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COMPANY REGISTRATION NUMBER: 07673658
Spartan Mechanical Ltd
Filleted Unaudited Financial Statements
Year ended
30 June 2024
Spartan Mechanical Ltd
Financial Statements
Year ended 30 June 2024
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Spartan Mechanical Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Spartan Mechanical Ltd
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spartan Mechanical Ltd for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
PORTER GARLAND Chartered accountants
Communication House Victoria Avenue Camberley Surrey GU15 3HX
24 March 2025
Spartan Mechanical Ltd
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
41,902
8,504
Current assets
Debtors
7
253,707
150,224
Cash at bank and in hand
6,333
59,739
---------
---------
260,040
209,963
Creditors: amounts falling due within one year
8
261,108
181,254
---------
---------
Net current (liabilities)/assets
( 1,068)
28,709
--------
--------
Total assets less current liabilities
40,834
37,213
Creditors: amounts falling due after more than one year
9
28,255
33,255
--------
--------
Net assets
12,579
3,958
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
12,479
3,858
--------
-------
Shareholders funds
12,579
3,958
--------
-------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 .
Spartan Mechanical Ltd
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mr A Taylor
Director
Company registration number: 07673658
Spartan Mechanical Ltd
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 3 Winkworth Business Park, London Road, Hartley Wintney, Hook, Hampshire, RG27 8WP, England.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from contracts for the provision of building services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is is probable will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Plant and machinery
-
12% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
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.
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. 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.
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. Government grants
Included in other operating income is the amount of £7,500 (2023: 1,500) in respect of claims made through the Boiler Upgrade Scheme(BUS) this year and Coronavirus job retention scheme last year.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 10 ).
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
8,463
2,138
25,905
7,592
44,098
Additions
20,415
19,566
1,545
41,526
Disposals
( 9,910)
( 9,910)
--------
--------
--------
-------
--------
At 30 June 2024
28,878
21,704
15,995
9,137
75,714
--------
--------
--------
-------
--------
Depreciation
At 1 July 2023
5,390
1,525
23,490
5,189
35,594
Charge for the year
2,706
1,483
1,524
5,713
Disposals
( 7,495)
( 7,495)
--------
--------
--------
-------
--------
At 30 June 2024
8,096
3,008
15,995
6,713
33,812
--------
--------
--------
-------
--------
Carrying amount
At 30 June 2024
20,782
18,696
2,424
41,902
--------
--------
--------
-------
--------
At 30 June 2023
3,073
613
2,415
2,403
8,504
--------
--------
--------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
100,364
66,096
Other debtors
153,343
84,128
---------
---------
253,707
150,224
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,324
6,219
Trade creditors
155,587
123,508
Social security and other taxes
25,999
28,640
Other creditors
69,198
22,887
---------
---------
261,108
181,254
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,255
33,255
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
78,306
24,026
Later than 1 year and not later than 5 years
173,000
44,886
---------
--------
251,306
68,912
---------
--------
11. Directors' advances, credits and guarantees
At the balance sheet date, the company was owed £65,860 (2023: nil) by the directors of the company, which was repaid in full within 9 months of the year end.