Spencer Rigging Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01614521 (England and Wales)

SPENCER RIGGING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A R Swaap

SECRETARY:

A R Swaap

REGISTERED OFFICE:

Empire Buildings

St Mary's Road

Cowes

Isle of Wight

PO31 7SX

REGISTERED NUMBER:

01614521 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

25,574

Tangible assets

5

22,262

26,246

Investments

6

4

4

22,266

51,824

CURRENT ASSETS

Stocks

368,000

362,364

Debtors

7

51,289

49,022

Cash at bank and in hand

117,898

103,594

537,187

514,980

CREDITORS

Amounts falling due within one year

8

(81,693

)

(56,988

)

NET CURRENT ASSETS

455,494

457,992

TOTAL ASSETS LESS CURRENT LIABILITIES

477,760

509,816

CREDITORS

Amounts falling due after more than one year

9

(210,750

)

(241,610

)

NET ASSETS

267,010

268,206

CAPITAL AND RESERVES

Called up share capital

98,700

98,700

Share premium

394,400

394,400

Capital redemption reserve

4,169

4,169

Retained earnings

(230,259

)

(229,063

)

267,010

268,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 January 2022 and were signed by:

A R Swaap - Director

1.	STATUTORY INFORMATION

Spencer Rigging 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 FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

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

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 the cost less estimated residual value of each asset over its estimated useful life.

Plant and Machinery - 15% Reducing Balance

Office Equipment - 15% Reducing Balance

Motor Vehicles - 25% Reducing Balance

Government grants

The following government grants have been received during the year:

Business Interruption Payment (BIP) under the Bounce Back Loan scheme: The BIP is payable in respect of the loan interest for the first 12 months, together with any related fees. The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred. The company has also benefited from the UK government's provision of security for 100% of the loan.

Coronavirus Job Retention Scheme: the accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

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.

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 7 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2020

and 31 January 2021

424,044

AMORTISATION

At 1 February 2020

398,470

Charge for year

25,574

At 31 January 2021

424,044

NET BOOK VALUE

At 31 January 2021

-

At 31 January 2020

25,574

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 February 2020

152,047

21,887

12,000

185,934

Additions

-

-

904

904

At 31 January 2021

152,047

21,887

12,904

186,838

DEPRECIATION

At 1 February 2020

140,215

12,385

7,088

159,688

Charge for year

1,775

2,376

737

4,888

At 31 January 2021

141,990

14,761

7,825

164,576

NET BOOK VALUE

At 31 January 2021

10,057

7,126

5,079

22,262

At 31 January 2020

11,832

9,502

4,912

26,246

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2020

and 31 January 2021

4

NET BOOK VALUE

At 31 January 2021

4

At 31 January 2020

4

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

51,289

49,022

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,034

4,861

Trade creditors

22,899

25,717

Amounts owed to group undertakings

26

26

Taxation and social security

39,455

24,221

Other creditors

9,279

2,163

81,693

56,988

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

42,500

-

Other creditors

168,250

241,610

210,750

241,610

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

2,500

-

2,500

-

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The director owns premises from which the company trades. During the year peppercorn rent of £2 (2020: £1) was payable to the director, which is below the open market rate.