IRIS Accounts Production v24.3.2.46 04848271 Board of Directors 1.8.23 31.7.24 31.7.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh048482712023-07-31048482712024-07-31048482712023-08-012024-07-31048482712022-07-31048482712022-08-012023-07-31048482712023-07-3104848271ns15:EnglandWales2023-08-012024-07-3104848271ns14:PoundSterling2023-08-012024-07-3104848271ns10:Director12023-08-012024-07-3104848271ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3104848271ns10:SmallEntities2023-08-012024-07-3104848271ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-3104848271ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-3104848271ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-3104848271ns10:FullAccounts2023-08-012024-07-310484827112023-08-012024-07-3104848271ns10:Director22023-08-012024-07-3104848271ns10:RegisteredOffice2023-08-012024-07-3104848271ns5:CurrentFinancialInstruments2024-07-3104848271ns5:CurrentFinancialInstruments2023-07-3104848271ns5:ShareCapital2024-07-3104848271ns5:ShareCapital2023-07-3104848271ns5:RetainedEarningsAccumulatedLosses2024-07-3104848271ns5:RetainedEarningsAccumulatedLosses2023-07-3104848271ns5:NetGoodwill2023-08-012024-07-3104848271ns5:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3104848271ns5:PlantMachinery2023-08-012024-07-3104848271ns5:NetGoodwill2023-07-3104848271ns5:NetGoodwill2024-07-3104848271ns5:NetGoodwill2023-07-3104848271ns5:PlantMachinery2023-07-3104848271ns5:PlantMachinery2024-07-3104848271ns5:PlantMachinery2023-07-3104848271ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3104848271ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-31
REGISTERED NUMBER: 04848271 (England and Wales)















Spectrum Autos Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024






Spectrum Autos Limited (Registered number: 04848271)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spectrum Autos Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: M F Malek
F M Malek





REGISTERED OFFICE: Thomas Street
Bradford Road
Batley
West Yorkshire
WF17 8PR





REGISTERED NUMBER: 04848271 (England and Wales)





ACCOUNTANTS: Howard & Co. Accountants LLP
6 Market Street
Birstall
West Yorkshire
WF17 9EN

Spectrum Autos Limited (Registered number: 04848271)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,181 4,363
Tangible assets 5 21,553 26,989
23,734 31,352

CURRENT ASSETS
Stocks 33,395 60,895
Debtors 6 19,898 34,467
Cash at bank 29,276 9,051
82,569 104,413
CREDITORS
Amounts falling due within one year 7 34,898 45,558
NET CURRENT ASSETS 47,671 58,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

71,405

90,207

PROVISIONS FOR LIABILITIES 4,095 5,128
NET ASSETS 67,310 85,079

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 67,210 84,979
SHAREHOLDERS' FUNDS 67,310 85,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Autos Limited (Registered number: 04848271)

Balance Sheet - continued
31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 March 2025 and were signed on its behalf by:





F M Malek - Director


Spectrum Autos Limited (Registered number: 04848271)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

Spectrum Autos Limited 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 incorporation of the business in 2004, was estimated to have a remaining useful life of 10 years on 1 August 2015 on transition to Financial Reporting Standard 102 and is being amortised evenly over this period.

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.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% 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 year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Spectrum Autos Limited (Registered number: 04848271)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 30,000
AMORTISATION
At 1 August 2023 25,637
Charge for year 2,182
At 31 July 2024 27,819
NET BOOK VALUE
At 31 July 2024 2,181
At 31 July 2023 4,363

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 82,349
DEPRECIATION
At 1 August 2023 55,360
Charge for year 5,436
At 31 July 2024 60,796
NET BOOK VALUE
At 31 July 2024 21,553
At 31 July 2023 26,989

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 18,270 32,514
Other debtors 1,628 1,953
19,898 34,467

Spectrum Autos Limited (Registered number: 04848271)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,172 5,133
Taxation and social security 15,299 12,973
Other creditors 18,427 27,452
34,898 45,558

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors: amounts falling due within one year were loans from the director of £16,453. (2023: £25,255). The loans were interest free, with no fixed date for repayment.