Company Registration No. 05589165 (England and Wales)
S P TWO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
S P TWO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
S P TWO LTD
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
229
258
Current assets
Debtors
4
842,074
203,412
Cash at bank and in hand
21,484
13,627
863,558
217,039
Creditors: amounts falling due within one year
5
(879,758)
(257,994)
Net current liabilities
(16,200)
(40,955)
Total assets less current liabilities
(15,971)
(40,697)
Capital and reserves
Called up share capital
6
2
2
Profit and loss reserves
(15,973)
(40,699)
Total equity
(15,971)
(40,697)
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 period ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 period 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.
The financial statements were approved by the board of directors and authorised for issue on 28 September 2017 and are signed on its behalf by:
Mr S Weston
Director
Company Registration No. 05589165
S P TWO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
S P Two Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2-3 Bassett Court, Broad Street, Newport Pagnell, Buckinghamshire, United Kingdom, MK16 0JN.
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 under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 December 2016
are the
first
financial statements of S P Two Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 31 March 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
At the balance sheet date the company had net liabilities and is therefore reliant on the continued support of its creditors. The director is confident that this support will continue for the foreseeable future and considers the company to be a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
S P TWO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.6
Employee benefits
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2016 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 December 2016
6,349
Depreciation and impairment
At 1 April 2016
6,091
Depreciation charged in the period
29
At 31 December 2016
6,120
Carrying amount
At 31 December 2016
229
At 31 March 2016
258
4
Debtors
2016
2016
Amounts falling due within one year:
£
£
Trade debtors
476,315
200,504
Other debtors
365,759
2,908
842,074
203,412
S P TWO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2016
- 4 -
5
Creditors: amounts falling due within one year
2016
2016
£
£
Trade creditors
851,511
218,783
Corporation tax
6,189
-
Other creditors
22,058
39,211
879,758
257,994
6
Called up share capital
2016
2016
£
£
Ordinary share capital
Issued and fully paid
Allotted, called up and fully paid
2
2