Spur Electron Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01672509 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2017

FOR

SPUR ELECTRON LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M E Snowdon

L A Snowdon

S H Snowdon

C A Snowdon-Darling

R G Matthews

J M Harrison

C E Barnes

REGISTERED OFFICE:

Hayward House

Hayward Business Centre

New Lane

Havant

Hampshire

PO9 2NL

REGISTERED NUMBER:

01672509 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

Fareham House

69 High Street

Fareham

Hampshire

PO16 7BB

BANKERS:

HSBC Bank plc

94 East Street

Chichester

West Sussex

PO19 1HD

SOLICITORS:

Preston Redman

Hinton House

Hinton Road

Bournemouth

BH1 2EN

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 Report of the Directors 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 Spur Electron Limited for the year ended 31st May 2017 which comprise the Income Statement, Abridged 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 Spur Electron 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 Spur Electron Limited and state those matters that we have agreed to state to the Board of Directors of Spur Electron 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 Spur Electron Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Spur Electron 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 Spur Electron Limited. You consider that Spur Electron 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 Spur Electron 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.

Rothman Pantall LLP

Chartered Accountants

Fareham House

69 High Street

Fareham

Hampshire

PO16 7BB

20th February 2018

FIXED ASSETS

Tangible assets

4

263,718

279,567

CURRENT ASSETS

Stocks

79,778

57,240

Debtors

413,525

407,201

Cash in hand

-

428

493,303

464,869

CREDITORS

Amounts falling due within one year

595,857

851,736

NET CURRENT LIABILITIES

(102,554

)

(386,867

)

TOTAL ASSETS LESS CURRENT LIABILITIES

161,164

(107,300

)

CREDITORS

Amounts falling due after more than one year

5

1,059,442

789,547

NET LIABILITIES

(898,278

)

(896,847

)

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

(998,278

)

(996,847

)

SHAREHOLDERS' FUNDS

(898,278

)

(896,847

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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 31st May 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 19th February 2018 and were signed on its behalf by:

M E Snowdon - Director

1.	STATUTORY INFORMATION

Spur Electron 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Manufacturing, Laboratory and Engineering

Turnover on this type of work represents the total value, excluding value added tax, of work done during the year and is

derived from ordinary activities.

Procurement

In respect of procurement contracts and contracts for on-going services, turnover represents the value of work done in the

year, including estimates of amounts not invoiced. Turnover in respect of procurement contracts and contracts for on-going

services is recognised by reference to the stage of completion.

Tangible fixed assets

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

Short leasehold

-

in accordance with the property

Plant and machinery

-

20% on cost and 10% on cost

Fixtures, fittings & equipment

-

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.

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

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.

Going concern

The accounts have been drawn up on a going concern basis as detailed in the notes to the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2016 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2016

1,054,381

Additions

40,104

At 31st May 2017

1,094,485

DEPRECIATION

At 1st June 2016

774,814

Charge for year

55,953

At 31st May 2017

830,767

NET BOOK VALUE

At 31st May 2017

263,718

At 31st May 2016

279,567

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2017

2016

£

£

Repayable by instalments

Bank loans due after 5yrs

180,380

-

6.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

69,998

342,572

Bank loans

368,496

-

Hire purchase contracts

62,631

56,591

501,125

399,163

The bank loan and overdraft are secured as follows:

- a fixed and floating charge over all the assets of the company.

- guarantee given by M E Snowdon, L A Snowdon, S H Snowdon and C A Snowdon-Darling, the directors, limited to

£515,000.

- First legal charge over the long leasehold property owned by the company's shareholders.

- Postponement of the directors loans in favour of the bank borrowings.

The hire purchase liabilities are secured over the asset to which they relate.

7.	OTHER FINANCIAL COMMITMENTS

Total amount of commitments, guarantees and contingencies is £25,879 (2016 - £42,088).

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year M E Snowdon, L A Snowdon, S H Snowdon and C A Snowdon-Darling provided loans to the company in

order to ensure the availability of working capital. The balances with the directors were in credit throughout the year.

9.	GOING CONCERN

The accounts have been prepared on a going concern basis. The directors have reviewed the cash resources available for

the 12 months following the approval of these financial statements and are satisfied that the company's results will continue

to improve. The forecasts indicate that the company will be able to operate within the resources available to it and the

directors will not require repayment in full of their loans until the company has sufficient cash available.