SPL Components Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02996246 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

SPL COMPONENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G P Baxter

Mrs R E Baxter

SECRETARY:

Mrs R E Baxter

REGISTERED OFFICE:

Unit 6

Lockwood Park Industrial Estate

Leeds

West Yorkshire

LS11 5UX

REGISTERED NUMBER:

02996246 (England and Wales)

ACCOUNTANTS:

Lewis's Ltd

Windsor House

44 High Road

Balby

Doncaster

DN4 0PL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

416,663

469,202

416,663

469,202

CURRENT ASSETS

Stocks

1,623,431

2,158,713

Debtors

6

2,549,190

2,104,977

Cash at bank and in hand

138,746

75,496

4,311,367

4,339,186

CREDITORS

Amounts falling due within one year

7

2,853,602

3,401,967

NET CURRENT ASSETS

1,457,765

937,219

TOTAL ASSETS LESS CURRENT LIABILITIES

1,874,428

1,406,421

CREDITORS

Amounts falling due after more than one year

8

(226,370

)

-

PROVISIONS FOR LIABILITIES

10

(69,449

)

(75,457

)

NET ASSETS

1,578,609

1,330,964

CAPITAL AND RESERVES

Called up share capital

11

1,167

1,167

Share premium

19,535

19,535

Capital redemption reserve

149,898

149,898

Retained earnings

1,408,009

1,160,364

SHAREHOLDERS' FUNDS

1,578,609

1,330,964

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 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 31 August 2021 and were signed on its behalf by:

G P Baxter - Director

1.	STATUTORY INFORMATION

SPL Components 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.

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.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of two years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

33% on reducing balance

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.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 34 (2019 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

86,000

AMORTISATION

At 1 January 2020

and 31 December 2020

86,000

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

665,399

143,119

58,633

61,016

928,167

Additions

16,467

15,651

-

1,520

33,638

Disposals

-

-

(37,940

)

-

(37,940

)

At 31 December 2020

681,866

158,770

20,693

62,536

923,865

DEPRECIATION

At 1 January 2020

316,256

60,155

39,637

42,917

458,965

Charge for year

53,427

13,701

3,528

4,894

75,550

Eliminated on disposal

-

-

(27,313

)

-

(27,313

)

At 31 December 2020

369,683

73,856

15,852

47,811

507,202

NET BOOK VALUE

At 31 December 2020

312,183

84,914

4,841

14,725

416,663

At 31 December 2019

349,143

82,964

18,996

18,099

469,202

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

165,715

14,300

180,015

DEPRECIATION

At 1 January 2020

101,136

7,932

109,068

Charge for year

9,687

1,592

11,279

At 31 December 2020

110,823

9,524

120,347

NET BOOK VALUE

At 31 December 2020

54,892

4,776

59,668

At 31 December 2019

64,579

6,368

70,947

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

2,093,316

1,790,683

Other debtors

390,793

233,906

Prepayments

65,081

80,388

2,549,190

2,104,977

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

60,021

72,340

Other loans

595,924

686,746

Hire purchase contracts

894

4,469

Trade creditors

883,491

878,362

Tax

64,366

6,900

Social security and other taxes

36,668

36,147

VAT

249,402

119,003

Other creditors

879,242

1,510,237

Accrued expenses

83,594

87,763

2,853,602

3,401,967

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans - 2-5 years

226,370

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

286,391

72,340

Hire purchase contracts

894

4,469

Other creditors

793,730

1,507,804

1,081,015

1,584,613

Other creditors are secured against Trade Debtors in respect of monies advanced as part of an Invoice Financing agreement.

Hire purchase creditors are secured on the relevant assets.

Bank loans are secured by a debenture over all assets.

10.	PROVISIONS FOR LIABILITIES

31.12.20

31.12.19

£

£

Deferred tax

69,449

75,457

Deferred

tax

£

Balance at 1 January 2020

75,457

Accelerated capital allowances

(6,008

)

Balance at 31 December 2020

69,449

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

1,050

Ordinary

£1

1,167

1,167

.

12.	RELATED PARTY DISCLOSURE

Lighting Innovations Ltd

A company in which Mr G P Baxter is a significant shareholder

2020

2019

£

£

Sales

347,448

294,618

Balance included in trade debtors

10,953

69,600

Muneris Product by Design

A company in which Mr G P Baxter is a significant shareholder

2020

2019

£

£

Cost of equipment hire

5,040

26,050

Management charges

150,000

117,976

Interest charge incurred

-

474

Balance included in other creditors

-

3,967

Balance included in trade creditors

132,690

100,351