SPL Components Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02996246 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

SPL COMPONENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G P Baxter

Mrs R E Baxter

S P Baxter

J Leivesley

D Nicholson

SECRETARY:

Mrs R E Baxter

REGISTERED OFFICE:

Unit 6

Lockwood Park Industrial Estate

Leeds

West Yorkshire

LS11 5UX

REGISTERED NUMBER:

02996246 (England and Wales)

ACCOUNTANTS:

Lewis's Ltd

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

559,121

416,663

559,121

416,663

CURRENT ASSETS

Stocks

2,291,276

1,623,431

Debtors

6

3,009,323

2,549,190

Cash at bank and in hand

84,243

138,746

5,384,842

4,311,367

CREDITORS

Amounts falling due within one year

7

3,645,243

2,853,602

NET CURRENT ASSETS

1,739,599

1,457,765

TOTAL ASSETS LESS CURRENT LIABILITIES

2,298,720

1,874,428

CREDITORS

Amounts falling due after more than one year

8

(334,495

)

(226,370

)

PROVISIONS FOR LIABILITIES

10

(98,059

)

(69,449

)

NET ASSETS

1,866,166

1,578,609

CAPITAL AND RESERVES

Called up share capital

11

1,167

1,167

Share premium

19,535

19,535

Capital redemption reserve

149,898

149,898

Retained earnings

1,695,566

1,408,009

SHAREHOLDERS' FUNDS

1,866,166

1,578,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 by the Board of Directors and authorised for issue on 22 September 2022 and were signed on its behalf by:

G P Baxter - Director

1.	STATUTORY INFORMATION

SPL Components 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

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

33% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 40 (2020 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

86,000

AMORTISATION

At 1 January 2021

and 31 December 2021

86,000

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2021

681,866

158,770

20,693

62,536

923,865

Additions

80,013

40,554

92,989

6,635

220,191

At 31 December 2021

761,879

199,324

113,682

69,171

1,144,056

DEPRECIATION

At 1 January 2021

369,683

73,856

15,852

47,811

507,202

Charge for year

50,861

14,798

7,022

5,052

77,733

At 31 December 2021

420,544

88,654

22,874

52,863

584,935

NET BOOK VALUE

At 31 December 2021

341,335

110,670

90,808

16,308

559,121

At 31 December 2020

312,183

84,914

4,841

14,725

416,663

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2021

165,715

14,300

180,015

Additions

-

92,989

92,989

Transfer to ownership

(165,715

)

(14,300

)

(180,015

)

At 31 December 2021

-

92,989

92,989

DEPRECIATION

At 1 January 2021

110,823

9,524

120,347

Charge for year

-

5,812

5,812

Transfer to ownership

(110,823

)

(9,524

)

(120,347

)

At 31 December 2021

-

5,812

5,812

NET BOOK VALUE

At 31 December 2021

-

87,177

87,177

At 31 December 2020

54,892

4,776

59,668

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

2,582,953

2,093,316

Other debtors

372,618

390,793

Prepayments

53,752

65,081

3,009,323

2,549,190

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

73,923

60,021

Other loans

707,229

595,924

Hire purchase contracts

9,789

894

Trade creditors

940,014

883,491

Tax

30,722

64,366

Social security and other taxes

50,732

36,668

VAT

175,045

249,402

Other creditors

1,464,333

879,242

Accrued expenses

193,456

83,594

3,645,243

2,853,602

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans - 2-5 years

267,926

226,370

Hire purchase contracts

66,569

-

334,495

226,370

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

341,849

286,391

Hire purchase contracts

76,358

894

Other creditors

1,459,733

793,730

1,877,940

1,081,015

Other creditors are secured against Trade Debtors in respect of monies advanced as part of an Invoice Financing agreement.

Hire purchase creditors are secured on the relevant assets.

Bank loans are secured by a debenture over all assets.

10.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

98,059

69,449

Deferred

tax

£

Balance at 1 January 2021

69,449

Accelerated capital allowances

28,610

Balance at 31 December 2021

98,059

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

1,050

Ordinary

£1

1,167

1,167

.

12.	RELATED PARTY DISCLOSURE

Lighting Innovations Ltd

A company in which Mr G P Baxter is a significant shareholder

2021

2020

£

£

Sales

206,634

347,448

Balance included in trade debtors

13,866

10,953

Muneris Product by Design Ltd

A company in which Mr G P Baxter is a significant shareholder

2021

2020

£

£

Cost of equipment hire

8,190

5,040

Management charges

170,000

150,000

Vehicle leasing

2,665

-

Balance included in other creditors

-

-

Balance included in trade creditors

149,664

132,690