Specialist Surface Preparation Limited 05145030 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is that of specialist surface preparation Digita Accounts Production Advanced 6.30.9574.0 true 05145030 2023-08-01 2024-07-31 05145030 2024-07-31 05145030 bus:OrdinaryShareClass1 2024-07-31 05145030 core:CapitalRedemptionReserve 2024-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2024-07-31 05145030 core:ShareCapital 2024-07-31 05145030 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 05145030 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 05145030 core:CurrentFinancialInstruments 2024-07-31 05145030 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 05145030 core:Non-currentFinancialInstruments 2024-07-31 05145030 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 05145030 core:Goodwill 2024-07-31 05145030 core:FurnitureFittingsToolsEquipment 2024-07-31 05145030 core:MotorVehicles 2024-07-31 05145030 bus:SmallEntities 2023-08-01 2024-07-31 05145030 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05145030 bus:FilletedAccounts 2023-08-01 2024-07-31 05145030 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05145030 bus:RegisteredOffice 2023-08-01 2024-07-31 05145030 bus:Director2 2023-08-01 2024-07-31 05145030 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 05145030 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05145030 core:Goodwill 2023-08-01 2024-07-31 05145030 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 05145030 core:MotorVehicles 2023-08-01 2024-07-31 05145030 core:PlantMachinery 2023-08-01 2024-07-31 05145030 countries:England 2023-08-01 2024-07-31 05145030 2023-07-31 05145030 core:Goodwill 2023-07-31 05145030 core:FurnitureFittingsToolsEquipment 2023-07-31 05145030 core:MotorVehicles 2023-07-31 05145030 2022-08-01 2023-07-31 05145030 2023-07-31 05145030 bus:OrdinaryShareClass1 2023-07-31 05145030 core:CapitalRedemptionReserve 2023-07-31 05145030 core:RetainedEarningsAccumulatedLosses 2023-07-31 05145030 core:ShareCapital 2023-07-31 05145030 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 05145030 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 05145030 core:CurrentFinancialInstruments 2023-07-31 05145030 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 05145030 core:Non-currentFinancialInstruments 2023-07-31 05145030 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 05145030 core:Goodwill 2023-07-31 05145030 core:FurnitureFittingsToolsEquipment 2023-07-31 05145030 core:MotorVehicles 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05145030

Specialist Surface Preparation Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Specialist Surface Preparation Limited

(Registration number: 05145030)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

50

Tangible assets

5

146,536

133,548

 

146,536

133,598

Current assets

 

Stocks

2,209

2,079

Debtors

6

419,363

390,698

Cash at bank and in hand

 

709,310

536,166

 

1,130,882

928,943

Creditors: Amounts falling due within one year

7

(282,303)

(240,062)

Net current assets

 

848,579

688,881

Total assets less current liabilities

 

995,115

822,479

Creditors: Amounts falling due after more than one year

7

(37,502)

(96,944)

Provisions for liabilities

(36,634)

(33,387)

Net assets

 

920,979

692,148

Capital and reserves

 

Called up share capital

9

500

500

Capital redemption reserve

500

500

Retained earnings

919,979

691,148

Shareholders' funds

 

920,979

692,148

 

Specialist Surface Preparation Limited

(Registration number: 05145030)
Balance Sheet as at 31 July 2024

For the financial 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.

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 25 April 2025
 


Mr G S Burcham
Director

   
 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
41 North Farm Road
Scunthorpe
North Lincolnshire
DN17 2AY

Registered number: 05145030

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 and deferred 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 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.

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% per annum on cost

Motor vehicles

15% per annum on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over
the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

At the transition to FRS 102 date there was less than ten years remaining and so goodwill continues to be amortised at the same rate as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

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 Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 at the transaction price, 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 16 (2023 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

1,000

1,000

At 31 July 2024

1,000

1,000

Amortisation

At 1 August 2023

950

950

Amortisation charge

50

50

At 31 July 2024

1,000

1,000

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

50

50

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

841,350

354,151

1,195,501

Additions

26,527

37,000

63,527

Disposals

-

(63,357)

(63,357)

At 31 July 2024

867,877

327,794

1,195,671

Depreciation

At 1 August 2023

786,483

275,470

1,061,953

Charge for the year

20,307

30,232

50,539

Eliminated on disposal

-

(63,357)

(63,357)

At 31 July 2024

806,790

242,345

1,049,135

Carrying amount

At 31 July 2024

61,087

85,449

146,536

At 31 July 2023

54,867

78,681

133,548

6

Debtors

Current

2024
£

2023
£

Trade debtors

387,656

363,511

Prepayments

2,512

2,301

Social security and other taxes

29,195

24,886

 

419,363

390,698

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

89,664

74,791

Trade payables

 

84,834

55,384

Social security and other taxes

 

101,924

102,357

Other payables

 

5,881

7,530

 

282,303

240,062

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

37,502

96,944

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

HP and finance lease liabilities

19,665

10,731

Other borrowings

69,999

64,060

89,664

74,791

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

25,220

14,663

Other borrowings

12,282

82,281

37,502

96,944

Other borrowings

The obligations under finance lease and hire purchase are secured upon the assets to which they relate.
Other borrowings are secured on the assets of the company.

 

Specialist Surface Preparation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500