Company Registration No. 10011277 (England and Wales)
SPKG PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
SPKG PROPERTIES LIMITED
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 10
SPKG PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 1 -
2018
2017
£
£
(Loss)/profit for the year
(39,121)
17,184
Other comprehensive income
-
-
Total comprehensive income for the year
(39,121)
17,184
SPKG PROPERTIES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,126
1,690
Investment properties
4
910,000
960,000
912,126
961,690
Current assets
Stocks
-
351,654
Debtors
5
256,130
64,733
Cash at bank and in hand
181,236
53,742
437,366
470,129
Creditors: amounts falling due within one year
6
(423,564)
(461,142)
Net current assets
13,802
8,987
Total assets less current liabilities
925,928
970,677
Creditors: amounts falling due after more than one year
7
(947,488)
(947,488)
Provisions for liabilities
9
(277)
(5,905)
Net (liabilities)/assets
(21,837)
17,284
Capital and reserves
Called up share capital
10
100
100
Fair Value Reserve
11
5,539
49,798
Distributable profit and loss reserves
12
(27,476)
(32,614)
Total equity
(21,837)
17,284
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 28 February 2018 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.
The members have 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.
SPKG PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2018
28 February 2018
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 12 November 2018
Mr S P Gillies
Director
Company Registration No. 10011277
SPKG PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 4 -
Share capital
Fair Value Reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2016
-
-
-
-
Year ended 28 February 2017:
Profit and total comprehensive income for the year
-
49,798
(32,614)
17,184
Issue of share capital
10
100
-
-
100
Balance at 28 February 2017
100
49,798
(32,614)
17,284
Year ended 28 February 2018:
Loss and total comprehensive income for the year
-
(44,259)
5,138
(39,121)
Balance at 28 February 2018
100
5,539
(27,476)
(21,837)
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
1
Accounting policies
Company information
SPKG Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 228 Bournemouth Road, Chandler's Ford, Eastleigh, SO53 3AF.
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 amounts 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
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Fixtures and fittings
15% Reducing Balance
Computers
33% on Cost
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 6 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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 and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 1).
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 March 2017
1,024
1,224
2,248
Additions
-
1,449
1,449
At 28 February 2018
1,024
2,673
3,697
Depreciation and impairment
At 1 March 2017
154
404
558
Depreciation charged in the year
131
882
1,013
At 28 February 2018
285
1,286
1,571
Carrying amount
At 28 February 2018
739
1,387
2,126
At 28 February 2017
870
820
1,690
4
Investment property
2018
£
Fair value
At 1 March 2017
960,000
Revaluations
(50,000)
At 28 February 2018
910,000
The property has been valued at open market value at the year end by the director who is a qualified chartered surveyor.
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 8 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
9
-
Other debtors
250,468
58,089
250,477
58,089
Deferred tax asset
5,653
6,644
256,130
64,733
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
624
927
Other taxation and social security
832
-
Other creditors
422,108
460,215
423,564
461,142
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
747,488
747,488
Other creditors
200,000
200,000
947,488
947,488
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable other than by instalments
(747,488)
-
8
Loans and overdrafts
2018
2017
£
£
Bank loans
747,488
747,488
Payable after one year
747,488
747,488
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
8
Loans and overdrafts
(Continued)
- 9 -
The long-term loans are secured by charges over the investment properties in favour of Onesavings Bank plc and Brise Properties Pension Scheme.
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2018
2017
2018
2017
Balances:
£
£
£
£
Accelerated capital allowances
277
164
-
-
Tax losses
-
-
5,737
6,644
Investment property
-
5,741
-
-
277
5,905
5,737
6,644
Statutory database figures differ from the trial balance:
Deferred tax balances
277
5,905
5,653
6,644
Difference
-
-
84
-
2018
Movements in the year:
£
Liability/(Asset) at 1 March 2017
(739)
Credit to profit or loss
(4,721)
Liability/(Asset) at 28 February 2018
(5,460)
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 10 -
11
Fair Value Reserve
2018
2017
£
£
At the beginning of the year
49,798
-
Non distributable profits in the year
(44,259)
49,798
At the end of the year
5,539
49,798
12
Profit and loss reserves
2018
2017
£
£
At the beginning of the year
(32,614)
-
(Loss)/profit for the year
(39,121)
17,184
Current year profits transferred to non-distributable reserve
44,259
(49,798)
At the end of the year
(27,476)
(32,614)
13
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2018
2017
£
£
Amounts due from related parties
249,510
53,798
Amounts due to related parties
462,344
498,201
2018-02-282017-03-01falseCCH SoftwareCCH Accounts Production 2018.221No description of principal activity12 November 2018Mr S P Gillies100112772017-03-012018-02-28100112772016-03-012017-02-2810011277core:RetainedEarningsAccumulatedLosses2017-03-012018-02-28100112772018-02-28100112772017-02-2810011277core:FurnitureFittings2018-02-2810011277core:ComputerEquipment2018-02-2810011277core:FurnitureFittings2017-02-2810011277core:ComputerEquipment2017-02-2810011277core:CurrentFinancialInstruments2018-02-2810011277core:CurrentFinancialInstruments2017-02-2810011277core:Non-currentFinancialInstruments2018-02-2810011277core:Non-currentFinancialInstruments2017-02-2810011277core:ShareCapital2018-02-2810011277core:ShareCapital2017-02-2810011277core:FurtherSpecificReserve1ComponentTotalEquity2018-02-2810011277core:FurtherSpecificReserve1ComponentTotalEquity2017-02-2810011277core:RetainedEarningsAccumulatedLosses2018-02-2810011277core:RetainedEarningsAccumulatedLosses2017-02-2810011277core:ShareCapitalOrdinaryShares2018-02-2810011277core:ShareCapitalOrdinaryShares2017-02-2810011277bus:Director12017-03-012018-02-2810011277core:ShareCapital2016-03-012017-02-2810011277core:FurnitureFittings2017-03-012018-02-2810011277core:ComputerEquipment2017-03-012018-02-2810011277core:FurnitureFittings2017-02-2810011277core:ComputerEquipment2017-02-28100112772017-02-2810011277bus:OrdinaryShareClass12017-03-012018-02-2810011277bus:OrdinaryShareClass12018-02-2810011277bus:PrivateLimitedCompanyLtd2017-03-012018-02-2810011277bus:FRS1022017-03-012018-02-2810011277bus:AuditExemptWithAccountantsReport2017-03-012018-02-2810011277bus:SmallCompaniesRegimeForAccounts2017-03-012018-02-2810011277bus:FullAccounts2017-03-012018-02-28xbrli:purexbrli:sharesiso4217:GBP