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Registration number: 12642161

Specialist Imports Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Specialist Imports Ltd

Company Information

Director

Mr Daniel McCullough

Registered office

Blythewood
Bix
Henley on Thames
RG9 4RY

Accountants

Mehta & Tengra 9 Berners Place
London
W1T 3AD

 

Specialist Imports Ltd

(Registration number: 12642161)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Debtors

5

248,937

239,442

Cash at bank and in hand

 

36,329

46,787

 

285,266

286,229

Creditors: Amounts falling due within one year

6

(155,090)

(177,209)

Net assets

 

130,176

109,020

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

130,175

109,019

Shareholders' funds

 

130,176

109,020

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2025
 

.........................................
Mr Daniel McCullough
Director

 

Specialist Imports Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

1

109,019

109,020

Profit for the year

-

21,156

21,156

At 30 June 2024

1

130,175

130,176

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

1

92,025

92,026

Profit for the year

-

16,994

16,994

At 30 June 2023

1

109,019

109,020

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Blythewood
Bix
Henley on Thames
RG9 4RY

These financial statements were authorised for issue by the director on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

6,352

3,986

5

Debtors

Current

2024
£

2023
£

Trade debtors

241,188

232,092

Other debtors

7,749

7,350

 

248,937

239,442

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

140,209

168,582

Amounts owed to related party

8

2,880

-

Accruals and deferred income

 

1,550

4,640

Corporation tax

 

10,451

3,987

 

155,090

177,209

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Related party transactions

Summary of transactions with other related parties

The shareholder & director is also a director & shareholder another company.

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

476,871

Amounts receivable from related party

241,188

2023

Other related parties
£

Sale of goods

537,243

Amounts receivable from related party

232,092

Expenditure with and payables to related parties

 

Specialist Imports Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024

Other related parties
£

Amounts payable to related party

81,396

2023

Other related parties
£

Management charges

40,000

Amounts payable to related party

106,516