Salboy BP SPV 2 Limited - Period Ending 2022-03-31

Salboy BP SPV 2 Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Salboy BP SPV 2 Limited

(Registration number: 12325476)
Balance Sheet as at 31 March 2022

	Note	2022 £	2021 £
Current assets
Stocks	4	1,186,495	2,582,760
Debtors	5	372,491	20
Cash at bank and in hand		3,891	513
		1,562,877	2,583,293
Creditors: Amounts falling due within one year	6	(1,566,462)	(2,586,878)
Net liabilities		(3,585)	(3,585)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(3,586)	(3,586)
Shareholders' deficit		(3,585)	(3,585)

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 Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the Board on 23 September 2022 and signed on its behalf by:
 

......................................... Mr S A Ismail Director

Salboy BP SPV 2 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
WA3 7GB
UK

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through funds provided by the parent company. The directors consider that these facilities will continue to be made available to the company. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments which would result if the going concern basis were not appropriate.

Audit report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 September 2022 was Mr Ian William Biddington, who signed for and on behalf of Alextra Audit Limited.

Salboy BP SPV 2 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

Judgements

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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs, borrowing costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Stocks

	2022 £	2021 £
Work in progress	1,186,495	2,582,760

5

Debtors

	2022 £	2021 £
Other debtors	372,491	20
	372,491	20

Salboy BP SPV 2 Limited

Notes to the Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	319	-
Owed to group undertakings	1,558,443	2,469,381
Accruals and deferred income	4,700	116,497
Other creditors	3,000	1,000
	1,566,462	2,586,878

Included within 'Owed to group undertakings' is £1,558,443 (2021 - £2,469,381) in relation to a loan which is secured by fixed and floating charge 10 June 2020 over all the property or undertaking of the company and the property at 78 Higher Drive.

7	Parent and ultimate parent undertaking

The company's immediate parent is Salboy BP Limited, incorporated in England and Wales.

 The ultimate parent is Salboy Limited, incorporated in England and Wales.

 

The parent of the largest group in which these financial statements are consolidated is Salboy Limited, incorporated in England and Wales.

The address of Salboy Limited is:
Unit 3 Birchwood One Business Park
Dewhurst Road
Birchwood
Warrington
England
WA3 7GB

The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A. These accounts are consolidated within the group financial statements prepared by Salboy Limited.