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2024-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
10668920
2024-01-01
2024-12-31
10668920
2024-12-31
10668920
2023-12-31
10668920
2023-01-01
2023-12-31
10668920
2023-12-31
10668920
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10668920
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2024-12-31
10668920
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2024-01-01
2024-12-31
10668920
core:PlantMachinery
2023-12-31
10668920
core:FurnitureFittings
2023-12-31
10668920
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2024-12-31
10668920
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2024-12-31
10668920
core:PlantMachinery
2024-01-01
2024-12-31
10668920
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2024-01-01
2024-12-31
10668920
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2024-12-31
10668920
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2023-12-31
10668920
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2024-12-31
10668920
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2023-12-31
10668920
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2024-12-31
10668920
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10668920
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10668920
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10668920
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10668920
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2024-12-31
10668920
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10668920
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10668920
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10668920
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10668920
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2024-12-31
10668920
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2024-12-31
COMPANY REGISTRATION NUMBER:
10668920
|
FILLETED FINANCIAL STATEMENTS |
|
31 December 2024
Fixed assets
|
Tangible assets |
5 |
|
14,406 |
|
15,811 |
|
|
|
|
|
|
Current assets
|
Stocks |
162,854 |
|
157,184 |
|
|
Debtors |
6 |
313,285 |
|
212,046 |
|
|
Cash at bank and in hand |
82,056 |
|
379,383 |
|
|
-------- |
|
-------- |
|
|
558,195 |
|
748,613 |
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
809,928) |
|
(
1,300,365) |
|
|
-------- |
|
----------- |
|
|
Net current liabilities |
|
(
251,733) |
|
(
551,752) |
|
|
-------- |
|
-------- |
|
Total assets less current liabilities |
|
(
237,327) |
|
(
535,941) |
|
|
|
|
|
|
Provisions
|
Other provisions |
|
(
66,613) |
|
(
54,449) |
|
|
-------- |
|
-------- |
|
Net liabilities |
|
(
303,940) |
|
(
590,390) |
|
|
-------- |
|
-------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
8 |
|
1 |
|
1 |
|
Profit and loss account |
|
(
303,941) |
|
(
590,391) |
|
|
-------- |
|
-------- |
|
Shareholders deficit |
|
(
303,940) |
|
(
590,390) |
|
|
-------- |
|
-------- |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
1 July 2025
, and are signed on behalf of the board by:
Company registration number:
10668920
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Spirac House, Thorpe Mead, Thorpe Way Industrial Estate, Banbury, Oxon, OX16 4AB.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director is required to prepare financial statements on the going concern basis, unless it is inappropriate to presume that the company will continue in business. The director believes that the adoption of the going concern basis in the preparation of the financial statements is appropriate due to the continuing support from the companies within the group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably and it is probable that the associated economic benefits will flow to the entity. Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
25% Reducing balance
|
|
Fixtures and fittings |
- |
25% Reducing balance
|
|
Equipment |
- |
25% Reducing balance
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables 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 payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2023:
8
).
5.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
|
|
|
|
|
At 1 January 2024 |
88,304 |
1,610 |
14,014 |
103,928 |
|
Additions |
426 |
– |
2,349 |
2,775 |
|
------- |
------ |
------- |
-------- |
|
At 31 December 2024 |
88,730 |
1,610 |
16,363 |
106,703 |
|
------- |
------ |
------- |
-------- |
|
Depreciation |
|
|
|
|
|
At 1 January 2024 |
76,575 |
1,411 |
10,131 |
88,117 |
|
Charge for the year |
3,012 |
50 |
1,118 |
4,180 |
|
------- |
------ |
------- |
-------- |
|
At 31 December 2024 |
79,587 |
1,461 |
11,249 |
92,297 |
|
------- |
------ |
------- |
-------- |
|
Carrying amount |
|
|
|
|
|
At 31 December 2024 |
9,143 |
149 |
5,114 |
14,406 |
|
------- |
------ |
------- |
-------- |
|
At 31 December 2023 |
11,729 |
199 |
3,883 |
15,811 |
|
------- |
------ |
------- |
-------- |
|
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Amounts owed by group undertakings |
252,072 |
14,099 |
|
Other debtors |
61,213 |
197,947 |
|
-------- |
-------- |
|
313,285 |
212,046 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
158,773 |
96,717 |
|
Amounts owed to group undertakings |
410,057 |
971,153 |
|
Social security and other taxes |
7,317 |
4,962 |
|
Other creditors |
233,781 |
227,533 |
|
-------- |
----------- |
|
809,928 |
1,300,365 |
|
-------- |
----------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
9.
Financial commitments
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £278,037 (2023: £26,200) and relates to an operating lease for office premises and an operating lease for work equipment.
10.
Summary audit opinion
The auditor's report dated
1 July 2025
was
unqualified
.
The senior statutory auditor was
W J E Kerr
, for and on behalf of
Xeinadin Audit Limited
.
11.
Controlling party
The immediate parent company is Spirac Holdings AB, a company incorporated in Sweden. The parent company of the smallest and largest group to prepare consolidated financial statements which include Spirac Limited is Carips Invest AB, a company incorporated in Sweden. The address of the registered office for Carips Invest AB is Box 60333, 216 08 Limhamn, Sweden . The consolidated financial statements of Carips Invest AB can be obtained from Bolagsverket, SE-851, 81 Sundsvall, Sweden. The ultimate holding company is Salomara PTY Ltd, a company incorporated in Australia. The ultimate controlling party is the director
J A K T Ramén
.