REGISTERED NUMBER: 04902212 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

SPAN CORP LTD

T/A

SAWGRASS EUROPE

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N S Hale

J H Nichols

REGISTERED OFFICE:

Unit 6 Arundel Business Park

Claywheels Lane

Hillsborough

Sheffield

South Yorkshire

S6 1LZ

REGISTERED NUMBER:

04902212 (England and Wales)

AUDITORS:

S Burgess & Co Ltd

Statutory Auditor

11 Slayleigh Avenue

Sheffield

South Yorkshire

S10 3RA

FIXED ASSETS

Tangible assets

4

2,346

4,464

CURRENT ASSETS

Stocks

5

1,559,002

1,396,550

Debtors

6

454,738

629,263

Cash at bank

397,873

99,515

2,411,613

2,125,328

CREDITORS

Amounts falling due within one year

7

1,820,916

1,540,791

NET CURRENT ASSETS

590,697

584,537

TOTAL ASSETS LESS CURRENT LIABILITIES

593,043

589,001

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

592,043

588,001

SHAREHOLDERS' FUNDS

593,043

589,001

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 27 October 2025 and were signed on its behalf by:

J H Nichols - Director

1.	STATUTORY INFORMATION

Span Corp Ltd 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.

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 financial statements have been prepared using the going concern basis of accounting, which assumes the continued support of Sawgrass Technologies Inc, the parent company.

Shortly after the year end, the parent company's line of credit facility agreement was not renewed. Since this date, the parent company has been exploring alternative financing solutions, which are still ongoing at the audit report date. The parent company is continuing to trade using a temporary facility provided by its lender. Should the parent company not be able to secure a financing solution and a new line of credit facility, this would have a material impact on Span Corp Ltd T/A Sawgrass Europe, due to the parent company support provided to the company.

The foregoing creates a situation where a material uncertainty exists, and this in turn, potentially cast doubt on the company's ability to continue to trade as a going concern.

Turnover

Turnover comprises the invoiced value of the sale of digital printing supplies excluding value added tax. Turnover is recognised upon the delivery of the printing supplies to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Office Equipment

-

33% on cost

Stocks

Stocks of digital printing supplies are valued at cost, after making allowance for any obsolete items. Cost is determined on a first in, first out basis.

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

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.

Impairment

At each balance sheet date, assets not measured at fair value are reviewed for any indication that the asset may be impaired at the balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount, where the impairment loss is recognised as a revaluation reduction.

Debtors and creditors due within one year

Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price. Any loss arising from impairment is recognised in the statement of comprehensive income within administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Office

property

machinery

fittings

Equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

175,000

4,450

23,162

97,814

300,426

DEPRECIATION

At 1 January 2024

175,000

4,450

23,162

93,350

295,962

Charge for year

-

-

-

2,118

2,118

At 31 December 2024

175,000

4,450

23,162

95,468

298,080

NET BOOK VALUE

At 31 December 2024

-

-

-

2,346

2,346

At 31 December 2023

-

-

-

4,464

4,464

5.

STOCKS

31.12.24

31.12.23

£

£

Stocks

1,559,002

1,396,550

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

414,105

560,807

Amounts owed by group undertakings

-

25,254

Other debtors

1,200

1,773

Prepayments and accrued income

39,433

41,429

454,738

629,263

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

75,679

70,537

Amounts owed to group undertakings

1,652,678

1,271,658

Corporation tax

2,220

18,208

Social security and other taxes

15,993

13,106

VAT

22,204

82,885

Other creditors

1,814

1,600

Accrued expenses

50,328

82,797

1,820,916

1,540,791

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

22,000

44,000

Between one and five years

-

22,000

22,000

66,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 January 2024

588,001

Profit for the year

4,042

At 31 December 2024

592,043

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

The Report of the Auditors was unqualified.

Steven Burgess ACA (Senior Statutory Auditor)

for and on behalf of S Burgess & Co Ltd

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other wholly owned companies within the group.

13.	ULTIMATE PARENT COMPANY

The ultimate parent company is Sawgrass Technologies Inc, whose registered office is 410 Wando Park Boulevard, Mount Pleasant, South Carolina, 29464, United States of America.