Spearco Limited - Period Ending 2020-08-31
Spearco Limited - Period Ending 2020-08-31
Registration number:
Spearco Limited
for the Year Ended 31 August 2020
Spearco Limited
(Registration number: 09689753)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors: amounts falling due within one year |
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Debtors: amounts falling due after more than one year |
334,394 |
431,815 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Spearco Limited
(Registration number: 09689753)
Balance Sheet as at 31 August 2020
For the financial year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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 has been taken.
Approved and authorised by the
............................
Director
Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
In light of the rapid global spread of the Coronavirus “COVID-19” in early 2020, the directors have reviewed the budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company’s ability to act as a going concern.
The directors have reviewed the supply chains, key customers and the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.
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 value added tax, returns, rebates and discounts. Turnover also includes dividends received from subsidiary companies.
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.
Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Government grants
Grants are recognised in the financial statements when there is reasonable assurance that the entity
will comply with the conditions attached to them and the grants will be received. Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Grants towards capital expenditure are initially recognised as deferred revenue and then released to
the profit and loss account over the expected useful life of the assets. Grants towards revenue
expenditure are released to the profit and loss account as the related expenditure is incurred.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
25% straight line |
Motor vehicles |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Computer equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2019 |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
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Charge for the year |
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At 31 August 2020 |
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Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Investments |
2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2019 |
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Additions |
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At 31 August 2020 |
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Provision |
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Provision made in the year |
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At 31 August 2020 |
459,889 |
Carrying amount |
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At 31 August 2020 |
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At 31 August 2019 |
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Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2020 |
2019 |
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Subsidiary undertakings |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombe Fisheries Riverside Road
England and Wales |
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Coombe Fisheries Riverside Road
England and Wales |
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Wessex House, Teign Road
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The principal activity of Girl Rona Holdings Limited is |
The principal activity of Pamela Jill Limited is |
The principal activity of Mermaid Trawler Company Limited is |
The principal activity of North Devon Trawlers Limited is |
The principal activity of WCS Fishing Limited is |
Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Prepayments and accrued income |
5,830 |
12,580 |
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710,839 |
875,566 |
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Less non-current portion |
( |
( |
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Total current trade and other debtors |
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Details of non-current trade and other debtors
£334,394 (2019 - £431,815) of loans are classified as non-current.
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Current loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
15,514 |
10,614 |
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Creditors: amounts falling due after more than one year
2020 |
2019 |
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Due after one year |
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Other non-current financial liabilities |
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- |
Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
|
Ordinary shares of £0.01 each |
12,000 |
120.00 |
12,000 |
120.00 |
AA Ordinary shares of £0.01 each |
937 |
9.37 |
937 |
9.37 |
AB Ordinary shares of £0.01 each |
937 |
9.37 |
937 |
9.37 |
AC Ordinary shares of £0.01 each |
937 |
9.37 |
937 |
9.37 |
AD Ordinary shares of £0.01 each |
938 |
9.38 |
938 |
9.38 |
AE Ordinary shares of £0.01 each |
938 |
9.38 |
938 |
9.38 |
AF Ordinary shares of £0.01 each |
938 |
9.38 |
938 |
9.38 |
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Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
Summary of transactions with all subsidiaries
The company provided loans which are repayable on demand. One loan is interest free and the other bears interest at 3% above base rate.
Summary of transactions with other related parties
The company has received an interest free loan which is repayable on demand.
Income and receivables from related parties
2020 |
Subsidiary |
Rent receivable |
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Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
2019 |
Subsidiary |
Rent receivable |
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Expenditure with and payables to related parties
2020 |
Subsidiary |
Other related parties |
Purchase of goods |
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2019 |
Other related parties |
Purchase of goods |
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Loans to related parties
2020 |
Subsidiaries and other related parties |
Total |
At start of period |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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|
2019 |
Subsidiaries and other related parties |
Total |
At start of period |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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Loans from related parties
2020 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Spearco Limited
Notes to the Financial Statements for the Year Ended 31 August 2020
2019 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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