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Registration number: 12394505

SPC Warrington Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

SPC Warrington Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

SPC Warrington Ltd

Company Information

Directors

Mr Mohammad Waheed

Mr Adam Waheed

Registered office

York House
20 York Street
Manchester
M2 3BB

Accountants

Williamson Croft Accountants Limited
Chartered Certified AccountantsYork House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
SPC Warrington Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SPC Warrington Ltd for the year ended 30 September 2024 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of SPC Warrington Ltd, as a body, in accordance with the terms of our engagement letter dated 1 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of SPC Warrington Ltd and state those matters that we have agreed to state to the Board of Directors of SPC Warrington Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SPC Warrington Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that SPC Warrington Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of SPC Warrington Ltd. You consider that SPC Warrington Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of SPC Warrington Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

8 April 2025

 

SPC Warrington Ltd

(Registration number: 12394505)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

937,537

1,037,537

Debtors

5

43,768

16,957

Cash at bank and in hand

 

4,468

4,141

 

985,773

1,058,635

Creditors: Amounts falling due within one year

6

(1,093,501)

(1,161,257)

Net liabilities

 

(107,728)

(102,622)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(107,828)

(102,722)

Shareholders' deficit

 

(107,728)

(102,622)

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 8 April 2025 and signed on its behalf by:
 

.........................................
Mr Adam Waheed
Director

 

SPC Warrington Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
York House
20 York Street
Manchester
M2 3BB

These financial statements were authorised for issue by the Board on 8 April 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.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in the preparation of the financial statements.

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 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.

 

SPC Warrington Ltd

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

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.

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.

Stocks

Stock relates to property development and is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct materials, direct labour costs, direct finance costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 directors) during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Work in progress

937,537

1,037,537

 

SPC Warrington Ltd

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

5

Debtors

2024
£

2023
£

Trade debtors

13,191

12,000

Prepayments

5,811

4,956

Other debtors

24,766

1

43,768

16,957

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,685

180

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

1,078,654

1,034,183

Taxation and social security

 

338

2,622

Accruals and deferred income

 

11,824

51,878

Other creditors

 

-

72,394

 

1,093,501

1,161,257

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

SPC Warrington Ltd

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

8

Related party transactions

The company has taken advantage of the exemption conferred by FRS102 not to disclose transactions with wholly owned members of the group.

As at the period end there were amounts totalling £24,765 (2023: £72,394 owed to the directors) owed by the directors. The amounts are unsecured and repayable on demand.

9

Parent and ultimate parent undertaking

The company's immediate parent is Strategic Property Corporation Ltd, incorporated in England and Wales.