SPL Components Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

SPL Components Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02996246 . The registered office is Unit 6, Lockwood Park Industrial Estate, Leeds, West Yorkshire, LS11 5UX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Intangible assets are intially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	15% on cost
Motor Vehicles	33% on reducing balance
Fixtures & Fittings	15% on reducing balance
Computer Equipment	25% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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SPL Components Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 33 (2024: 35)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2025	86,000

As at 31 December 2025	86,000

Amortisation
As at 1 January 2025	86,000

As at 31 December 2025	86,000

Net Book Value
As at 31 December 2025	-

As at 1 January 2025	-

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SPL Components Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	775,878	27,234	248,245	88,294	1,139,651
Additions	770	-	10,033	2,505	13,308
Disposals	-	-	-	(1,117 )	(1,117 )

As at 31 December 2025	776,648	27,234	258,278	89,682	1,151,842

Depreciation
As at 1 January 2025	550,886	18,177	143,852	69,467	782,382
Provided during the period	33,922	2,264	15,931	5,242	57,359
Disposals	-	-	-	(947 )	(947 )

As at 31 December 2025	584,808	20,441	159,783	73,762	838,794

Net Book Value
As at 31 December 2025	191,840	6,793	98,495	15,920	313,048

As at 1 January 2025	224,992	9,057	104,393	18,827	357,269

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Motor Vehicles	6,777	9,037

6. Stocks

	2025	2024
	£	£
Stock	2,084,826	2,091,482

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,830,783	2,012,788
Prepayments and accrued income	105,034	131,640
Other debtors	552,474	607,920

	2,488,291	2,752,348

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SPL Components Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	4,068	4,068
Trade creditors	634,691	565,641
Bank loans and overdrafts	911,544	889,056
Corporation tax	63,905	56,945
Other taxes and social security	87,796	47,192
VAT	77,599	87,874
Other creditors	393,545	1,270,779
Accruals and deferred income	266,503	95,749

	2,439,651	3,017,304

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	678	4,746
Bank loans	-	8,568

	678	13,314

10. Secured Creditors

Of the creditors the following amounts are secured.

Other creditors are scured against Trade Debtors and via fixed and floating charges over all assets of the company in respect of monies advanced as part of Invocie 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.

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	4,746	8,814
Bank loans and overdrafts	911,545	897,624
Other Creditors	388,141	1,265,256

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	4,068	4,068
Later than one year and not later than five years	678	4,746

	4,746	8,814

	4,746	8,814

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SPL Components Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

12. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	76,600	87,549

13. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2025	87,549	87,549
Utilised	(10,949 )	(10,949)

Balance at 31 December 2025	76,600	76,600

14. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,142	1,167

15. Related Party Transactions

Muneris Product by Design Ltd

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

	2025	2024
	£	£

Sales	1,509	7,660
Hire charges	28,998	53,170
Purchases	23,000	26,810
Management charges	239,000	176,000
Travel	1,946	-
Balance included in trade creditors	114,590	102,987

16. Controlling Party

The ultimate controlling party is G P Baxter.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		313,048		357,269

			313,048		357,269
CURRENT ASSETS
Stocks	6	2,084,826		2,091,482
Debtors	7	2,488,291		2,752,348
Cash at bank and in hand		242		191,131

		4,573,359		5,034,961
Creditors: Amounts Falling Due Within One Year	8	(2,439,651 )		(3,017,304 )

NET CURRENT ASSETS (LIABILITIES)			2,133,708		2,017,657

TOTAL ASSETS LESS CURRENT LIABILITIES			2,446,756		2,374,926

Creditors: Amounts Falling Due After More Than One Year	9		(678 )		(13,314 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	12		(76,600 )		(87,549 )

NET ASSETS			2,369,478		2,274,063

CAPITAL AND RESERVES
Called up share capital	14		1,142		1,167
Share premium account			19,535		19,535
Capital redemption reserve			149,923		149,898
Profit and Loss Account			2,198,878		2,103,463

SHAREHOLDERS' FUNDS			2,369,478		2,274,063