Specialist Piling Solutions Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09958760 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SPECIALIST PILING SOLUTIONS LIMITED

Page

Balance sheet

1

Notes to the financial statements

3

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

598,806

444,613

598,806

444,613

Current assets

Debtors

6

657,671

990,314

Cash at bank and in hand

537,761

1,509

1,195,432

991,823

Creditors

Amounts falling due within one year

7

803,939

539,386

Net current assets

391,493

452,437

Total assets less current liabilities

990,299

897,050

Creditors

Amounts falling due after more than one year

8

(138,986

)

(655,093

)

Provisions for liabilities

10

(149,702

)

(40,350

)

Net assets

701,611

201,607

Capital and reserves

Called up share capital

11

100

100

Revaluation reserve

12

101,883

-

Retained earnings

599,628

201,507

Shareholders' funds

701,611

201,607

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2024 and were signed by:

Mr J Calcinotto - Director

1.	Statutory information

Specialist Piling Solutions Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 09958760. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is First Floor South, Waterloo House, Fleets Corner Business Park, Poole, Dorset, BH17 0HL

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.

Turnover

Turnover represents amounts receivable for the sale of goods and services supplied in the year, net of VAT and trade discounts.

Intangible assets

Computer software has been fully amortised over its useful life.

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 reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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

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.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its parent comprise a small-sized group. The group has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

3.	Employees and directors

The average number of employees during the year was 13 (2022 - 12 ) .

4.	Intangible fixed assets

Other

intangible

assets

£

Cost

At 1 January 2023

and 31 December 2023

7,500

Amortisation

At 1 January 2023

and 31 December 2023

7,500

Net book value

At 31 December 2023

-

At 31 December 2022

-

5.	Tangible fixed assets

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Cost or valuation

At 1 January 2023

578,882

66,192

645,074

Additions

81,648

24,250

105,898

Revaluations

135,844

-

135,844

At 31 December 2023

796,374

90,442

886,816

Depreciation

At 1 January 2023

159,740

40,721

200,461

Charge for year

75,118

12,431

87,549

At 31 December 2023

234,858

53,152

288,010

Net book value

At 31 December 2023

561,516

37,290

598,806

At 31 December 2022

419,142

25,471

444,613

Cost or valuation at 31 December 2023 is represented by:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Valuation in 2023

135,844

-

135,844

Cost

660,530

90,442

750,972

796,374

90,442

886,816

If plant and machinery had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

660,530

-

Aggregate depreciation

234,859

-

Plant and machinery were valued on an open market basis on 31 December 2023 by the director .

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

Cost or valuation

At 1 January 2023

511,420

37,884

549,304

Additions

32,250

-

32,250

Revaluations

74,344

-

74,344

At 31 December 2023

618,014

37,884

655,898

Depreciation

At 1 January 2023

127,178

16,574

143,752

Charge for year

62,474

5,328

67,802

At 31 December 2023

189,652

21,902

211,554

Net book value

At 31 December 2023

428,362

15,982

444,344

At 31 December 2022

384,242

21,310

405,552

6.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

287,696

543,185

Amounts recoverable on contract

346,300

439,800

Directors' current accounts

8,934

-

VAT

13,646

5,084

Prepayments and accrued income

1,095

2,245

657,671

990,314

7.

Creditors: amounts falling due within one year

2023

2022

£

£

Bank loans and overdrafts

32,000

49,953

Hire purchase contracts

119,100

120,085

Trade creditors

382,606

349,616

Amounts owed to group undertakings

189,294

-

Tax

50,524

-

Social security and other taxes

16,857

10,818

Other creditors

10,408

4,414

Accruals and deferred income

3,150

4,500

803,939

539,386

8.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans - 1-2 years

32,000

32,000

Bank loans - 2-5 years

13,333

45,333

Hire purchase contracts

93,653

195,673

Directors' loan accounts

-

382,087

138,986

655,093

9.	Secured debts

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

77,333

127,286

Hire purchase contracts

212,753

315,758

290,086

443,044

Amounts owing under hire purchase agreements are secured against the assets to which they relate.

All amounts becoming due to HSBC UK are secured against all assets of the company by way of a legal charge dated 12 February 2020.

10.	Provisions for liabilities

2023

2022

£

£

Deferred tax

149,702

40,350

Deferred

tax

£

Balance at 1 January 2023

40,350

Charge to Statement of comprehensive income during year

75,391

Revaluation

33,961

Balance at 31 December 2023

149,702

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary A

£1

100

100

12.

Reserves

Revaluation

reserve

£

Revaluation reserve - Plant and machinery

101,883

At 31 December 2023

101,883

13.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023

2022

£

£

Mr J Calcinotto

Balance outstanding at start of year

-

-

Amounts advanced

8,934

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,934

-

At the balance sheet date the Director, Mr J Calcinotto, owed the company £8,934. The amount outstanding at the balance sheet date was interest free and repaid in full within 9 months of the year end.

14.	Ultimate controlling party

The ultimate controlling party is the director Mr J Calcinotto by virtue of his 68% holding in the parent company.