Registered number
03427701
S.P. Decorators Limited
Filleted Abridged Accounts
30 September 2024
Aspect Accounting Ltd
47 Knowsley Street
Bury
Lancashire
BL9 0ST
S.P. Decorators Limited
Registered number: 03427701
Abridged Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 59,374 76,186
Investments 4 120,000 120,000
179,374 196,186
Current assets
Debtors 28,125 50,156
Cash at bank and in hand 59,755 7,321
87,880 57,477
Creditors: amounts falling due within one year (174,723) (181,054)
Net current liabilities (86,843) (123,577)
Total assets less current liabilities 92,531 72,609
Creditors: amounts falling due after more than one year (34,399) (57,747)
Provisions for liabilities (11,281) (14,475)
Net assets 46,851 387
Capital and reserves
Called up share capital 100 100
Profit and loss account 46,751 287
Shareholders' funds 46,851 387
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mrs C Pollitt
Director
Approved by the board on 23 June 2025
S.P. Decorators Limited
Notes to the Abridged Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Investment property
The company owns a land that is held to earn long term capital appreciation. Investment properties are initially recognised at cost. Investment properties whose fair value can be measured reliably are measured at fair value. Changes in fair value are recognised in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Total
£
Cost
At 1 October 2023 149,863
Additions 2,980
At 30 September 2024 152,843
Depreciation
At 1 October 2023 73,677
Charge for the year 19,792
At 30 September 2024 93,469
Net book value
At 30 September 2024 59,374
At 30 September 2023 76,186
4 Investment property
Land and
buildings
£
Fair Value
At 1 October 2023 120,000
At 30 September 2024 120,000
Historical cost
At 1 October 2023 331,155
At 30 September 2024 331,155
The investment property was valued on an open market basis by the directors on 30th September 2024 and this revaluation has been incorporated within the financial statements. The directors have no qualifications in property valuation but are of the opinion that the investment property is fairly stated at its open market value by comparison to similar property in similar locations .
5 Loans to directors
Description and conditions B/fwd Loan Repaid C/fwd
£ £ £ £
Mr S Pollitt
Unsecured advance repayable upon demand.Interest rate 2% per annum. 38,550 (38,550) -
38,550 - (38,550) -
6 Other information
S.P. Decorators Limited is a private company limited by shares and incorporated in England. Its registered office is:
132 Eccles Old Road
Salford
Lancashire
M6 8QQ
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