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Registration number: 11255238

SPS Marketing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

SPS Marketing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

SPS Marketing Limited

Company Information

Directors

Mr Daryl Mark Fulls

Darren Martin Graydon

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

SPS Marketing Limited

(Registration number: 11255238)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

59,455

-

Tangible assets

5

3,337

4,433

Investments

6

100

304,956

 

62,892

309,389

Current assets

 

Debtors

7

40,888

53,271

Cash at bank and in hand

 

2,906

24,573

 

43,794

77,844

Creditors: Amounts falling due within one year

8

(61,459)

(345,631)

Net current liabilities

 

(17,665)

(267,787)

Total assets less current liabilities

 

45,227

41,602

Creditors: Amounts falling due after more than one year

8

(22,766)

(27,768)

Provisions for liabilities

(834)

(1,108)

Net assets

 

21,627

12,726

Capital and reserves

 

Called up share capital

100

100

Retained earnings

21,527

12,626

Shareholders' funds

 

21,627

12,726

For the financial year ending 31 March 2025 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.

 

SPS Marketing Limited

(Registration number: 11255238)
Balance Sheet as at 31 March 2025

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 10 June 2025 and signed on its behalf by:
 

.........................................
Darren Martin Graydon
Director

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

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

The company was formerly known as Cut The Mustard(UK) Limited.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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 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.

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Fixtures and fittings

15% Reducing balance method

Computer Equipment

25% Straightline method

Leasehold improvements

25% Straightline method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. 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 as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straightline method

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 5 (2024 - 6).

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Acquired through business combinations

124,513

124,513

At 31 March 2025

124,513

124,513

Amortisation

Amortisation charge

65,058

65,058

At 31 March 2025

65,058

65,058

Carrying amount

At 31 March 2025

59,455

59,455

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

889

12,893

13,782

Additions

-

938

938

At 31 March 2025

889

13,831

14,720

Depreciation

At 1 April 2024

444

8,905

9,349

Charge for the year

222

1,812

2,034

At 31 March 2025

666

10,717

11,383

Carrying amount

At 31 March 2025

223

3,114

3,337

At 31 March 2024

445

3,988

4,433

Included within the net book value of land and buildings above is £223 (2024 - £445 in respect of short leasehold land and buildings.
 

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Investments

2025
£

2024
£

Investments in subsidiaries

100

304,956

Subsidiaries

£

Cost or valuation

At 1 April 2024

304,956

Revaluation

(304,856)

At 31 March 2025

100

Provision

Carrying amount

At 31 March 2025

100

At 31 March 2024

304,956

The revaluation of investments in subsidiaries at the year end accounts for the hive up of all subsidiary assets and liabilities made during the year.

7

Debtors

Note

2025
£

2024
£

Trade debtors

 

40,013

22,373

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

30,000

Other debtors

 

50

2

Prepayments and accrued income

 

825

896

Total current trade and other debtors

 

40,888

53,271

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

8

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

5,784

5,784

Trade creditors

 

13,460

13,147

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

241,931

Taxation and social security

 

20,360

35,256

Other creditors

 

18,905

47,513

Accrued expenses

 

2,950

2,000

 

61,459

345,631

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

22,766

27,768

2025
£

2024
£

Due after more than five years

After more than five years by instalments

-

4,631

-

-

9

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

5,784

5,784

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

22,766

27,768

 

SPS Marketing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Included in the loans and borrowings are the following amounts due after more than five years:

2025
£

2024
£

After more than five years by instalments

-

4,631