Company Registration No. 03911061 (England and Wales)
SPEARHEAD AND PARTNERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SPEARHEAD AND PARTNERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPEARHEAD AND PARTNERS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
97,135
111,011
Tangible assets
4
574
765
97,709
111,776
Current assets
Debtors
5
20,024
5,062
Cash at bank and in hand
24,560
25,430
44,584
30,492
Creditors: amounts falling due within one year
6
(263,080)
(274,414)
Net current liabilities
(218,496)
(243,922)
Total assets less current liabilities
(120,787)
(132,146)
Creditors: amounts falling due after more than one year
7
(21,047)
Net liabilities
(141,834)
(132,146)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(141,835)
(132,147)
Total equity
(141,834)
(132,146)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPEARHEAD AND PARTNERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2021
30 September 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 28 June 2022
D H Winton
Director
Company Registration No. 03911061
SPEARHEAD AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
1
Accounting policies
Company information
Spearhead and Partners Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Bowland House, Stiles Yard, West Street, New Alresford, Hampshire, SO24 9AT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 FRS 102 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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's current liabilities exceeded its
total
assets by £141,834.
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding to enable it to pay its debts as they fall due.
If the company was unable to continue obtaining sufficient funding to enable it to pay its debt as they fell due, it would be unable to continue trading and adjustment would have to be made to reduce the value of assets to their realisable amount, to provide for any further liabilities which might rise, and to re-classify fixed assets and long term liabilities as current assets and liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.4
Intangible fixed assets - goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
SPEARHEAD AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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 instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are measured at transaction price including transaction costs
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors are
recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
SPEARHEAD AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
1
1
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2020 and 30 September 2021
266,000
Amortisation and impairment
At 1 October 2020
154,989
Amortisation charged for the year
13,876
At 30 September 2021
168,865
Carrying amount
At 30 September 2021
97,135
At 30 September 2020
111,011
SPEARHEAD AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2020 and 30 September 2021
10,372
Depreciation and impairment
At 1 October 2020
9,607
Depreciation charged in the year
191
At 30 September 2021
9,798
Carrying amount
At 30 September 2021
574
At 30 September 2020
765
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,393
Other debtors
17,631
5,062
20,024
5,062
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
3,953
Trade creditors
203,876
211,740
Corporation tax
4,892
11,191
Other taxation and social security
1,874
3,502
Other creditors
48,485
47,981
263,080
274,414
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
21,047
SPEARHEAD AND PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Included within creditors is £
2
5,000 in respect of a bank loan which is guaranteed by the government
under the Bounce Back Loan Scheme.
8
Related party transactions
Included in other debtors is £
1
2,
4
61 (20
20
: £2,261) due from 32T Limited, a company in which D Winton is a director. During the year the company charged a management fee of £Nil (20
20
: £
NIL
) to 32T Limited for services provided.
During the year the company has been charged a management fee of £Nil (20
20
: £
NIL
) by 32T Limited for services provided.
9
Directors' transactions
Included within other creditors is an amount of £985 (20
20
: £
481
) due to the director at the balance sheet date. Interest of
£262 (2020:
£388
)
has been charged on the overdrawn balance.