Spectrum Pastes Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03674450 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Spectrum Pastes Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R Farr

G T Parslow

P Williams

J Moreton

SECRETARY:

G T Parslow

REGISTERED OFFICE:

Unit 3B Cobham Road

Pershore

Worcestershire

WR10 2DL

REGISTERED NUMBER:

03674450 (England and Wales)

ACCOUNTANTS:

Thorne Widgery Accountancy Ltd

Chartered Accountants

2 Wyevale Business Park

Kings Acre

Hereford

Herefordshire

HR4 7BS

BANKERS:

Barclays Bank plc

54 High Street

Worcester

WR1 2AQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

15,700

10,626

15,700

10,626

CURRENT ASSETS

Stocks

83,727

101,187

Debtors

131,842

147,181

Cash at bank and in hand

128,352

98,029

343,921

346,397

CREDITORS

Amounts falling due within one year

71,442

106,064

NET CURRENT ASSETS

272,479

240,333

TOTAL ASSETS LESS CURRENT LIABILITIES

288,179

250,959

PROVISIONS FOR LIABILITIES

2,593

1,252

NET ASSETS

285,586

249,707

CAPITAL AND RESERVES

Called up share capital

10,248

10,248

Retained earnings

275,338

239,459

SHAREHOLDERS' FUNDS

285,586

249,707

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 7 August 2017 and were signed on its behalf by:

M R Farr - Director

1.	STATUTORY INFORMATION

Spectrum Pastes Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 March 2017 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 April 2015.

The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting

policies, but there has been no impact on opening equity or profit for the comparative period.

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 1999, is being amortised evenly over its estimated useful life of ten 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.

Improvements to property

-

Over the life of the lease

Plant and machinery

-

20% on cost

Computer equipment

-

33% 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

47,828

AMORTISATION

At 1 April 2016

and 31 March 2017

47,828

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

102,174

Additions

12,835

At 31 March 2017

115,009

DEPRECIATION

At 1 April 2016

91,548

Charge for year

7,761

At 31 March 2017

99,309

NET BOOK VALUE

At 31 March 2017

15,700

At 31 March 2016

10,626