REGISTERED NUMBER: |
SPRUCE INVESTMENTS LIMITED |
Unaudited Financial Statements for the Year Ended 30 June 2018 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 by: |
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 |
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 |
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 |
Plant and machinery etc | - |
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 |
DEPRECIATION |
At 1 July 2017 |
Charge for year |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
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 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
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 |
Additions |
Revaluations | 119,525 |
At 30 June 2018 |
NET BOOK VALUE |
At 30 June 2018 |
At 30 June 2017 |
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 |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
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 |
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 |
Revaluation gains | 188,388 | 207,922 |
190,197 | 210,661 |
Deferred |
tax |
£ |
Balance at 1 July 2017 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2018 |
12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2017 |
Revaluations in year | 119,525 |
At 30 June 2018 |
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. |