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Company Registration No. 02856624 (England and Wales)
Specthread Limited Unaudited accounts for the year ended 28 February 2025
Specthread Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
Specthread Limited Company Information for the year ended 28 February 2025
Directors
Keith Thomas Neal Paul James Grainger
Secretary
Keith Thomas Neal
Company Number
02856624 (England and Wales)
Registered Office
Unit 15 Croxstalls Road Bloxwich Walsall WS3 2XU England
Accountants
KJP Bookkeeping Services 24 Red Lion Lane Norton Canes Cannock Staffordshire WS11 9QP
- 3 -
Specthread Limited Statement of financial position as at 28 February 2025
2025
2024
Notes
£
£
Fixed assets
Tangible assets
4
-
2,117
Investments
5
50,000
50,000
50,000
52,117
Current assets
Inventories
240
240
Debtors
6
97,434
144,726
Cash at bank and in hand
30,469
64,193
128,143
209,159
Creditors: amounts falling due within one year
7
(92,246)
(147,502)
Net current assets
35,897
61,657
Total assets less current liabilities
85,897
113,774
Provisions for liabilities
Deferred tax
-
(402)
Net assets
85,897
113,372
Capital and reserves
Called up share capital
100
100
Profit and loss account
85,797
113,272
Shareholders' funds
85,897
113,372
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2025 and were signed on its behalf by
Keith Thomas Neal Director Company Registration No. 02856624
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Specthread Limited Notes to the Accounts for the year ended 28 February 2025
1
Statutory information
Specthread Limited is a private company, limited by shares, registered in England and Wales, registration number 02856624. The registered office is Unit 15 Croxstalls Road, Bloxwich , Walsall, WS3 2XU, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Specthread Limited Notes to the Accounts for the year ended 28 February 2025
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At 1 March 2024
8,511
5,500
5,411
19,422
At 28 February 2025
8,511
5,500
5,411
19,422
Depreciation
At 1 March 2024
7,354
4,540
5,411
17,305
Charge for the year
1,157
960
-
2,117
At 28 February 2025
8,511
5,500
5,411
19,422
Net book value
At 28 February 2025
-
-
-
-
At 29 February 2024
1,157
960
-
2,117
5
Investments
Subsidiary undertakings
£
Valuation at 1 March 2024
50,000
Valuation at 28 February 2025
50,000
The company owns a 100% holding in RAK Fasteners Limited.
6
Debtors
2025
2024
£
£
Amounts falling due within one year
Trade debtors
79,686
144,726
Amounts due from group undertakings etc.
7,070
-
Other debtors
10,678
-
97,434
144,726
7
Creditors: amounts falling due within one year
2025
2024
£
£
VAT
8,028
9,978
Trade creditors
71,747
115,715
Amounts owed to group undertakings and other participating interests
-
7,067
Taxes and social security
420
8,167
Loans from directors
5,876
33
Accruals
6,175
6,542
92,246
147,502
- 6 -
Specthread Limited Notes to the Accounts for the year ended 28 February 2025
8
Operating lease commitments
2025
2024
£
£
At 28 February 2025 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
37,278
15,996
Later than one year and not later than five years
53,273
-
90,551
15,996
9
Average number of employees
During the year the average number of employees was 6 (2024: 6).
- 7 -