Speedygroup Limited - Period Ending 2022-02-28
Speedygroup Limited - Period Ending 2022-02-28
Registration number:
Speedygroup Limited
Filleted
for the Year Ended 28 February 2022
Speedygroup Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Speedygroup Limited
Company Information
Directors |
Mrs C. B. Ives Mr C. C. Ives Mr J. R. Sewell |
Company secretary |
Mrs C. B. Ives |
Registered office |
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Bankers |
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Accountants |
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Speedygroup Limited
(Registration number: 00443553)
Statement of Financial Position as at 28 February 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Speedygroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through cash generated from operations.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
Turnover represents rental income received and is recognised on a receipts basis.
Speedygroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022 (continued)
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Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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Leasehold properties |
Straight line over 30 years |
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Plant and machinery |
20% reducing balance |
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Investment properties |
No depreciation |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Speedygroup Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022 (continued)
Tangible assets |
Investment properties |
Leasehold properties |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 March 2021 |
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Disposals |
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At 28 February 2022 |
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- |
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Depreciation |
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At 1 March 2021 |
- |
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Charge for the year |
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Eliminated on disposal |
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At 28 February 2022 |
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Carrying amount |
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At 28 February 2022 |
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- |
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At 28 February 2021 |
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The directors have reviewed the carrying value of investment properties and do not consider the values to be materially different to the carrying values.
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Corporation tax liability |
4,121 |
4,675 |
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