Company Registration No. 05089967 (England and Wales)
SP PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
SP PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SP PROJECTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
4
147,533
165,975
Tangible assets
5
3,807
3,509
151,340
169,484
Current assets
Debtors
6
185,214
212,542
Cash at bank and in hand
31,826
332
217,040
212,874
Creditors: amounts falling due within one year
7
(145,622)
(218,166)
Net current assets/(liabilities)
71,418
(5,292)
Total assets less current liabilities
222,758
164,192
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
222,658
164,092
Total equity
222,758
164,192
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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for:
-
ensuring that the company keeps accounting records which comply with Sections 386 and 387
of the Companies Act 2006 and
-
preparing financial statements
which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in
accordance with the requirements of Sections 394 and 395 and which otherwise comply with the
requirements of the Companies Act 2006 relating to financial statements, so far as applicable to
the company.
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.
SP PROJECTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 December 2019 and are signed on its behalf by:
Mr C M Davis
Mr C S Hughes
Director
Director
Company Registration No. 05089967
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
SP Projects Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 16, Mold Business Park, Wrexham Road, Mold, Flintshire, CH7 1XP.
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. The principal accounting policies adopted are set out below.
1.2
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
.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised over its estimated useful life of ten years.
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:
Plant and machinery etc.
25% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.8
Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
2
Operating profit
2019
2018
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,268
1,169
Amortisation of intangible assets
18,442
18,442
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10
(2018 - 12).
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2018 and 31 March 2019
612,985
Amortisation and impairment
At 1 April 2018
447,010
Amortisation charged for the year
18,442
At 31 March 2019
465,452
Carrying amount
At 31 March 2019
147,533
At 31 March 2018
165,975
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
7,109
25,184
32,293
Additions
-
1,566
1,566
At 31 March 2019
7,109
26,750
33,859
Depreciation and impairment
At 1 April 2018
6,181
22,603
28,784
Depreciation charged in the year
232
1,036
1,268
At 31 March 2019
6,413
23,639
30,052
Carrying amount
At 31 March 2019
696
3,111
3,807
At 31 March 2018
928
2,581
3,509
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
175,728
210,394
Other debtors
9,486
2,148
185,214
212,542
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
16,913
45,613
Trade creditors
58,419
76,542
Taxation and social security
46,295
72,715
Other creditors
23,995
23,296
145,622
218,166
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Oridanary of £1 each
100
100