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REGISTERED NUMBER: 11214962 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2024

for

SPE Holdings Limited

SPE Holdings Limited (Registered number: 11214962)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


SPE Holdings Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr S J Handley
Mrs SJ Handley





REGISTERED OFFICE: Swiftool House
Brookside Way
Huthwaite
Sutton in Ashfield
Nottinghamshire
NG17 2NL





REGISTERED NUMBER: 11214962 (England and Wales)





AUDITORS: Charnwood Accountants & Business Advisors LLP
Statutory Auditor
The Point
Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ

SPE Holdings Limited (Registered number: 11214962)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
As reported in last year's Strategic Report, turnover is again substantially higher due to large project orders completed, that were placed during 2023.

2024 turnover increased to £27.8m (previous year £21.1m) and Operating Profit consequently increased to £3,116,321 (previous year £2,436,857).

Increasing input costs, due to the inflationary effects felt worldwide, put additional pressure on gross margins along with a shift towards a higher proportion of project work, which has a higher concentration of input costs.
Gross Margin for 2024 was 35.1% (previous year 36.6%). Absolute Gross Profit generated in the year was significantly higher - up by 26% on the previous year, due to the increased level of turnover.

Although overhead costs were tightly controlled during the year, certain areas were bolstered to enable the greater throughput. The strategy adopted during the previous two years to retain key staff against an ever tightening labour market had a hugely positive effect again in 2024. It allowed the business to respond quickly and positively to the significant increase in demand.

Alongside this we have our OFSTED and Rotap approved apprentice training centre to help address the current skills gap. Our in-house fabrication capability continues to support our supply chain. All of which maintains our commitment to continuing to invest in the very latest technologies including subtractive and additive manufacturing to maintain our commitment to continuous improvement and engineering excellence. Plant and equipment additions of £1.86m were made during the year as a result of this continued investment, which is needed to maintain our market position and ensure the company remains efficient.


SPE Holdings Limited (Registered number: 11214962)

Group Strategic Report
for the Year Ended 30 September 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal risks and uncertainties are as follows:

1) As productivity starts to normalise globally and new credit systems are re-introduced, late payment by customers has a potential for risk. This could lead to high levels of stock held and is addressed through increased credit control effort, as well as increased efforts to reduce production lead times.

2) As we enter new markets and deal with large new customers this poses a risk to increased bad debts if not managed correctly - this is addressed through a robust credit approval process and by minimising our exposure by setting realistic credit limits.

3) Foreign exchange risk - a small amount of trade which requires foreign currency poses a risk that is currently addressed through hedging the currency prior to accepting any orders and aiming to purchase as much as possible from the UK. In addition to this the company operates a foreign currency bank account.

4) As the global economy normalises following the pandemic, numerous logistical challenges have surfaced for certain commodities and materials. This risk is mitigated by having a wide approved supplier base enabling the business to have multiple sourcing options for many of its inputs. The ongoing conflict in Ukraine has increased these challenges although they remain under control.

ON BEHALF OF THE BOARD:




Mr S J Handley - Director


25 April 2025

SPE Holdings Limited (Registered number: 11214962)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
The total distribution of dividends for the period ended 30 September 2024 will be £1,000,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mr S J Handley
Mrs SJ Handley

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Charnwood Accountants & Business Advisors LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S J Handley - Director


25 April 2025

Report of the Independent Auditors to the Members of
SPE Holdings Limited

Opinion
We have audited the financial statements of SPE Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
SPE Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
SPE Holdings Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the Financial Statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the Financial Statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the Financial Statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs(UK).The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. As such material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment and or collusion.

We obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Company operate in and how the Company are complying with the legal and regulatory frameworks. Focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pension legislation and UK tax legislation;

We inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

We discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the Financial Statements may be susceptible to fraud, having obtained an understanding of the effectiveness of the control environment.

The engagement partner assessed that the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.


Report of the Independent Auditors to the Members of
SPE Holdings Limited

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. In assessing the potential risks of material misstatement, we obtained an understanding of the company's operations, including the nature of its income and expenditure together with its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. Also on the company's control environment, including the policies and procedures implemented by the company to ensure compliance with the requirements of the financial reporting framework.

We determined that the principal risk in relation to areas of increased management judgement, which could be impacted by management bias, was through the use of journal entries that increase revenues in order to inflate results of the company and could help justify any performance related pay.

Our audit procedures involved:

The evaluation of the design effectiveness of controls that the company has in place to prevent and detect fraud;

To undertake journal entry testing, with a focus on higher risk journal, such as, posted by senior management, journals with unusual attributes, journals without any descriptions, journals posted by staff not in the approved list of journals posting and closing journals posted during the preparation of the financial statements, which are material and not reoccurring or common postings which fall outside of the auditor's expectations. Together with assessing whether the judgments made in making accounting estimates are indicative of a potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations our procedures included, but which were not limited to;

Enquiring of management as to actual and potential litigation and claims against the company;
Completing a review of relevant legal and professional costs within the accounting records for any evidence of previously un-detected or un-reported instances of non-compliance

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Anna Brocklehurst (Senior Statutory Auditor)
for and on behalf of Charnwood Accountants & Business Advisors LLP
Statutory Auditor
The Point
Granite Way
Mountsorrel
Loughborough
Leicestershire
LE12 7TZ

25 April 2025

SPE Holdings Limited (Registered number: 11214962)

Consolidated Statement of Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 3 27,841,152 21,088,949

Cost of sales 18,068,519 13,363,136
GROSS PROFIT 9,772,633 7,725,813

Administrative expenses 6,701,739 5,333,295
3,070,894 2,392,518

Other operating income 45,427 44,339
OPERATING PROFIT 5 3,116,321 2,436,857

Interest receivable and similar income 1,107 4,720
3,117,428 2,441,577

Interest payable and similar expenses 6 832,193 537,544
PROFIT BEFORE TAXATION 2,285,235 1,904,033

Tax on profit 7 523,204 289,116
PROFIT FOR THE FINANCIAL YEAR 1,762,031 1,614,917

OTHER COMPREHENSIVE INCOME
- 522,738
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

522,738
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,762,031

2,137,655

Profit attributable to:
Owners of the parent 1,762,031 1,614,917

Total comprehensive income attributable to:
Owners of the parent 1,762,031 2,137,655

SPE Holdings Limited (Registered number: 11214962)

Consolidated Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 10,362,918 9,552,932
Investments 12 - -
10,362,918 9,552,932

CURRENT ASSETS
Stocks 13 6,192,935 4,996,232
Debtors 14 13,190,552 9,939,580
Cash at bank and in hand 1,728 796
19,385,215 14,936,608
CREDITORS
Amounts falling due within one year 15 16,401,630 12,464,145
NET CURRENT ASSETS 2,983,585 2,472,463
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,346,503

12,025,395

CREDITORS
Amounts falling due after more than one year 16 (5,007,686 ) (4,668,312 )

PROVISIONS FOR LIABILITIES 21 (1,318,039 ) (1,098,336 )
NET ASSETS 7,020,778 6,258,747

CAPITAL AND RESERVES
Called up share capital 22 200 200
Revaluation reserve 23 1,148,511 1,148,511
Retained earnings 23 5,872,067 5,110,036
7,020,778 6,258,747

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:





Mr S J Handley - Director


SPE Holdings Limited (Registered number: 11214962)

Company Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 200 200
200 200

CURRENT ASSETS
Debtors 14 916,751 748,386
Cash at bank 13,648 14,611
930,399 762,997
CREDITORS
Amounts falling due within one year 15 269,976 103,405
NET CURRENT ASSETS 660,423 659,592
TOTAL ASSETS LESS CURRENT
LIABILITIES

660,623

659,792

CAPITAL AND RESERVES
Called up share capital 22 200 200
Retained earnings 23 660,423 659,592
660,623 659,792

Company's profit for the financial year 1,000,831 753,757

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:





Mr S J Handley - Director


SPE Holdings Limited (Registered number: 11214962)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 October 2022 200 3,763,119 625,773 4,389,092

Changes in equity
Dividends - (268,000 ) - (268,000 )
Total comprehensive income - 1,614,917 522,738 2,137,655
Balance at 30 September 2023 200 5,110,036 1,148,511 6,258,747

Changes in equity
Dividends - (1,000,000 ) - (1,000,000 )
Total comprehensive income - 1,762,031 - 1,762,031
Balance at 30 September 2024 200 5,872,067 1,148,511 7,020,778

SPE Holdings Limited (Registered number: 11214962)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 200 173,835 174,035

Changes in equity
Dividends - (268,000 ) (268,000 )
Total comprehensive income - 753,757 753,757
Balance at 30 September 2023 200 659,592 659,792

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 1,000,831 1,000,831
Balance at 30 September 2024 200 660,423 660,623

SPE Holdings Limited (Registered number: 11214962)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,329,749 (4,174,145 )
Interest paid (191,606 ) (170,932 )
Interest element of hire purchase payments
paid

(220,506

)

(136,731

)
Tax paid (73,812 ) 55,450
Net cash from operating activities 1,843,825 (4,426,358 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,863,343 ) (1,440,501 )
Sale of tangible fixed assets 87,001 152,906
Interest received 1,107 4,720
Net cash from investing activities (1,775,235 ) (1,282,875 )

Cash flows from financing activities
New loans in year 1,963,628 -
Loan repayments in year (1,981,435 ) (428,390 )
New hire purchase agreements 1,881,190 1,465,117
Capital repayments in year (1,269,781 ) (1,072,405 )
Amount withdrawn by directors (99,507 ) (141,430 )
Movement on invoice discounting 377,381 6,117,323
Equity dividends paid (1,000,000 ) (268,000 )
Net cash from financing activities (128,524 ) 5,672,215

Decrease in cash and cash equivalents (59,934 ) (37,018 )
Cash and cash equivalents at beginning of
year

2

(312,679

)

(275,661

)

Cash and cash equivalents at end of year 2 (372,613 ) (312,679 )

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
£    £   
Profit before taxation 2,285,235 1,904,033
Depreciation charges 974,017 795,492
(Profit)/loss on disposal of fixed assets (7,659 ) 49,245
Exchange rate losses/(gains) 445 18
Government grants (45,872 ) (24,357 )
Finance costs 832,193 537,544
Finance income (1,107 ) (4,720 )
4,037,252 3,257,255
Increase in stocks (1,196,703 ) (1,743,822 )
Increase in trade and other debtors (3,151,465 ) (5,462,897 )
Increase/(decrease) in trade and other creditors 2,640,665 (224,681 )
Cash generated from operations 2,329,749 (4,174,145 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,728 796
Bank overdrafts (374,341 ) (313,475 )
(372,613 ) (312,679 )
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 796 62,214
Bank overdrafts (313,475 ) (337,875 )
(312,679 ) (275,661 )


SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 796 932 1,728
Bank overdrafts (313,475 ) (60,866 ) (374,341 )
(312,679 ) (59,934 ) (372,613 )
Debt
Finance leases (3,516,977 ) (610,947 ) (4,127,924 )
Debts falling due within 1 year (314,819 ) (9,194 ) (324,013 )
Debts falling due after 1 year (1,874,431 ) 27,001 (1,847,430 )
(5,706,227 ) (593,140 ) (6,299,367 )
Total (6,018,906 ) (653,074 ) (6,671,980 )

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

SPE Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements incorporate the assets, liabilities and results of the Company and its subsidiary undertakings up to 30th September each year.

In preparing these financial statements, merger accounting has been applied, in accordance with FRS102 s19. The financial statements therefore aggregate the results of the Company and its subsidiary undertakings for the two full years to 30th September 2018 as if the Group had been in existence for that full period.

The financial statements of all subsidiary undertakings are prepared to the same reporting date as the Company. All subsidiary undertakings have been consolidated.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year.

Revenue is recognised when the significant risks and rewards of the goods or services provided have transferred to the buyer, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the company.

Revenue is measured at the fair value of the consideration receivable from the sale of goods and services to third parties after deducting discounts. Revenue includes duties which the company pays as principal, but excludes amounts collected on behalf of other parties, such as value added tax or other sales taxes.

Revenue of the company comprises the following key streams:

Sale of goods
Revenue on the sale of goods delivered is recognised when goods have been dispatched to the customer for collection or have been delivered to the location specified by the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 20% on cost, 10% on cost and not provided
Plant and machinery - 20% on cost, 15% on reducing balance and 10% on cost
Fixtures and fittings - 15% on cost and 15% on reducing balance
Motor vehicles - 25% on cost and 25% on reducing balance

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or,
if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 10% to 25% on cost
Plant and machinery - 10% to 33% on cost and 15% on reducing balance
Fixtures and fittings - 15% to 20% on cost and 15% to 20% on reducing balance
Motor vehicles - 15% to 33% on cost and 25% on reducing balance

Freehold properties are shown, using the revaluation basis, at their market value.

In the opinion of the directors it is correct that no depreciation is charged on freehold property as the amounts involved are immaterial having regard to useful life and residual value.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 year 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.

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Share based payment arrangements
From time to time the company grants share options to certain key employees, which are exercisable in cash only under certain conditions and which lapse 10 years from their date of grant. These are recognised in the accounts at their fair value.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30.9.24 30.9.23
£    £   
United Kingdom 25,651,914 18,382,025
Europe 437,494 412,101
United States of America 175 10,935
South America 973,837 1,234,323
Asia 490,170 579,664
Africa 256,276 440,087
Australia 31,286 29,814
27,841,152 21,088,949

4. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 5,475,667 4,339,696
Social security costs 532,084 408,731
Other pension costs 204,919 142,318
6,212,670 4,890,745

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.9.24 30.9.23

Production 91 57
Non production 42 58
133 115

30.9.24 30.9.23
£    £   
Directors' remuneration 232,132 23,812
Directors' pension contributions to money purchase schemes 42,000 42,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director for the year ended 30 September 2024 is as follows:
30.9.24
£   
Emoluments etc 117,433
Pension contributions to money purchase schemes 24,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Hire of plant and machinery 84,365 61,656
Depreciation - owned assets 245,577 535,070
Depreciation - assets on hire purchase contracts 728,438 260,424
(Profit)/loss on disposal of fixed assets (7,659 ) 49,245
Auditors' remuneration 9,000 9,000
Foreign exchange differences 445 18

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank loan interest 191,608 171,824
Factoring charges 420,081 229,881
Other interest (2 ) (892 )
Hire purchase 220,506 136,731
832,193 537,544

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 400,554 171,746
Prior period adjustment (97,053 ) -
Total current tax 303,501 171,746

Deferred tax 219,703 117,370
Tax on profit 523,204 289,116

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 2,285,235 1,904,033
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

571,309

476,008

Effects of:
Expenses not deductible for tax purposes 41,625 2,104
Capital allowances in excess of depreciation (210,403 ) (187,094 )
Utilisation of tax losses - (95,144 )
Change in tax rate (62 ) (36,379 )
Deferred tax movement 219,703 117,310
Prior year adjustment (97,053 ) -
Loss on disposal of Fixed Assets (1,915 ) 12,311

utilised
Total tax charge 523,204 289,116

Tax effects relating to effects of other comprehensive income

30.9.23
Gross Tax Net
£    £    £   
Revaluation of property 522,738 - 522,738

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS

Interim dividends were paid during the year as follows:
Ordinary A shares: £418,500
Ordinary B shares: £150,000
Ordinary C shares: £13,000
Ordinary E shares: £418,500

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 80,000
AMORTISATION
At 1 October 2023
and 30 September 2024 80,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 4,474,732 8,725,670 551,171 136,592 13,888,165
Additions - 1,585,993 117,500 159,850 1,863,343
Disposals - (196,223 ) - - (196,223 )
At 30 September 2024 4,474,732 10,115,440 668,671 296,442 15,555,285
DEPRECIATION
At 1 October 2023 46,031 3,958,771 263,413 67,018 4,335,233
Charge for year 29,540 849,863 63,112 31,500 974,015
Eliminated on disposal - (116,881 ) - - (116,881 )
At 30 September 2024 75,571 4,691,753 326,525 98,518 5,192,367
NET BOOK VALUE
At 30 September 2024 4,399,161 5,423,687 342,146 197,924 10,362,918
At 30 September 2023 4,428,701 4,766,899 287,758 69,574 9,552,932

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2017 100,830 - - - 100,830
Valuation in 2018 449,678 - - - 449,678
Valuation in 2023 522,738 - - - 522,738
Cost 3,401,486 10,115,440 668,671 296,442 14,482,039
4,474,732 10,115,440 668,671 296,442 15,555,285

If freehold property had not been revalued it would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 3,401,486 3,401,486

Freehold property was valued on an open market basis on 30 September 2024 by the directors .

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 112,870 5,034,894 205,254 84,391 5,437,409
Additions - 1,512,401 101,500 159,850 1,773,751
Disposals - (139,873 ) - - (139,873 )
Reclassification/transfer - (340,404 ) - - (340,404 )
At 30 September 2024 112,870 6,067,018 306,754 244,241 6,730,883
DEPRECIATION
At 1 October 2023 23,988 1,387,581 54,343 22,836 1,488,748
Charge for year 25,450 643,543 31,750 27,695 728,438
Eliminated on disposal - (67,828 ) - - (67,828 )
Transfer to ownership - (260,967 ) - - (260,967 )
Reclassification/transfer 13,180 - - (215 ) 12,965
At 30 September 2024 62,618 1,702,329 86,093 50,316 1,901,356
NET BOOK VALUE
At 30 September 2024 50,252 4,364,689 220,661 193,925 4,829,527
At 30 September 2023 88,882 3,647,313 150,911 61,555 3,948,661

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 200
NET BOOK VALUE
At 30 September 2024 200
At 30 September 2023 200

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Swiftool Precision Engineering Ltd
Registered office: Swiftool House, Brookside Way, Huthwaite, Sutton in Ashfield, Nottinghamshire, NG17 2NL
Nature of business: Precision engineering
%
Class of shares: holding
Ordinary A,B,C,D & E 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 6,360,355 5,599,155
Profit for the year 1,761,200 2,133,898


13. STOCKS

Group
30.9.24 30.9.23
£    £   
Raw materials 1,899,020 1,359,418
Goods in transit 84,471 340,229
Work-in-progress 2,878,479 2,514,539
Finished goods 1,330,965 782,046
6,192,935 4,996,232

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Trade debtors 12,299,543 9,284,688 - -
Amounts owed by group undertakings - - 435,058 449,898
Other debtors 466,454 160,978 83,698 -
Directors' current accounts 397,995 298,488 397,995 298,488
Prepayments 26,560 195,426 - -
13,190,552 9,939,580 916,751 748,386

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 698,354 628,294 - -
Hire purchase contracts (see note 18) 1,059,737 858,323 - -
Trade creditors 4,233,793 3,929,426 - -
Tax 484,252 171,746 83,893 881
Social security and other taxes 193,793 123,678 - -
VAT 1,252,766 631,082 - -
Other creditors 1,398,351 152,320 186,083 102,524
Discounting account 4,991,819 4,614,437 - -
Accrued expenses 2,045,607 1,308,967 - -
Deferred government grants 43,158 45,872 - -
16,401,630 12,464,145 269,976 103,405

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.9.24 30.9.23
£    £   
Bank loans (see note 17) 1,847,430 1,874,431
Hire purchase contracts (see note 18) 3,068,187 2,658,654
Deferred government grants 92,069 135,227
5,007,686 4,668,312

17. LOANS

An analysis of the maturity of loans is given below:

Group
30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 374,341 313,475
Bank loans 324,013 314,819
698,354 628,294
Amounts falling due between one and two years:
Bank loans - 1-2 years 66,000 260,803
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,781,430 1,613,628

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 1,059,737 858,323
Between one and five years 3,068,187 2,658,654
4,127,924 3,516,977

Group
Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 49,488 59,031
Between one and five years 32,499 65,499
81,987 124,530

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.24 30.9.23
£    £   
Bank overdraft 374,341 313,475
Bank loans 2,171,443 2,189,250
Hire purchase contracts 4,127,924 3,516,977
6,673,708 6,019,702

The bank loans, overdraft and discounting account are secured by way of legal first charges on freehold property and also a fixed and floating charge over other assets of the company.

The hire purchase loans are secured on the assets to which they relate.

20. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost amount to £12,299,543 (2023: £9,284,688) and comprise trade debtors.

Financial liabilities measured at amortised cost amount to £13,817,003 (2023: £12,355,555) and comprise bank & other loans (including overdrafts), trade creditors, accruals & the discounting account balance.

No other financial assets or liabilities are held.

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

21. PROVISIONS FOR LIABILITIES

Group
30.9.24 30.9.23
£    £   
Deferred tax 1,318,039 1,098,336

Group
Deferred
tax
£   
Balance at 1 October 2023 1,098,336
Provided during year 219,703
Balance at 30 September 2024 1,318,039

22. CALLED UP SHARE CAPITAL

The following shares, representing the entire share capital of the company, were issued and fully paid-up as part of a share for share exchange:

100 Ordinary A shares of £1 each
80 Ordinary B shares of £1 each
16 Ordinary C shares of £1 each
2 Ordinary D shares of £1 each
2 Ordinary E shares of £1 each

All share classes rank pari passu in all respects other than dividend rights.

23. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2023 5,110,036 1,148,511 6,258,547
Profit for the year 1,762,031 1,762,031
Dividends (1,000,000 ) (1,000,000 )
At 30 September 2024 5,872,067 1,148,511 7,020,578

SPE Holdings Limited (Registered number: 11214962)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

23. RESERVES - continued

Company
Retained
earnings
£   

At 1 October 2023 659,592
Profit for the year 1,000,831
Dividends (1,000,000 )
At 30 September 2024 660,423


24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
S J Handley and Mrs SJ Handley
Balance outstanding at start of year 298,487 157,058
Amounts advanced 936,508 337,429
Amounts repaid (837,000 ) (196,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 397,995 298,487

The above balance has interest charged.

25. RELATED PARTY DISCLOSURES

In the current year, there are no key management personnel other than directors, transactions with whom have been disclosed elsewhere in the accounts.