Spectrum Products (UK) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06333795 (England and Wales)

Financial Statements for the Year Ended 31st December 2020

for

Spectrum Products (UK) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R M Francis

G Simmonds

L Pomeroy

A J Bushnell

M Knappett

REGISTERED OFFICE:

7 Eastbrook Road

Gloucester

Gloucestershire

GL4 3DB

REGISTERED NUMBER:

06333795 (England and Wales)

AUDITORS:

Richards Sandy Audit Services Limited

(Statutory Auditor)

Thorneloe House

25 Barbourne Road

Worcester

WR1 1RU

FIXED ASSETS

Tangible assets

4

22,728

29,318

CURRENT ASSETS

Stocks

5

191,726

119,760

Debtors

6

50,541

56,079

Cash at bank

59,476

24,407

301,743

200,246

CREDITORS

Amounts falling due within one year

7

324,438

229,531

NET CURRENT LIABILITIES

(22,695

)

(29,285

)

TOTAL ASSETS LESS CURRENT LIABILITIES

33

33

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

31

31

SHAREHOLDERS' FUNDS

33

33

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 Board of Directors and authorised for issue on 29th September 2021 and were signed on its behalf by:

M Knappett - Director

1.	STATUTORY INFORMATION

Spectrum Products (UK) 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.	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.

RELATED PARTY EXEMPTION

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

GOING CONCERN

In preparing these financial statements, the directors have considered whether the going concern basis of preparation remains appropriate. To make this assessment the directors have considered the current financial position of the company and anticipated future cashflows for a period of at least 12 months from the signing of these financial statements.

The company is reliant on the parent charity Eastbrook Education Trust not requiring immediate cash settlement of amounts due to them until there is sufficient cash generated from operations to make such payments. However the directors acknowledge that this support is not legally binding and that the parent charity could technically call in the debt at any time, and whilst it is considered unlikely that they should ever do so, if the parent charity did elect to do so the company would then not be able to continue as a going concern.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has passed to the buyer (usually on dispatch of the goods) and the amount of turnover can be measured reliably.

Turnover from the supply of services represents the value of services provided to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on reducing balance

Fixtures and fittings

-

25% on cost

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.

FINANCIAL INSTRUMENTS

Financial instruments are recognised when the company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction

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.

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals received under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1st January 2020

1,795

39,553

16,732

58,080

Additions

820

6,143

1,425

8,388

Disposals

(1,795

)

(1,222

)

-

(3,017

)

At 31st December 2020

820

44,474

18,157

63,451

DEPRECIATION

At 1st January 2020

971

21,406

6,385

28,762

Charge for year

988

9,473

4,517

14,978

Eliminated on disposal

(1,795

)

(1,222

)

-

(3,017

)

At 31st December 2020

164

29,657

10,902

40,723

NET BOOK VALUE

At 31st December 2020

656

14,817

7,255

22,728

At 31st December 2019

824

18,147

10,347

29,318

5.

STOCKS

2020

2019

£

£

Goods held for resale

191,726

119,760

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

36,597

31,221

Prepayments and accrued income

13,944

24,858

50,541

56,079

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

87,244

71,225

Amounts owed to group undertakings

196,734

131,522

VAT

18,362

9,270

Other creditors

13,531

8,600

Accrued expenses

8,567

8,914

324,438

229,531

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

34,916

30,000

Between one and five years

44,464

67,500

79,380

97,500

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Paul Sandy FCA (Senior Statutory Auditor)

for and on behalf of Richards Sandy Audit Services Limited

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Eastbrook Education Trust (anunincorporated charity).

Eastbrook Education Trust's registered office is Oneschool Global UK, Eastbrook Road, Gloucester, GL4 3DB. The issued share capital of Spectrum Products (UK) Limited are registered in the names of two holding trustees of Eastbrook Education Trust.