Company Registration No. 05828792 (England and Wales)
SPALDERS LIMITED
Unaudited accounts
for the year ended 31 May 2024
SPALDERS LIMITED
Unaudited accounts
Contents
SPALDERS LIMITED
Company Information
for the year ended 31 May 2024
Director
Giovanni Vitaglione
Company Number
05828792 (England and Wales)
Registered Office
125 Great Titchfield Street
London
W1W 6RZ
SPALDERS LIMITED
Statement of financial position
as at 31 May 2024
Tangible assets
69,053
76,720
Cash at bank and in hand
81,525
105,870
Creditors: amounts falling due within one year
11,252
(132,946)
Net current assets
216,261
84,412
Total assets less current liabilities
285,314
161,132
Creditors: amounts falling due after more than one year
(9,703)
(19,952)
Provisions for liabilities
Net assets
275,034
140,603
Called up share capital
1,000
1,000
Profit and loss account
274,034
139,603
Shareholders' funds
275,034
140,603
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 director acknowledges his 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 and authorised for issue on 31 July 2024 and were signed on its behalf by
Giovanni Vitaglione
Director
Company Registration No. 05828792
SPALDERS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
SPALDERS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05828792. The registered office is 125 Great Titchfield Street , London, W1W 6RZ.
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:
Land & buildings
over life of the lease
Fixtures & fittings
15% on reducing balance
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs of complete and sell is recognised as an impairment loss in profit and loss. Reversal of impairment losses are also recognised in profit and loss.
SPALDERS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash at bank and in hand are basic financial assets and included cash in hand, deposit held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts.
The company has elected to apply the provision of Section 11'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement
constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities
SPALDERS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are
classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where
the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial
liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are
presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable
on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be
recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally
enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SPALDERS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
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Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 June 2023
135,731
31,157
166,888
At 31 May 2024
135,731
31,493
167,224
At 1 June 2023
64,626
25,542
90,168
Charge for the year
7,110
893
8,003
At 31 May 2024
71,736
26,435
98,171
At 31 May 2024
63,995
5,058
69,053
At 31 May 2023
71,105
5,615
76,720
Amounts falling due within one year
Trade debtors
5,068
12,220
Accrued income and prepayments
16,813
5,833
Other debtors
88,157
75,353
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,644
10,644
Trade creditors
26,417
62,172
Taxes and social security
85,928
87,565
Other creditors
24,401
16,533
Loans from directors
(180,077)
(64,963)
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Creditors: amounts falling due after more than one year
2024
2023
SPALDERS LIMITED
Notes to the Accounts
for the year ended 31 May 2024
8
Operating lease commitments
2024
2023
At 31 May 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
70,000
70,000
Later than one year and not later than five years
280,000
280,000
Later than five years
280,000
280,000
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Average number of employees
During the year the average number of employees was 16 (2023: 11).