3 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 1,719,304 186,904 1,532,400 1,532,400 1,719,304 xbrli:pure xbrli:shares iso4217:GBP 01092686 2024-01-01 2024-12-31 01092686 2024-12-31 01092686 2023-12-31 01092686 2023-01-01 2023-12-31 01092686 2023-12-31 01092686 2022-12-31 01092686 bus:Director4 2024-01-01 2024-12-31 01092686 core:WithinOneYear 2024-12-31 01092686 core:WithinOneYear 2023-12-31 01092686 core:ShareCapital 2024-12-31 01092686 core:ShareCapital 2023-12-31 01092686 core:CapitalRedemptionReserve 2024-12-31 01092686 core:CapitalRedemptionReserve 2023-12-31 01092686 core:RetainedEarningsAccumulatedLosses 2024-12-31 01092686 core:RetainedEarningsAccumulatedLosses 2023-12-31 01092686 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 01092686 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-12-31 01092686 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 01092686 core:Non-currentFinancialInstruments 2024-12-31 01092686 core:Non-currentFinancialInstruments 2023-12-31 01092686 bus:Director1 2024-01-01 2024-12-31 01092686 bus:SmallEntities 2024-01-01 2024-12-31 01092686 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 01092686 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01092686 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01092686 bus:FullAccounts 2024-01-01 2024-12-31 01092686 core:MotorVehicles 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 01092686
Speeds Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2024
Speeds Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Investments
5
1,532,400
1,719,304
Current assets
Cash at bank and in hand
4,202
31,867
Creditors: amounts falling due within one year
6
22,405
115,158
--------
----------
Net current liabilities
18,203
83,291
-------------
-------------
Total assets less current liabilities
1,514,197
1,636,013
-------------
-------------
Net assets
1,514,197
1,636,013
-------------
-------------
Capital and reserves
Called up share capital
64,581
64,581
Capital redemption reserve
25,739
25,739
Profit and loss account
1,423,877
1,545,693
-------------
-------------
Shareholders funds
1,514,197
1,636,013
-------------
-------------
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 income statement has not been delivered.
For the year ending 31 December 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 .
Speeds Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 22 April 2025 , and are signed on behalf of the board by:
M Speed
Director
Company registration number: 01092686
Speeds Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Slaley Hall, Slaley, Bonsall, Matlock, DE4 2BB, Derbyshire.
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
(a) 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.
(b) Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
(c) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(d) Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income receivable net of value added tax. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements. Revenue from the provision of management services is recognised when the the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Dividend income is recognised when the company's right to receive payment is established.
(e) 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 .
(f) 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:
Motor vehicles
-
15 - 25% straight line
(g) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(h) 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
(i) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 5 ).
5. Investments
Investment Properties
£
Cost
At 1 January 2024
1,719,304
Revaluations
( 186,904)
-------------
At 31 December 2024
1,532,400
-------------
Impairment
At 1 January 2024 and 31 December 2024
-------------
Carrying amount
At 31 December 2024
1,532,400
-------------
At 31 December 2023
1,719,304
-------------
Investment properties were valued in December 2024 by the directors with input from an independent valuer with a recognised and relevant professional qualification and with recent experience in the location and category of the investment property being valued, on the basis of open market value in accordance with the Appraisal property being valued, on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institution of Chartered Surveyors.
Investments held at valuation
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment Properties
£
At 31 December 2024
Aggregate cost
2,388,321
Aggregate depreciation
-------------
Carrying value
2,388,321
-------------
At 31 December 2023
Aggregate cost
2,388,321
Aggregate depreciation
-------------
Carrying value
2,388,321
-------------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
100,000
Corporation tax
18,405
8,708
Other creditors
4,000
6,450
--------
----------
22,405
115,158
--------
----------
7. Related party transactions
The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group.
8. Controlling party
Throughout the year the company was a 100% subsidiary of Speeds Court Ltd , a company registered in England and Wales whose registered office address is Slaley Hall, Slaley, Matlock, Derbyshire, England, DE4 2BB.