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REGISTERED NUMBER: 09310194 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Spheretech Limited

Spheretech Limited (Registered number: 09310194)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


Spheretech Limited

Company Information
for the year ended 31 December 2024







DIRECTORS: D L Knibbs
M Knibbs





REGISTERED OFFICE: Pacioli House
9 Brookfield, Duncan Close
Moulton Park
Northampton
Northamptonshire
NN3 6WL





REGISTERED NUMBER: 09310194 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

Spheretech Limited (Registered number: 09310194)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 86,258 105,864
86,258 105,864

CURRENT ASSETS
Stocks 6 28,400 35,650
Debtors 7 301,515 489,936
Cash at bank 641,363 365,374
971,278 890,960
CREDITORS
Amounts falling due within one year 8 761,589 660,091
NET CURRENT ASSETS 209,689 230,869
TOTAL ASSETS LESS CURRENT
LIABILITIES

295,947

336,733

CREDITORS
Amounts falling due after more than one
year

9

(34,731

)

(70,190

)

PROVISIONS FOR LIABILITIES (5,063 ) (8,139 )
NET ASSETS 256,153 258,404

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 256,053 258,304
SHAREHOLDERS' FUNDS 256,153 258,404

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Spheretech Limited (Registered number: 09310194)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:




M Knibbs - Director



D L Knibbs - Director


Spheretech Limited (Registered number: 09310194)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Spheretech Limited is a private company, limited by shares, incorporated and domiciled in England. The company's registered number and registered office address can be found on the Company Information Page.

The principal place of business is Concept Park, Watling Street, Towcester, Northamptonshire, NN12 7YD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to the 31st December each year.

Significant judgements and estimates
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(a) Accruals and deferred income
In determining the value of accruals and deferred income, management takes into account the most reliable evidence available at the dates the estimates are made.

Deferred income consists of twelve-month maintenance service agreements which are spread over the period of the contract based upon the number of services visits.

Turnover
Turnover represents the invoiced amount of services and installations provided stated net of value added tax. The turnover and pre tax profit is wholly attributable to the operating activities of the company. Turnover is recognised upon evidence of the installation of the units or evidence of the date the service is provided.

Goodwill
Negative goodwill, being the amount paid in connection with the acquisition of a business in 2014, is amortised according to the consumption of the underlying assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Spheretech Limited (Registered number: 09310194)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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 Statement of Income and Retained Earnings, 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.

Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Leasing commitments
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term.

Spheretech Limited (Registered number: 09310194)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 (150,446 )
AMORTISATION
At 1 January 2024
and 31 December 2024 (150,446 )
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 11,325 23,763 261,533 296,621
Additions - 2,056 17,140 19,196
At 31 December 2024 11,325 25,819 278,673 315,817
DEPRECIATION
At 1 January 2024 8,483 17,287 164,987 190,757
Charge for year 956 2,957 34,889 38,802
At 31 December 2024 9,439 20,244 199,876 229,559
NET BOOK VALUE
At 31 December 2024 1,886 5,575 78,797 86,258
At 31 December 2023 2,842 6,476 96,546 105,864

Spheretech Limited (Registered number: 09310194)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 104,294
Additions 17,140
At 31 December 2024 121,434
DEPRECIATION
At 1 January 2024 20,780
Charge for year 30,001
At 31 December 2024 50,781
NET BOOK VALUE
At 31 December 2024 70,653
At 31 December 2023 83,514

6. STOCKS
2024 2023
£    £   
Stocks 28,400 35,650

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 230,303 421,602
Amounts recoverable on contract 13,160 19,570
Other debtors 58,052 48,764
301,515 489,936

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 10) 36,807 26,731
Trade creditors 246,687 311,637
Taxation and social security 178,498 103,484
Other creditors 289,597 208,239
761,589 660,091

Spheretech Limited (Registered number: 09310194)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,666 16,666
Hire purchase contracts (see note 10) 28,065 53,524
34,731 70,190

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 36,807 26,731
Between one and five years 28,065 53,524
64,872 80,255

Non-cancellable operating leases
2024 2023
£    £   
Within one year 31,009 33,828
Between one and five years - 31,009
31,009 64,837

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 64,872 80,255

Spheretech Limited (Registered number: 09310194)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

12. FINANCIAL RISK MANAGEMENT

The company has some significant exposure to credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk
The company has no exposure to foreign currency risks as all of the company's sales and purchases are denominated in sterling.

Credit risk
The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities, which it does by maintaining an overdraft facility.

Market risk
There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets.

The company holds no derivative financial instruments at the year end.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
51 "A" Ordinary £1 51 51
40 "B" Ordinary £1 40 40
9 "C" Ordinary £1 9 9
100 100