---------
---------
-------
-------
-----------
Investment Properties were revalued by the directors at 31 May 2021 based on open market value with existing use. In the opinion of the director's this valuation is materially unchanged at 31 May 2024. Included in freehold property is non depreciable land amounting to £1,663,425.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment Properties
£
At 31 May 2024
Aggregate cost
410,715
Aggregate depreciation
---------
Carrying value
410,715
---------
At 31 May 2023
Aggregate cost
247,041
Aggregate depreciation
---------
Carrying value
247,041
---------
6. Investments
Investments in subsidiaries
£
Cost
At 1 June 2023 and 31 May 2024
2,000
------
Impairment
At 1 June 2023 and 31 May 2024
------
Carrying amount
At 31 May 2024
2,000
------
At 31 May 2023
2,000
------
The company owns 100% of the issued share capital of the companies listed below,
P J Spillings (Builders) Limited
P J Spillings (Joinery) Limited
7. Debtors
2024
2023
£
£
Trade debtors
650
1,950
Amounts owed by group undertakings and undertakings in which the company has a participating interest
10,739
295,196
Other debtors
376,859
272,884
---------
---------
388,248
570,030
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
37,392
41,207
Other creditors
93,659
27,000
---------
-------
131,051
68,207
---------
-------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
------
------
------
------