REGISTERED NUMBER: |
Financial Statements for the Year Ended 29 October 2022 |
for |
Spencer (Property Development) Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 11 |
Other reserves | ( |
) |
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. |
Spencer (Property Development) Limited (Registered number: 04198095) |
Balance Sheet - continued |
29 October 2022 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 30 October 2021 |
and 29 October 2022 |
DEPRECIATION |
At 30 October 2021 |
and 29 October 2022 |
NET BOOK VALUE |
At 29 October 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 30 October 2021 |
and 29 October 2022 |
NET BOOK VALUE |
At 29 October 2022 |
At 29 October 2021 |
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 |
Additions |
Disposals | ( |
) |
Revaluations | 1,643 |
At 29 October 2022 |
NET BOOK VALUE |
At 29 October 2022 |
At 29 October 2021 |
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 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.10.22 | 29.10.21 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.10.22 | 29.10.21 |
£ | £ |
Bank overdrafts |
Mortgages | 1,072,752 | 2,168,371 |
Other loans | 90,000 | 90,000 |
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 |
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 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |