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REGISTERED NUMBER: 04644515 (England and Wales)















FINANCIAL STATEMENTS

FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024

FOR

SPEEDRITE (N.E.) LIMITED

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,615 239,646

CURRENT ASSETS
Debtors 5 1,037,741 553,894
Cash at bank and in hand 111,406 642,646
1,149,147 1,196,540
CREDITORS
Amounts falling due within one year 6 (1,011,803 ) (304,786 )
NET CURRENT ASSETS 137,344 891,754
TOTAL ASSETS LESS CURRENT
LIABILITIES

141,959

1,131,400

CREDITORS
Amounts falling due after more than one
year

7

(13,932

)

(74,552

)

PROVISIONS FOR LIABILITIES (1,154 ) (50,249 )
NET ASSETS 126,873 1,006,599

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 126,769 1,006,495
SHAREHOLDERS' FUNDS 126,873 1,006,599

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2025 and were signed on its behalf by:





W J Gerritsen - Director


SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024


1. STATUTORY INFORMATION

Speedrite (N.E.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04644515

Registered office: 5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from contracts for the provision of industrial dismantling and engineering services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance


SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors consider that the company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the period ended 31 December 2024.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 20 (2023 - 20 ) .

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023 130,188 12,920 419,332 562,440
Additions - 636 - 636
Disposals (130,188 ) - (419,332 ) (549,520 )
At 31 December 2024 - 13,556 - 13,556
DEPRECIATION
At 1 August 2023 102,989 7,867 211,938 322,794
Charge for period 4,080 1,074 47,947 53,101
Eliminated on disposal (107,069 ) - (259,885 ) (366,954 )
At 31 December 2024 - 8,941 - 8,941
NET BOOK VALUE
At 31 December 2024 - 4,615 - 4,615
At 31 July 2023 27,199 5,053 207,394 239,646

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 827,923 537,814
Other debtors 209,818 16,080
1,037,741 553,894

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 15,923 38,766
Trade creditors 214,018 98,411
Amounts owed to group undertakings 362,365 -
Taxation and social security 165,393 142,806
Other creditors 254,104 24,803
1,011,803 304,786

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 13,932 74,552

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 15,923 38,766
Between one and five years 13,932 74,552
29,855 113,318

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,465 37,599
Between one and five years - 5,465
5,465 43,064

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 29,855 113,318

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Frederick Norman (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited

11. PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme for the benefit of employees and directors. The amount contributed in the period to 31 December 2024 was £87,114 (2023: £80,787).

Creditors include £2,170 (2023: £852) in respect of outstanding employer pensions contributions at the period end.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the republic of Ireland', not to disclose related party transactions within the group.

SPEEDRITE (N.E.) LIMITED (REGISTERED NUMBER: 04644515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 AUGUST 2023 TO 31 DECEMBER 2024


13. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Gerritsen Group UK Limited, whose registered office is 5 Brooklands Place, Brooklands Road, Sale, England M33 3SD.

The smallest and largest group of which Speedrite (NE) Limited is a member and for which consolidated financial statements are prepared is Gerritsen Group Bv. Copies of the consolidated accounts can be obtained from KvK's Business Register, Netherland.