Silverfin false 31/01/2023 01/02/2022 31/01/2023 Claire Irene Harding 23/01/2008 Richard John Harding 23/01/2008 Claire Irene Harding 05 October 2023 The principal activity of the company is that of IT consultancy and business support. 06480991 2023-01-31 06480991 bus:Director1 2023-01-31 06480991 bus:Director2 2023-01-31 06480991 2022-01-31 06480991 core:CurrentFinancialInstruments 2023-01-31 06480991 core:CurrentFinancialInstruments 2022-01-31 06480991 core:ShareCapital 2023-01-31 06480991 core:ShareCapital 2022-01-31 06480991 core:FurtherSpecificReserve1ComponentTotalEquity 2023-01-31 06480991 core:FurtherSpecificReserve1ComponentTotalEquity 2022-01-31 06480991 core:RetainedEarningsAccumulatedLosses 2023-01-31 06480991 core:RetainedEarningsAccumulatedLosses 2022-01-31 06480991 core:FurnitureFittings 2022-01-31 06480991 core:ComputerEquipment 2022-01-31 06480991 core:FurnitureFittings 2023-01-31 06480991 core:ComputerEquipment 2023-01-31 06480991 2022-02-01 2023-01-31 06480991 bus:FullAccounts 2022-02-01 2023-01-31 06480991 bus:SmallEntities 2022-02-01 2023-01-31 06480991 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 06480991 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 06480991 bus:Director1 2022-02-01 2023-01-31 06480991 bus:Director2 2022-02-01 2023-01-31 06480991 bus:CompanySecretary1 2022-02-01 2023-01-31 06480991 core:FurnitureFittings 2022-02-01 2023-01-31 06480991 core:ComputerEquipment core:TopRangeValue 2022-02-01 2023-01-31 06480991 2021-02-01 2022-01-31 06480991 core:ComputerEquipment 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 06480991 (England and Wales)

SPRYDON DESIGNS LTD

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

SPRYDON DESIGNS LTD

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

SPRYDON DESIGNS LTD

BALANCE SHEET

As at 31 January 2023
SPRYDON DESIGNS LTD

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,127 2,520
Investment property 4 199,000 170,000
202,127 172,520
Current assets
Debtors 5 4,170 2,478
Cash at bank and in hand 36,470 90,940
40,640 93,418
Creditors: amounts falling due within one year 6 ( 3,403) ( 33,087)
Net current assets 37,237 60,331
Total assets less current liabilities 239,364 232,851
Provision for liabilities 7 ( 9,022) ( 2,918)
Net assets 230,342 229,933
Capital and reserves
Called-up share capital 100 100
Fair value reserve 42,935 19,445
Profit and loss account 187,307 210,388
Total shareholders' funds 230,342 229,933

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sprydon Designs Ltd (registered number: 06480991) were approved and authorised for issue by the Director on 05 October 2023. They were signed on its behalf by:

Claire Irene Harding
Director
Richard John Harding
Director
SPRYDON DESIGNS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
SPRYDON DESIGNS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover represents the value of services provided under contracts in the ordinary course of the company's activities to the extent that there is a right to consideration and is recorded at the value of the consideration due, net of VAT.

Property rental income earned from the company's investment property is recognised in the period to which it relates.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 February 2022 1,674 12,249 13,923
Additions 249 2,499 2,748
Disposals 0 ( 2,061) ( 2,061)
At 31 January 2023 1,923 12,687 14,610
Accumulated depreciation
At 01 February 2022 857 10,546 11,403
Charge for the financial year 138 2,003 2,141
Disposals 0 ( 2,061) ( 2,061)
At 31 January 2023 995 10,488 11,483
Net book value
At 31 January 2023 928 2,199 3,127
At 31 January 2022 817 1,703 2,520

4. Investment property

Investment property
£
Valuation
As at 01 February 2022 170,000
Fair value movement 29,000
As at 31 January 2023 199,000

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.

5. Debtors

2023 2022
£ £
Trade debtors 3,369 1,553
Other debtors 801 925
4,170 2,478

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 57 72
Corporation tax 60 25,538
Other taxation and social security 1,740 5,707
Other creditors 1,546 1,770
3,403 33,087

7. Provision for liabilities

2023 2022
£ £
Deferred tax 9,022 2,918

8. Related party transactions

Transactions with the entity's directors

Advances

The joint directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 per director at the official HMRC rates.

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.