Company registration number 05089967 (England and Wales)
SP PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
SP PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SP PROJECTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
5
92,207
110,649
Tangible assets
6
24,420
16,268
116,627
126,917
Current assets
Debtors
7
335,997
375,074
Cash at bank and in hand
220,993
315,509
556,990
690,583
Creditors: amounts falling due within one year
8
(132,813)
(273,604)
Net current assets
424,177
416,979
Total assets less current liabilities
540,804
543,896
Creditors: amounts falling due after more than one year
9
(33,226)
(45,661)
Net assets
507,578
498,235
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
507,478
498,135
Total equity
507,578
498,235
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 2022 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 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2022 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 2022
- 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
2 Hilliards Court, Chester Business Park, Chester, Cheshire, CH4 9QP.
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
Fixtures and fittings
25% on reducing balance
Motor vehicles
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 2022
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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.9
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.
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(16,631)
(53,209)
Depreciation of owned tangible fixed assets
4,953
5,480
(Profit)/loss on disposal of tangible fixed assets
880
Amortisation of intangible assets
18,442
18,442
Operating lease charges
2,579
2,579
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
10
9
5
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
612,985
Amortisation and impairment
At 1 April 2021
502,336
Amortisation charged for the year
18,442
At 31 March 2022
520,778
Carrying amount
At 31 March 2022
92,207
At 31 March 2021
110,649
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
7,109
45,695
52,804
Additions
13,105
13,105
At 31 March 2022
7,109
58,800
65,909
Depreciation and impairment
At 1 April 2021
6,761
29,775
36,536
Depreciation charged in the year
174
4,779
4,953
At 31 March 2022
6,935
34,554
41,489
Carrying amount
At 31 March 2022
174
24,246
24,420
At 31 March 2021
348
15,920
16,268
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
169,307
302,159
Amounts owed by group undertakings
157,876
65,100
Other debtors
8,814
7,815
335,997
375,074
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,681
7,500
Trade creditors
47,957
84,336
Taxation and social security
31,953
119,189
Other creditors
43,222
62,579
132,813
273,604
SP PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,226
42,500
Other creditors
3,161
33,226
45,661