Company Registration No. 05369173 (England and Wales)
S P S Pumps & Engineering Limited
Unaudited accounts
for the year ended 31 July 2024
S P S Pumps & Engineering Limited
Statement of financial position
as at 31 July 2024
Tangible assets
480,707
487,387
Inventories
317,371
42,368
Cash at bank and in hand
308,236
475,288
Creditors: amounts falling due within one year
(301,274)
(329,446)
Net current assets
745,840
674,989
Total assets less current liabilities
1,226,547
1,162,376
Creditors: amounts falling due after more than one year
(173,228)
(178,406)
Provisions for liabilities
Deferred tax
(8,732)
(8,944)
Net assets
1,044,587
975,026
Called up share capital
504
504
Profit and loss account
1,044,083
974,522
Shareholders' funds
1,044,587
975,026
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by
Paul Edgar
Director
Company Registration No. 05369173
S P S Pumps & Engineering Limited
Notes to the Accounts
for the year ended 31 July 2024
S P S Pumps & Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 05369173. The registered office is 9 The Bridge Centre, St. Peters Road, Huntingdon, Cambridgeshire, PE29 7DA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
S P S Pumps & Engineering Limited
Notes to the Accounts
for the year ended 31 July 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
Goodwill is being written off in equal installments over its estimated economic life of 5 years.
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2023
448,269
38,303
110,705
597,277
Disposals
-
-
(5,500)
(5,500)
At 31 July 2024
448,269
38,303
113,705
600,277
At 1 August 2023
-
36,546
73,344
109,890
Charge for the year
-
439
14,741
15,180
On disposals
-
-
(5,500)
(5,500)
At 31 July 2024
-
36,985
82,585
119,570
At 31 July 2024
448,269
1,318
31,120
480,707
At 31 July 2023
448,269
1,757
37,361
487,387
S P S Pumps & Engineering Limited
Notes to the Accounts
for the year ended 31 July 2024
Amounts falling due within one year
Trade debtors
392,915
474,105
Other debtors
28,592
12,674
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
14,101
23,001
Trade creditors
155,760
156,063
Taxes and social security
102,569
112,653
Other creditors
28,844
37,729
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
173,228
178,406
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan advanced during the year. Interest has been charged at the average official rate.
5,203
4,891
5,203
4,891
10
Average number of employees
During the year the average number of employees was 16 (2023: 15).