Spitfire Developments (Northern) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10186731 (England and Wales)

SPITFIRE DEVELOPMENTS (NORTHERN) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

I J Oliver

J Storey

REGISTERED OFFICE:

The White House

278 Bawtry Road

Doncaster

DN4 7PD

REGISTERED NUMBER:

10186731 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

4 Henley Way

Doddington Road

Lincoln

Lincolnshire

LN6 3QR

FIXED ASSETS

Tangible assets

4

13,376

17,954

CURRENT ASSETS

Debtors

5

62,651

220,272

Cash at bank and in hand

58,185

51,936

120,836

272,208

CREDITORS

Amounts falling due within one year

6

57,845

143,306

NET CURRENT ASSETS

62,991

128,902

TOTAL ASSETS LESS CURRENT LIABILITIES

76,367

146,856

CREDITORS

Amounts falling due after more than one year

7

(6,924

)

(13,238

)

PROVISIONS FOR LIABILITIES

-

(3,052

)

NET ASSETS

69,443

130,566

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

69,441

130,564

SHAREHOLDERS' FUNDS

69,443

130,566

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 10 February 2020 and were signed on its behalf by:

I J Oliver - Director

1.	STATUTORY INFORMATION

Spitfire Developments (Northern) Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2018

and 31 May 2019

25,845

DEPRECIATION

At 1 June 2018

7,891

Charge for year

4,578

At 31 May 2019

12,469

NET BOOK VALUE

At 31 May 2019

13,376

At 31 May 2018

17,954

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

10,298

150,843

Amounts recoverable on contract

30,000

50,000

Other debtors

22,353

19,429

62,651

220,272

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

6,314

5,906

Trade creditors

16,713

90,351

Taxation and social security

22,490

24,485

Other creditors

12,328

22,564

57,845

143,306

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

6,924

13,238

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

13,238

19,144

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have a directors loan accounts totalling £9,603 in debit brought forward (2018: £822 in credit).

During the year, the directors of the company borrowed £38,050 (2018: £28,049) from the company and

repaid £38,624 (2018: £17,624). Interest was not charged on the overdrawn amount in the year. The balance

at the end of the year totalled £9,029 overdrawn (2018: £9,603 overdrawn).