SPILSTED & SONS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06122884 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

SPILSTED & SONS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs H Spilsted

S Spilsted

J Spilsted

T Spilsted

SECRETARY:

Mrs H Spilsted

REGISTERED OFFICE:

The Washroom

Stansted House

Rowlands Castle

Hampshire

PO9 6DX

REGISTERED NUMBER:

06122884 (England and Wales)

ACCOUNTANTS:

James Todd & Co Limited

1 & 2 The Barn

Oldwick

West Stoke Road

Chichester

West Sussex

PO18 9AA

FIXED ASSETS

Tangible assets

4

6,404

8,498

CURRENT ASSETS

Stocks

250

750

Debtors

122,587

85,472

Cash at bank

3

826

122,840

87,048

CREDITORS

Amounts falling due within one year

112,758

112,867

NET CURRENT ASSETS/(LIABILITIES)

10,082

(25,819

)

TOTAL ASSETS LESS CURRENT LIABILITIES

16,486

(17,321

)

CAPITAL AND RESERVES

Called up share capital

5

150

150

Retained earnings

16,336

(17,471

)

SHAREHOLDERS' FUNDS

16,486

(17,321

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2021 and were signed on its behalf by:

S Spilsted - Director

1.	STATUTORY INFORMATION

SPILSTED & SONS LIMITED 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore adopt the going concern basis of accounting in preparing the financial statements. The company also relies on the continued support of the directors who are the major creditors. The financial statements have been prepared on a going concern basis on the understanding that the directors will not withdraw their loans to the detriment of other creditors

Turnover

Turnover represents the amounts derived from the provision of goods and services falling within the company's ordinary activities, after deduction of trade discounts, value added tax and any other other taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication of their values being impaired. Any impairment losses are then treated as an expense during the period.

Stocks and work in progress

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure and a proportion of fixed and variable overheads where appropriate.

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 balance sheet date.

Deferred tax

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

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 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2019

and 31 December 2019

38,071

DEPRECIATION

At 1 January 2019

29,573

Charge for year

2,094

At 31 December 2019

31,667

NET BOOK VALUE

At 31 December 2019

6,404

At 31 December 2018

8,498

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.19

31.12.18

value:

£

£

150

Ordinary

£1

150

150

6.	RELATED PARTY DISCLOSURES

Bywaves Limited is a company under common control. During the year, Bywaves repaid sums of £Nil to the company (2018: £300). Also during the year, Spilsted & Sons Limited made payments on behalf of Bywaves Limited totalling £Nil (2018: £1,370). Spilsted & Sons also carried out work for Bywaves Limited to the value of £38,000 (2018: £52,000) At 31st December 2019 there was an amount due to Spilsted & Sons Ltd of £122,152 (2018: £84,152), which is included within other debtors.

Summersdale Garage (Chichester) Ltd is a company under common control. During the year Spilsted & Sons Limited paid expenses of £25 on behalf of Summersdale Garage (Chichester) Ltd (2018: £840). Also during the year, Spilsted & Sons Limited received funds from Summersdale Garage (Chichester) Limited totalling £Nil (2018: £300). At 31st December 2019 Spilsted & Sons Limited owed Summersdale Garage (Chichester) Ltd £42,247 (2018: £42,272) which is included in other creditors.

Westbourne Village Stores Limited is a company under common control. During the year Spilsted & Sons received funds from Westbourne Village Stores Limited of £215 (2018: £2,000). At 31st December 2019 Spilsted & Sons Limited owed Westbourne Village Stores Limited £7,383 (2018: £7,168) which is included in other creditors.