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Registration number: 04181156

SPE Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

SPE Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

SPE Limited

Company Information

Directors

R Smith

R E Smith

M J Hawkes

Company secretary

R E Smith

Registered office

10 Kingfisher Business Park
Lakeside
Redditch
Worcestershire
B98 8LG

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

SPE Limited

(Registration number: 04181156)
Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

151,169

110,818

Current assets

 

Stocks

17,050

15,500

Debtors

5

313,205

329,508

Cash at bank and in hand

 

110,750

40,130

 

441,005

385,138

Creditors: Amounts falling due within one year

6

(407,443)

(385,124)

Net current assets

 

33,562

14

Total assets less current liabilities

 

184,731

110,832

Creditors: Amounts falling due after more than one year

6

(55,029)

(42,144)

Provisions for liabilities

(35,480)

(35,745)

Net assets

 

94,222

32,943

Capital and reserves

 

Called up share capital

7

159

143

Share premium reserve

43

43

Retained earnings

94,020

32,757

Shareholders' funds

 

94,222

32,943

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.

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 28 August 2025 and signed on its behalf by:
 

.........................................
R Smith
Director

   
     
 

SPE 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 address of its registered office is:
10 Kingfisher Business Park
Lakeside
Redditch
Worcestershire
B98 8LG
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis. After reviewing the company's forecasts, the director has a reasonable expectation that the company has adequate resources to continue to trade for the foreseeable future.

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.

 

SPE Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Freehold property is stated under the revaluation model, which is its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Plant and machinery, fixtures and fittings and motor vehicles are stated in the statement of financial position 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

Freehold property

2% straight line basis

Plant and machinery

20% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Motor vehicles

25% reducing balance basis

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.

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.

 

SPE Limited

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

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

SPE Limited

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

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 13 (2024 - 12).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

94,704

166,470

261,174

Additions

4,447

98,455

102,902

Disposals

-

(56,553)

(56,553)

At 31 March 2025

99,151

208,372

307,523

Depreciation

At 1 April 2024

65,403

84,953

150,356

Charge for the year

5,671

41,033

46,704

Eliminated on disposal

-

(40,706)

(40,706)

At 31 March 2025

71,074

85,280

156,354

Carrying amount

At 31 March 2025

28,077

123,092

151,169

At 31 March 2024

29,301

81,517

110,818

Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings.
 

 

SPE Limited

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

5

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

209,871

210,981

Amounts owed by related parties

96,018

110,035

Prepayments

 

6,481

7,656

Other debtors

 

835

836

   

313,205

329,508

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

8

105,922

129,487

Trade creditors

 

118,536

102,210

Amounts owed to related parties

-

2,891

Taxation and social security

 

79,441

64,997

Other creditors

 

103,544

85,539

 

407,443

385,124

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

55,029

42,144

The bank and other borrowings are secured by a fixed and floating charge over the assets of the company.

 

SPE Limited

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

7

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

A Ordinary of £0.01 each

5,000

50

5,000

50

B Ordinary of £0.01 each

5,000

50

5,000

50

C Ordinary of £0.01 each

4,285

43

4,285

43

D Ordinary of £0.01 each

794

8

-

-

E Ordinary of £0.01 each

794

8

-

-

15,873

159

14,285

143

On 31st March 2025, 794 D Ordinary shares of £0.01 each and 794 E Ordinary shares of £0.01 each were issued.

8

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

-

8,385

Hire purchase contracts

55,029

33,759

55,029

42,144

Current loans and borrowings

2025
£

2024
£

Bank borrowings

7,722

15,094

Bank overdrafts

61,816

85,569

Hire purchase contracts

36,384

28,824

105,922

129,487