Company No:
Contents
Note | 2023 | 2022 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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202,127 | 172,520 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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40,640 | 93,418 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 37,237 | 60,331 | ||
Total assets less current liabilities | 239,364 | 232,851 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Sprydon Designs Ltd (registered number:
Claire Irene Harding
Director |
Richard John Harding
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Sprydon Designs Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stoneleigh, North Cadbury, Yeovil, Somerset, BA22 7DJ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Property rental income earned from the company's investment property is recognised in the period to which it relates.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Fixtures and fittings |
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Computer equipment |
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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.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 February 2022 |
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Additions |
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Disposals |
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At 31 January 2023 |
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Accumulated depreciation | |||||
At 01 February 2022 |
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Charge for the financial year |
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Disposals |
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At 31 January 2023 |
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Net book value | |||||
At 31 January 2023 |
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At 31 January 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 February 2022 |
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Fair value movement | 29,000 |
As at 31 January 2023 |
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Valuation
The fair value of the company’s investment property was revalued on 31 January 2023 by the board of directors. The valuation was conducted at current open market value.
There has been no valuation of investment property by an independent valuer.
The deferred tax attributable to the investment property has been considered and £8,428 (2022 - £2,918) has been provided for in the financial statements.
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£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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Transactions with the entity's directors
Advances
At 1 February 2022, the balance owed by the directors was £889. During the year, £20,025 was advanced to the directors, and £20,405 was repaid by the directors. The balance owed by the directors at 31 January 2023 was £509.
At 1 February 2021, the balance owed to the directors was £23,483. During the year, £44,528 was advanced to the directors, and £20,156 was repaid by the directors. The balance owed by the directors at 31 January 2022 was £889.