S P Holdings (Woodchurch) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03013972 (England and Wales)

S P HOLDINGS (WOODCHURCH) LIMITED

PREVIOUSLY KNOWN AS

S.P. TOILETRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

C R Parsons

D M Stratton

SECRETARY:

Mrs B Hayward

REGISTERED OFFICE:

Dacliffe Industrial Estate

Appledore Road

Woodchurch

Ashford

Kent

TN26 3TG

REGISTERED NUMBER:

03013972 (England and Wales)

ACCOUNTANTS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

82 High Street

Tenterden

Kent

TN30 6JG

FIXED ASSETS

Tangible assets

4

514,394

323,299

CURRENT ASSETS

Stocks

121,666

99,573

Debtors

5

140,759

140,865

Cash at bank

63,480

-

325,905

240,438

CREDITORS

Amounts falling due within one year

6

143,726

148,490

NET CURRENT ASSETS

182,179

91,948

TOTAL ASSETS LESS CURRENT LIABILITIES

696,573

415,247

CREDITORS

Amounts falling due after more than one year

7

(98,099

)

(100,998

)

PROVISIONS FOR LIABILITIES

(97,156

)

(60,721

)

NET ASSETS

501,318

253,528

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

226,950

64,950

Retained earnings

274,268

188,478

SHAREHOLDERS' FUNDS

501,318

253,528

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 24 June 2021 and were signed on its behalf by:

C R Parsons - Director

1.	STATUTORY INFORMATION

S P Holdings (Woodchurch) 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.

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 as modified by the revaluation of certain assets.

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.

Freehold property

-

at varying rates on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Grants that do not specify any future performance-related conditions are recorded when the grant proceeds are received or receivable. Any grant that imposes specified future performance-related conditions is recognised only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

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.

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 9 (2020 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2020

308,056

336,213

58,070

495

702,834

Additions

200,000

-

-

-

200,000

Disposals

-

(1,826

)

-

-

(1,826

)

At 31 March 2021

508,056

334,387

58,070

495

901,008

DEPRECIATION

At 1 April 2020

28,056

303,829

47,155

495

379,535

Charge for year

-

4,351

2,728

-

7,079

At 31 March 2021

28,056

308,180

49,883

495

386,614

NET BOOK VALUE

At 31 March 2021

480,000

26,207

8,187

-

514,394

At 31 March 2020

280,000

32,384

10,915

-

323,299

Cost or valuation at 31 March 2021 is represented by:

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2017

118,150

-

-

-

118,150

Valuation in 2021

200,000

-

-

-

200,000

Cost

189,906

334,387

58,070

495

582,858

508,056

334,387

58,070

495

901,008

5.

DEBTORS

2021

2020

£

£

Amounts falling due within one year:

Trade debtors

49,578

65,254

Other debtors

71,150

55,580

120,728

120,834

Amounts falling due after more than one year:

Other debtors

20,031

20,031

Aggregate amounts

140,759

140,865

The company uses the services of HSBC Invoice Finance (UK) Limited in factoring the company debts. Included within debtors is £23,492 (2020: £23,050) of factored debts. Included within creditors is £18,967 (2020: £13,145) of advances from the factoring company.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

40,640

Hire purchase contracts

2,899

2,700

Trade creditors

18,968

13,145

Taxation and social security

43,789

38,717

Other creditors

78,070

53,288

143,726

148,490

Included within other creditors is £28,107 (2020 - £37,317) borrowed from the directors and shareholders.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

3,099

5,998

Other creditors

95,000

95,000

98,099

100,998

Other creditors represents monies borrowed from a director and monies owed in respect of a finance agreement.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

-

40,640

Hire purchase contracts

5,998

8,698

5,998

49,338

The overdraft is secured by a fixed and floating charge over the company's assets. The finance lease is secured on the asset concerned.

9.

RESERVES

Revaluation

reserve

£

At 1 April 2020

64,950

Revaluation in year

162,000

At 31 March 2021

226,950

10.	CAPITAL COMMITMENTS

2021

2020

£

£

Contracted but not provided for in the

financial statements

8,836

-

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

C R Parsons

Balance outstanding at start of year

52,756

49,248

Amounts advanced

5,313

3,508

Amounts repaid

(6,408

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

51,661

52,756

The above includes transactions with a related charity, which the director is associated with and thus all are deemed to be director loan transactions.