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REGISTERED NUMBER: 04198095 (England and Wales)















Financial Statements for the Year Ended 29 October 2022

for

Spencer (Property Development) Limited

Spencer (Property Development) Limited (Registered number: 04198095)






Contents of the Financial Statements
for the Year Ended 29 October 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spencer (Property Development) Limited

Company Information
for the Year Ended 29 October 2022







DIRECTORS: Mrs J E Spencer
P Spencer





REGISTERED OFFICE: Tenby Mount
Grove Road
Mollington
Cheshire
CH1 6LG





REGISTERED NUMBER: 04198095 (England and Wales)





ACCOUNTANTS: Cobham Murphy
116 Duke Street
Liverpool
Merseyside
L1 5JW

Spencer (Property Development) Limited (Registered number: 04198095)

Balance Sheet
29 October 2022

29.10.22 29.10.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 1,000 1,000
Investment property 6 2,546,000 3,033,900
2,547,000 3,034,900

CURRENT ASSETS
Debtors 7 139,236 131,773
Cash at bank 1,338 2,613
140,574 134,386
CREDITORS
Amounts falling due within one year 8 612,237 638,799
NET CURRENT LIABILITIES (471,663 ) (504,413 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,075,337

2,530,487

CREDITORS
Amounts falling due after more than one
year

9

(1,769,179

)

(2,124,813

)

PROVISIONS FOR LIABILITIES (31,293 ) (25,641 )
NET ASSETS 274,865 380,033

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Revaluation reserve 11 - 576,402
Other reserves 208,045 (370,000 )
Retained earnings 64,820 171,631
SHAREHOLDERS' FUNDS 274,865 380,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 October 2022 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.

Spencer (Property Development) Limited (Registered number: 04198095)

Balance Sheet - continued
29 October 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 6 October 2023 and were signed on its behalf by:





P Spencer - Director


Spencer (Property Development) Limited (Registered number: 04198095)

Notes to the Financial Statements
for the Year Ended 29 October 2022

1. STATUTORY INFORMATION

Spencer (Property Development) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
There are no judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable on property development and investment, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised as the rents become due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 33% on cost and 15% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
The company's accounting policy is to treat properties held for rental income as investment properties. No depreciation is provided on these properties and they are recorded in the balance sheet at their open market value as determined each year. The change in valuation is taken to the revaluation reserve.

Financial instruments
Other loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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.

Spencer (Property Development) Limited (Registered number: 04198095)

Notes to the Financial Statements - continued
for the Year Ended 29 October 2022

2. ACCOUNTING POLICIES - continued

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.

Leasehold property
Leasehold property is depreciated on a straight line basis over the 15 year period lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 30 October 2021
and 29 October 2022 16,123 18,685 34,808
DEPRECIATION
At 30 October 2021
and 29 October 2022 16,123 18,685 34,808
NET BOOK VALUE
At 29 October 2022 - - -

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 30 October 2021
and 29 October 2022 1,000
NET BOOK VALUE
At 29 October 2022 1,000
At 29 October 2021 1,000

Spencer (Property Development) Limited (Registered number: 04198095)

Notes to the Financial Statements - continued
for the Year Ended 29 October 2022

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 30 October 2021 3,033,900
Additions 21,900
Disposals (511,443 )
Revaluations 1,643
At 29 October 2022 2,546,000
NET BOOK VALUE
At 29 October 2022 2,546,000
At 29 October 2021 3,033,900

Fair value at 29 October 2022 is represented by:
£   
Valuation in 2008 1,105,439
Valuation in 2009 (463,714 )
Valuation in 2010 (143,889 )
Valuation in 2011 (161,142 )
Valuation in 2013 (622,939 )
Valuation in 2014 815,000
Valuation in 2015 136,400
Valuation in 2016 (3,110 )
Valuation in 2021 (370,000 )
Valuation in 2022 (84,000 )
Cost 2,337,955
2,546,000

During this accounting period the director has reviewed the valuations and amended the valuation of several properties accordingly on the basis of his knowledge of the property sector.

If the investment properties were sold at the carrying amount in the balance sheet the amount of tax payable would be £254,000, (2021 £301,151).

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.10.22 29.10.21
£    £   
Other debtors 139,236 131,773

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.10.22 29.10.21
£    £   
Bank loans and overdrafts 18,869 35,013
Amounts owed to group undertakings 369,977 378,613
Taxation and social security 17,456 16,272
Other creditors 205,935 208,901
612,237 638,799

Spencer (Property Development) Limited (Registered number: 04198095)

Notes to the Financial Statements - continued
for the Year Ended 29 October 2022

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.10.22 29.10.21
£    £   
Bank loans 1,769,179 2,124,813

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs 1,093,760 1,428,552

10. SECURED DEBTS

The following secured debts are included within creditors:

29.10.22 29.10.21
£    £   
Bank overdrafts 9,036 25,013
Mortgages 1,072,752 2,168,371
Other loans 90,000 90,000
1,171,788 2,283,384

The bank loans are secured by a first legal charge over the investment properties held on the balance sheet of the company at the balance sheet date.

A fixed and floating charge is held over all undertakings of the company by,

Nat West Bank plc
Coutts and Company
Mr L O'Connor

11. RESERVES
Revaluation
reserve
£   
At 30 October 2021 576,402
Reclassify (576,402 )

At 29 October 2022 -

Spencer (Property Development) Limited (Registered number: 04198095)

Notes to the Financial Statements - continued
for the Year Ended 29 October 2022

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 October 2022 and 29 October 2021:

29.10.22 29.10.21
£    £   
Mrs J E Spencer
Balance outstanding at start of year 67,577 (27,074 )
Amounts advanced 105,834 124,651
Amounts repaid (67,577 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 105,834 67,577

Mr P Spencer and Mrs J Spencer have personally guaranteed £1,565,000 (2021, £1,565,000) of the company bank loans.

The directors operate a current account, to which transactions of a private nature are posted. As at the balance sheet date, an amount of £105,834, (2021, £67,577), was included within other creditors.

The loan is interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £369,977, (2021 £378,613) owed to Spenlaw Limited.

The loan is interest free and repayable on demand.

Spenlaw Limited is a 100% owned subsidiary of Spencer (Property Development) Limited.