Company Registration No. 03538102 (England and Wales)
SPIRE CREATIVE PRODUCTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
SPIRE CREATIVE PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
SPIRE CREATIVE PRODUCTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
(71)
(71)
Net current liabilities
(71)
(71)
Capital and reserves
Called up share capital
4
2
2
Profit and loss reserves
(73)
(73)
Total equity
(71)
(71)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements are signed in order to comply with the requirements of the Companies Act, without personal verification.
The financial statements were approved by the board of directors and authorised for issue on 26 November 2018 and are signed on its behalf by:
Mr G L Brown
Director
Company Registration No. 03538102
SPIRE CREATIVE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Spire Creative Products Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Hall Street South, Union Street, West Bromwich, West Midlands, B70 6DB.
The company ceased to trade in October 2015 and is subsequently due to be wound up.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Cash and cash equivalents
Cash and cash equivalents
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of
twelve
months or less, and bank overdrafts.
Bank overdrafts are shown within borrowings in current liabilities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's
balance sheet
when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost, less any impairment.
Basic financial liabilities
Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans,
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised
cost
.
1.4
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
SPIRE CREATIVE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
2
Exceptional costs/(income)
2018
2017
£
£
Intercompany balance write down
-
(446,168)
The intercompany balance was with the parent company. Spire Manufacturing Limited, The balance was written down in the year due to Spire Creative Products Limited ceasing trading.
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
(221)
(221)
Other debtors
150
150
(71)
(71)
4
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
20,000 Ordinary shares of 0.01p each
2
2
5
Ultimate controlling party
The ultimate parent company is Spire Manufacturing Limited.
As the majority shareholder of Spire Manufacturing Limited, Mr G L Brown remains the ultimate controlling party of the company.