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Registration number: 06945105

Speakman Contractors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Speakman Contractors Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Speakman Contractors Ltd

(Registration number: 06945105)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

613,592

530,674

Investment property

5

224,406

224,406

 

837,998

755,080

Current assets

 

Stocks

6

96,744

83,242

Debtors

7

1,497,577

1,061,029

Cash at bank and in hand

 

307,989

377,735

 

1,902,310

1,522,006

Creditors: Amounts falling due within one year

8

(910,940)

(732,583)

Net current assets

 

991,370

789,423

Total assets less current liabilities

 

1,829,368

1,544,503

Creditors: Amounts falling due after more than one year

8

(119,546)

(187,357)

Net assets

 

1,709,822

1,357,146

Capital and reserves

 

Called up share capital

75

75

Retained earnings

1,709,747

1,357,071

Shareholders' funds

 

1,709,822

1,357,146

 

Speakman Contractors Ltd

(Registration number: 06945105)
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.

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................
Mr A Speakman
Director

.........................................
Mr C Speakman
Director

 

Speakman Contractors Ltd

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 and Wales.

The address of its registered office is:
Unit 4 Caroline Court
Billington Road
Burnley
Lancashire
BB11 5UB
England

These financial statements were authorised for issue by the Board on 2 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 in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants in relation to tangiable fixed assets are credited to the profit or loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

 

Speakman Contractors Ltd

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

Tax

The tax expense for the period comprises current 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 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line basis

Motor vehicles

25% straight line basis

Office equipment

25% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Speakman Contractors Ltd

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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.

 

Speakman Contractors Ltd

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 directors) during the year, was 31 (2023 - 31).

 

Speakman Contractors Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

278,838

547,730

826,568

Additions

144,475

156,616

301,091

Disposals

(40,000)

(55,000)

(95,000)

At 31 July 2024

383,313

649,346

1,032,659

Depreciation

At 1 August 2023

136,748

159,146

295,894

Charge for the year

45,429

116,660

162,089

Eliminated on disposal

(16,666)

(22,250)

(38,916)

At 31 July 2024

165,511

253,556

419,067

Carrying amount

At 31 July 2024

217,802

395,790

613,592

At 31 July 2023

142,090

388,584

530,674

5

Investment properties

2024
£

At 1 August

224,406

At 31 July

224,406

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Work in progress

96,744

83,242

 

Speakman Contractors Ltd

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,186,689

886,468

Prepayments

7,861

2,629

Other debtors

303,027

171,932

 

1,497,577

1,061,029

 

Speakman Contractors Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

119,579

97,189

Trade creditors

 

609,306

515,940

Taxation and social security

 

111,760

73,190

Accruals and deferred income

 

65,669

45,467

Other creditors

 

4,626

797

 

910,940

732,583

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

119,546

187,357

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

26,667

Hire purchase contracts

119,546

160,690

119,546

187,357

Current loans and borrowings

2024
£

2023
£

Bank borrowings

27,398

10,000

Hire purchase contracts

92,181

87,189

119,579

97,189

 

Speakman Contractors Ltd

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

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £211,727 (2023 - £247,879). The above Hire purchase contracts are secured against the assets which they relate to.

11

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

At 31 July 2024
£

Mr C Speakman

The loan account is repayable on demand

65,779

65,779

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Mr C Speakman

The loan account is repayable on demand

75,779

(10,000)

65,779