SPEECA Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10513763 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

SPEECA Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

C J Tuohy

H A Tuohy

REGISTERED OFFICE:

66 - 67 Newman Street

London

W1T 3EQ

REGISTERED NUMBER:

10513763 (England and Wales)

ACCOUNTANTS:

Wilkes Tranter & Co Limited

Brook House

Moss Grove

Kingswinford

West Midlands

DY6 9HS

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SPEECA Limited for the year ended 31 December 2022 which comprise the Profit and loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of SPEECA Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SPEECA Limited and state those matters that we have agreed to state to the Board of Directors of SPEECA Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SPEECA Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that SPEECA Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of SPEECA Limited. You consider that SPEECA Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of SPEECA Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wilkes Tranter & Co Limited

Brook House

Moss Grove

Kingswinford

West Midlands

DY6 9HS

20 September 2023

FIXED ASSETS

Tangible assets

4

43,786

-

Investments

5

18,374,624

20,375,015

18,418,410

20,375,015

CURRENT ASSETS

Debtors

6

4,760,385

1,146,241

Cash at bank

5,816,454

5,748,503

10,576,839

6,894,744

CREDITORS

Amounts falling due within one year

7

(94,066

)

(481,802

)

NET CURRENT ASSETS

10,482,773

6,412,942

TOTAL ASSETS LESS CURRENT LIABILITIES

28,901,183

26,787,957

CREDITORS

Amounts falling due after more than one year

8

(41,306,740

)

(29,414,124

)

NET LIABILITIES

(12,405,557

)

(2,626,167

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(12,405,657

)

(2,626,267

)

(12,405,557

)

(2,626,167

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2023 and were signed on its behalf by:

C J Tuohy - Director

1.	STATUTORY INFORMATION

SPEECA 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 as modified by the revaluation of certain assets.

Tangible fixed assets

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

Motor vehicles

-

25% on straight line

Office equipment

-

25% on straight line

Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Listed investments

Listed investments are shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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

The company's functional and presentational currency is GBP.

Foreign currency transactions are translated into functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating income'.

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.

Going concern

At 31 December 2022 there was a deficiency of assets £12,405,557 (2021: £2,626,167). The company is dependent upon the continued financial support of its director which will continue. On this basis the director considers it appropriate to prepare financial statements on a going concern basis. These financial statements do not include any adjustments which would arise if the accounts had not been prepared on a going concern basis.

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less cost to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2022

159,380

18,548

177,928

Additions

-

52,004

52,004

Disposals

(159,380

)

-

(159,380

)

At 31 December 2022

-

70,552

70,552

DEPRECIATION

At 1 January 2022

159,380

18,548

177,928

Charge for year

-

8,218

8,218

Eliminated on disposal

(159,380

)

-

(159,380

)

At 31 December 2022

-

26,766

26,766

NET BOOK VALUE

At 31 December 2022

-

43,786

43,786

At 31 December 2021

-

-

-

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

Other

undertakings

associates

investments

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2022

75

95

20,374,845

20,375,015

Additions

101

-

26,327,318

26,327,419

Disposals

-

-

(19,995,592

)

(19,995,592

)

Revaluations

-

-

(6,743,029

)

(6,743,029

)

Reclassification/transfer

-

-

(1,589,189

)

(1,589,189

)

At 31 December 2022

176

95

18,374,353

18,374,624

NET BOOK VALUE

At 31 December 2022

176

95

18,374,353

18,374,624

At 31 December 2021

75

95

20,374,845

20,375,015

Cost or valuation at 31 December 2022 is represented by:

Shares in

Interest

group

in

Other

undertakings

associates

investments

Totals

£

£

£

£

Valuation in 2022

-

-

18,374,353

18,374,353

Cost

176

95

-

271

176

95

18,374,353

18,374,624

6.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

14,400

-

Other debtors

3,530,034

891,689

3,544,434

891,689

Amounts falling due after more than one year:

Amounts owed by group undertakings

194,331

-

Amounts owed by associates

1,021,620

254,552

1,215,951

254,552

Aggregate amounts

4,760,385

1,146,241

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Taxation and social security

80,337

475,576

Other creditors

13,729

6,226

94,066

481,802

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

7,138,231

7,451,975

Amounts owed to group undertakings

1

-

Amounts owed to associates

66,129

60,000

Other creditors

34,102,379

21,902,149

41,306,740

29,414,124

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

7,138,231

7,451,975

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year Mr C J Tuohy, a director of the company made an interest free loan to the company. The amount outstanding at the 31 December 2022 and included within other creditors was £34,102,379 (2021: £21,902,149).

10.	RELATED PARTY DISCLOSURES

During the year, the company provided Timely Investments Limited with an interest free loan. Timely Investments Limited is a company in which C J Tuohy is a director. The amount outstanding at 31 December 2022 and included within amounts owed by associates was £1,021,620 (2021: £254,552).

During the year, the company received an interest free loan from DMTN Limited. DMTN Limited is a company in which C J Tuohy is a director. The amount outstanding at 31 December 2022 and included within amounts owed to associates was £66,129 (2021: £60,000).

During the year, the company provided SPEECA Energy Limited with an interest free loan. SPEECA Energy Limited is a company in which C J Tuohy is a director. The amount outstanding at 31 December 2022 and included within amounts owed by group undertakings was £194,331 (2021: £nil).

During the year, the company received an interest free loan from SPEECA Staff Services Limited. SPEECA Staff Services Limited is a company in which C J Tuohy is a director. The amount outstanding at 31 December 2022 and included within amounts owed to group undertakings was £1 (2021: £nil).