Spedeworth Fabrications 2015 Ltd
Registered number: 09521856
Statement of Financial Position
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 28,495 11,327
Current assets
Stocks 405,802 486,488
Debtors 4 68,986 60,218
Cash at bank and in hand 16,501 24,274
491,289 570,980
Creditors: amounts falling due within one year 5 (123,153) (79,709)
Net current assets 368,136 491,271
Total assets less current liabilities 396,631 502,598
Creditors: amounts falling due after more than one year 6 (129,000) (141,000)
Provisions for liabilities - (2,152)
Net assets 267,631 359,446
Capital and reserves
Called up share capital 100 100
Profit and loss account 267,531 359,346
Shareholder's funds 267,631 359,446
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B R Wood
Director
Approved by the board on 21 March 2025
Spedeworth Fabrications 2015 Ltd
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 27,625
Additions 26,666
At 31 December 2024 54,291
Depreciation
At 1 January 2024 16,298
Charge for the year 9,498
At 31 December 2024 25,796
Net book value
At 31 December 2024 28,495
At 31 December 2023 11,327
4 Debtors 2024 2023
£ £
Trade debtors 57,274 51,247
Other debtors 11,712 8,971
68,986 60,218
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 25,900 22,395
Accruals 1,950 1,925
Corporation tax - 11,293
Other taxes and social security costs 12,276 5,533
Other creditors 83,027 38,563
123,153 79,709
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 129,000 141,000
7 Other information
Spedeworth Fabrications 2015 Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Spedeworth House, Hollybush Ind. Park
Hollybush Lane
Aldershot
Hampshire
GU11 2PX
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