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REGISTERED NUMBER: 03476700















SPRUCE INVESTMENTS LIMITED

Unaudited Financial Statements for the Year Ended 30 June 2018






SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)






Contents of the Financial Statements
for the year ended 30 June 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPRUCE INVESTMENTS LIMITED

Company Information
for the year ended 30 June 2018







DIRECTORS: S R Pavey
Mrs S J Pavey





SECRETARY: C Shepherd





REGISTERED OFFICE: 15-19 Pound Lane
Epsom
Surrey
KT19 8RY





REGISTERED NUMBER: 03476700





ACCOUNTANTS: Tudor John LLP
Chartered Accountants
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Balance Sheet
30 June 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 98,309 104,692
Investments 5 102 102
Investment property 6 5,371,250 5,025,002
5,469,661 5,129,796

CURRENT ASSETS
Debtors 7 198,610 197,623
Cash at bank and in hand 65,235 89,462
263,845 287,085
CREDITORS
Amounts falling due within one year 8 159,608 40,074
NET CURRENT ASSETS 104,237 247,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,573,898

5,376,807

CREDITORS
Amounts falling due after more than one
year

9

(1,215,778

)

(1,215,778

)

PROVISIONS FOR LIABILITIES 11 (190,197 ) (210,661 )
NET ASSETS 4,167,923 3,950,368

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 12 2,584,172 2,464,647
Retained earnings 1,583,651 1,485,621
SHAREHOLDERS' FUNDS 4,167,923 3,950,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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.

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Balance Sheet - continued
30 June 2018


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.

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 12 November 2018 and were signed on its behalf
by:





S R Pavey - Director


SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements
for the year ended 30 June 2018

1. STATUTORY INFORMATION

Spruce Investments Limited is a private company, limited by shares , registered in Not specified/Other. 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 as modified by the revaluation of certain assets.

The financial statements are presented in Sterling which is the functional currency of the company.

The financial statements are prepared on a going concern basis.

TURNOVER
Turnover represents rents received on properties, excluding value added tax. Rents are negotiated at arm's length
and are at an open market value.


TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in profit or loss.

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,
as either financial assets, financial liabilities or equity instruments.

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.

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2018

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 July 2017
and 30 June 2018 118,748 59,014 177,762
DEPRECIATION
At 1 July 2017 28,706 44,364 73,070
Charge for year 2,374 4,009 6,383
At 30 June 2018 31,080 48,373 79,453
NET BOOK VALUE
At 30 June 2018 87,668 10,641 98,309
At 30 June 2017 90,042 14,650 104,692

The directors have undertaken valuations of the company's investment properties and have incorporated these
valuations in the financial statements.The original cost of the properties was £31,250.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2017
and 30 June 2018 102
NET BOOK VALUE
At 30 June 2018 102
At 30 June 2017 102

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2018

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2017 5,025,002
Additions 226,723
Revaluations 119,525
At 30 June 2018 5,371,250
NET BOOK VALUE
At 30 June 2018 5,371,250
At 30 June 2017 5,025,002

The director's have undertake valuations of the company's investment properties and have incorporated these
valuations in the financial statements. The original cost of the properties was £2,440,632.

Fair value at 30 June 2018 is represented by:

£   
Valuation in 2018 346,248
Cost 5,025,002
5,371,250

7. DEBTORS
2018 2017
£    £   
Amounts falling due within one year:
Trade debtors 987 -
Other debtors 173,000 173,000
173,987 173,000

Amounts falling due after more than one year:
Other debtors 24,623 24,623

Aggregate amounts 198,610 197,623

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Hire purchase contracts - 4,008
Trade creditors 32,260 11,932
Taxation and social security 24,458 19,465
Other creditors 102,890 4,669
159,608 40,074

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2018

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2018 2017
£    £   
Bank loans 1,215,778 1,215,778

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years 1,215,778 1,215,778

10. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Bank loans 1,215,778 1,215,778

The bank loan is secured on specified properties included within fixed assets at a value of £3,085,237.

11. PROVISIONS FOR LIABILITIES
2018 2017
£    £   
Deferred tax
Accelerated capital allowances 1,809 2,739
Revaluation gains 188,388 207,922
190,197 210,661

Deferred
tax
£   
Balance at 1 July 2017 210,661
Credit to Income Statement during year (20,464 )
Balance at 30 June 2018 190,197

12. RESERVES
Revaluation
reserve
£   
At 1 July 2017 2,464,647
Revaluations in year 119,525

At 30 June 2018 2,584,172

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2018

13. RELATED PARTY DISCLOSURES

Throughout the year the company was controlled by Mr and Mrs S Pavey who own 100% of the share capital.

During the year rent of £13,500 (2017 - £13,500) were charged to Spruce Limited . At the year end £Nil (2017 -
Nil) was due from Spruce Limited.

During the year a management fee of £40,000 (2017 - £Nil) was charged to the company by Spruce Limited

At the balance sheet date the company was owed £108,000 (2017 - £108,000) by Mr C Pavey, a related party to
the directors. During the year Mr C Pavey made interest payments to the company totalling £1,944 (2017 -
£1,944).

At the balance sheet date the company was owed £24,623 (2017 - £24,623) by Mr N Pavey, a related party to the
directors.