REGISTERED NUMBER: 02996246 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SPL COMPONENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G P Baxter

Mrs R E Baxter

S P Baxter

D Nicholson

SECRETARY:

Mrs R E Baxter

REGISTERED OFFICE:

Unit 6

Lockwood Park Industrial Estate

Leeds

West Yorkshire

LS11 5UX

REGISTERED NUMBER:

02996246 (England and Wales)

AUDITORS:

Lewis's Ltd (Statutory Auditors)

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

357,269

415,359

357,269

415,359

CURRENT ASSETS

Stocks

2,091,482

2,350,178

Debtors

6

2,752,348

2,198,320

Cash at bank and in hand

191,131

105,033

5,034,961

4,653,531

CREDITORS

Amounts falling due within one year

7

3,017,304

2,725,621

NET CURRENT ASSETS

2,017,657

1,927,910

TOTAL ASSETS LESS CURRENT LIABILITIES

2,374,926

2,343,269

CREDITORS

Amounts falling due after more than one year

8

(13,314

)

(74,266

)

PROVISIONS FOR LIABILITIES

10

(87,549

)

(101,958

)

NET ASSETS

2,274,063

2,167,045

CAPITAL AND RESERVES

Called up share capital

11

1,167

1,167

Share premium

19,535

19,535

Capital redemption reserve

149,898

149,898

Retained earnings

2,103,463

1,996,445

SHAREHOLDERS' FUNDS

2,274,063

2,167,045

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

G P Baxter - Director

1.	STATUTORY INFORMATION

SPL Components 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

Taxation

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

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

86,000

AMORTISATION

At 1 January 2024

and 31 December 2024

86,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

780,573

248,049

27,234

82,636

1,138,492

Additions

3,800

196

-

5,658

9,654

Disposals

(8,495

)

-

-

-

(8,495

)

At 31 December 2024

775,878

248,245

27,234

88,294

1,139,651

DEPRECIATION

At 1 January 2024

518,120

125,473

15,157

64,383

723,133

Charge for year

39,507

18,379

3,020

5,084

65,990

Eliminated on disposal

(6,741

)

-

-

-

(6,741

)

At 31 December 2024

550,886

143,852

18,177

69,467

782,382

NET BOOK VALUE

At 31 December 2024

224,992

104,393

9,057

18,827

357,269

At 31 December 2023

262,453

122,576

12,077

18,253

415,359

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

6,541

DEPRECIATION

At 1 January 2024

(5,792

)

Charge for year

376

At 31 December 2024

(5,416

)

NET BOOK VALUE

At 31 December 2024

11,957

At 31 December 2023

12,333

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,012,788

1,813,636

Other debtors

607,920

293,609

Prepayments

131,640

91,075

2,752,348

2,198,320

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

889,056

809,349

Hire purchase contracts

4,068

4,068

Trade creditors

565,641

637,885

Tax

56,945

59,758

Social security and other taxes

47,192

74,711

VAT

87,874

54,122

Other creditors

1,270,779

903,574

Accrued expenses

95,749

182,154

3,017,304

2,725,621

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 2-5 years

8,568

65,452

Hire purchase contracts

4,746

8,814

13,314

74,266

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

897,624

874,801

Hire purchase contracts

8,814

12,882

Other creditors

1,265,256

1,012,547

2,171,694

1,900,230

Other creditors are secured against Trade Debtors and via fixed and floating charges over all the assets of the company in respect of monies advanced as part of an Invoice Discounting agreement.

Bank loans are secured via a fixed and floating charge over all the assets of the company.

Hire purchase creditors are secured on the relevant assets.

There is a guarantee in favour of H M Revenue and Customs dated 1 November 2018 for £350,000.

10.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

87,549

101,958

Deferred

tax

£

Balance at 1 January 2024

101,958

Accelerated capital allowances

(14,409

)

Balance at 31 December 2024

87,549

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,167

Ordinary

£1

1,167

1,167

.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Paul Lewis (Senior Statutory Auditor)

for and on behalf of Lewis's Ltd (Statutory Auditors)

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G P Baxter.

14.	RELATED PARTY DISCLOSURE

Muneris Product by Design Ltd

A company in which Mr G P Baxter is a significant shareholder

2024

2023

£

£

Sales

7,660

Hire

53,170

46,645

Purchases

26,810

7,388

Management charges

176,000

170,000

Balance included in trade creditors

102,987

97,620

Lighting Innovations Ltd

A company in which Mr G P Baxter is a significant shareholder

2024

2023

£

£

Sales

291,646

Balance included in trade debtors