Registration number:
Spire CS Limited
for the Year Ended 31 July 2020
Spire CS Limited
(Registration number: 07035765)
Balance Sheet as at 31 July 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders' funds |
|
|
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to the small companies regime.
Approved and authorised by the
.........................................
Director
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.
Going concern
The company is reliant upon the financial support of its shareholders in order to meet its liabilities as they fall due. The shareholders have indicated that this support will continue for the foreseeable future and as a result, the directors have continued to adopt the going concern basis in preparing the financial statements.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
Government grants
The company has received a revenue grant in the form of the Job Retention Scheme in respect of furloughed staff. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
straight line between 3 and 5 years |
Furniture, fittings and equipment |
straight line over 2 years |
Motor vehicles |
straight line over 4 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which employees' services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 August 2019 |
|
|
|
|
Additions |
|
- |
- |
|
At 31 July 2020 |
|
|
|
|
Depreciation |
||||
At 1 August 2019 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 July 2020 |
|
|
|
|
Carrying amount |
||||
At 31 July 2020 |
|
|
|
|
At 31 July 2019 |
- |
|
|
|
Assets held under hire purchase contracts
The net carrying amount of tangible assets in respect of assets held under hire purchase contracts amounted to £22,583 (2019 - £35,390). During the year ended 31st July 2020 an amount of £12,807 (2019 - £14,796) was charged in respect of depreciation on these assets.
Debtors |
Note |
2020 |
2019 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors include net obligations under hire purchase contracts which are secured of £12,557 (2019 - £16,018).
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Loans and borrowings |
|
|
Creditors include net obligations under hire purchase contracts which are secured of £5,404 (2019 - £17,913).
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
200,000 |
|
200,000 |
|
|
|
|
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Hire purchase contracts |
|
|
Obligations under hire purchase contracts are secured on the assets concerned.
2020 |
2019 |
|
Current loans and borrowings |
||
Hire purchase contracts |
|
|
Obligations under hire purchase contracts are secured on the assets concerned.
Other borrowings
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Management charges payable to Walkersteel Limited
The loan from Walkersteel Limited is secured by a fixed and floating charge over the undertaking and all property and assets present and future.
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
Expenditure with and payables to related parties
2020 |
Parent |
Entities with joint control or significant influence |
Rendering of services |
|
|
Amounts payable to related party |
|
|
2019 |
Parent |
Entities with joint control or significant influence |
Rendering of services |
|
|
Amounts payable to related party |
|
|
Loans to related parties
2020 |
Parent |
Key management |
Total |
At start of period |
|
|
|
Advanced |
- |
|
|
Repaid |
( |
- |
( |
At end of period |
- |
|
|
2019 |
Parent |
Key management |
Total |
At start of period |
|
( |
|
Advanced |
|
|
|
Repaid |
( |
- |
( |
At end of period |
|
|
|
Terms of loans to related parties
Loans from related parties
2020 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
Spire CS Limited
Notes to the Financial Statements for the Year Ended 31 July 2020
2019 |
Entities with joint control or significant influence |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
Terms of loans from related parties
The loans from Walkersteel Limited and Key management are repayable on demand with no interest charged and no fixed repayment terms in force
Mr P Aikman (director) has given a limited guarantee against the company's overdraft facility with the company's bankers.
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
12 Information concerning Auditors' Report
For the year ended 31st July 2020 the Auditors' report was unqualified and no reference was made to any matters which drew attention by way of emphasis. The Auditors' report was signed by Mr Neil Howard FCA (Senior Statutory Auditor) for and on behalf of Howard & Co, Statutory Auditors.