Spektrum Interiors Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09919471 (England and Wales)

Financial Statements for the Year Ended 31 December 2020

for

Spektrum Interiors Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr C James

REGISTERED OFFICE:

Unit 13 Industrial Estate

Sanders Way

Bromsgrove

Worcestershire

B61 7DG

REGISTERED NUMBER:

09919471 (England and Wales)

ACCOUNTANTS:

Squires Worcester Limited T/A

Matthew Squire (AFA) & Company

5 Moor Street

Worcester

Worcestershire

WR1 3DB

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spektrum Interiors Ltd for the year ended 31 December 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Spektrum Interiors Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Spektrum Interiors Ltd and state those matters that we have agreed to state to the director of Spektrum Interiors Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spektrum Interiors Ltd and its director for our work or for this report.

It is your duty to ensure that Spektrum Interiors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spektrum Interiors Ltd. You consider that Spektrum Interiors Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Spektrum Interiors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Squires Worcester Limited T/A

Matthew Squire (AFA) & Company

5 Moor Street

Worcester

Worcestershire

WR1 3DB

28 September 2021

FIXED ASSETS

Property, plant and equipment

5

2,725

3,407

CURRENT ASSETS

Inventories

26,675

26,325

Debtors

6

4,043

9,043

Cash at bank and in hand

31,257

1,095

61,975

36,463

CREDITORS

Amounts falling due within one year

7

36,828

38,877

NET CURRENT ASSETS/(LIABILITIES)

25,147

(2,414

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,872

993

CREDITORS

Amounts falling due after more than one year

8

(26,500

)

-

PROVISIONS FOR LIABILITIES

(518

)

(647

)

NET ASSETS

854

346

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

754

246

854

346

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 September 2021 and were signed by:

Mr C James - Director

1.	STATUTORY INFORMATION

Spektrum Interiors Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue 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.

Plant and machinery

-

20% on reducing balance

Stocks

Inventories 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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2020

and 31 December 2020

8,317

DEPRECIATION

At 1 January 2020

4,910

Charge for year

682

At 31 December 2020

5,592

NET BOOK VALUE

At 31 December 2020

2,725

At 31 December 2019

3,407

6.

DEBTORS

31.12.20

31.12.19

£

£

Amounts falling due within one year:

Prepayments

2,168

2,168

Amounts falling due after more than one year:

Other debtors

1,875

1,875

Director's loan

-

5,000

1,875

6,875

Aggregate amounts

4,043

9,043

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

3,500

17

Trade creditors

10,586

18,845

Tax

5,568

7,981

VAT

7,656

5,359

Director's loan

7,458

-

Accrued expenses

2,060

6,675

36,828

38,877

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 1-2 years

6,000

-

Bank loans - 2-5 years

18,000

-

Bank loans more 5 yr by instal

2,500

-

26,500

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,500

-