Speed (Storage & Handling) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00825238 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

SPEED (STORAGE & HANDLING) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr F Millard

Mr J D Millard

Mr M L Millard

Mrs Y A Millard

REGISTERED OFFICE:

7 Belvoir Terrace

Scarborough

North Yorkshire

YO11 2PP

REGISTERED NUMBER:

00825238 (England and Wales)

ACCOUNTANTS:

Townsend Harrison Limited

13 Yorkersgate

Malton

North Yorkshire

YO17 7AA

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

14,873

17,480

Investment property

7

3,090,666

2,166,667

3,105,539

2,184,147

CURRENT ASSETS

Debtors

8

11,437

12,347

Cash at bank

88,456

35,978

99,893

48,325

CREDITORS

Amounts falling due within one year

9

233,677

158,153

NET CURRENT LIABILITIES

(133,784

)

(109,828

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,971,755

2,074,319

CREDITORS

Amounts falling due after more than one year

10

(885,557

)

-

PROVISIONS FOR LIABILITIES

(172,838

)

(170,676

)

NET ASSETS

1,913,360

1,903,643

CAPITAL AND RESERVES

Called up share capital

200

200

Fair value reserve

12

1,530,234

1,530,234

Retained earnings

382,926

373,209

SHAREHOLDERS' FUNDS

1,913,360

1,903,643

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 9 November 2021 and were signed on its behalf by:

Mr F Millard - Director

1.	STATUTORY INFORMATION

Speed (Storage & Handling) 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.	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. There were no material departures from this standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principal accounting policies adopted in the year preparation of the financial statements are set out below and have remained unchanged from the previous year and also have been consistently applied within the same accounts.

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.

Goodwill

Acquired goodwill is written off in equal annual amounts over its estimated useful economic life.

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 - 10% to 25% on cost

Fixtures and fittings - 20% on reducing balance

Motor vehicles - 25% on reducing balance

Investment property

Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in market value is transferred to the fair value reserve. Gains are recognised on the income statement.

Deferred taxation is provided on these gains at the rate expected to apply were the property to be sold.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Revenue recognition

Revenue is represented by rental income which is recognised on an accruals basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

1,460

AMORTISATION

At 1 April 2020

and 31 March 2021

1,460

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2020

24,541

13,689

383

38,613

Additions

-

2,150

-

2,150

At 31 March 2021

24,541

15,839

383

40,763

DEPRECIATION

At 1 April 2020

15,564

5,543

26

21,133

Charge for year

2,570

2,061

126

4,757

At 31 March 2021

18,134

7,604

152

25,890

NET BOOK VALUE

At 31 March 2021

6,407

8,235

231

14,873

At 31 March 2020

8,977

8,146

357

17,480

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

2,166,667

Additions

923,999

At 31 March 2021

3,090,666

NET BOOK VALUE

At 31 March 2021

3,090,666

At 31 March 2020

2,166,667

Fair value at 31 March 2021 is represented by:

£

Valuation in 2011

772,140

Valuation in 2014

621,703

Valuation in 2015

153,720

Valuation in 2016

(179,129

)

Valuation in 2019

161,800

Valuation in 2020

(84,220

)

Cost

1,644,652

3,090,666

If investment properties had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

1,644,652

720,653

Investment properties were valued on an open market basis on 31 March 2021 by the Directors .

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

11,437

12,347

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

38,999

-

Hire purchase contracts

-

417

Taxation and social security

11,858

23,496

Other creditors

182,820

134,240

233,677

158,153

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

885,557

-

11.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

924,556

-

The bank loan is secured on investment property.

12.

RESERVES

Fair

value

reserve

£

At 1 April 2020

and 31 March 2021

1,530,234

13.	OTHER FINANCIAL COMMITMENTS

At 31 March 2021 the company had outstanding financial commitments of £20,021 (2020 - £12,531) not included on the balance sheet.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2021

2020

£

£

Mr F Millard and Mrs Y A Millard

Balance outstanding at start of year

(32,335

)

(104,752

)

Amounts advanced

33,340

123,116

Amounts repaid

(50,697

)

(50,699

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(49,692

)

(32,335

)

Mr J D Millard

Balance outstanding at start of year

(64,705

)

(110,870

)

Amounts advanced

118,000

57,000

Amounts repaid

(149,223

)

(10,835

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(95,928

)

(64,705

)

Mr M L Millard

Balance outstanding at start of year

(33,065

)

(88,065

)

Amounts advanced

-

55,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(33,065

)

(33,065

)

The loan balances due to Mr J Millard and Mr M Millard are unsecured, interest free and repayable on demand.

The amounts shown for Mr F Millard and Mrs Y A Millard are divided equally between them.

15.	RELATED PARTY DISCLOSURES

Dividends paid during the year to Directors totalled £39,688 (2019 - £50,011).