Company registration number 10011277 (England and Wales)
SPKG PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
SPKG PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SPKG PROPERTIES LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,574
942
Investment properties
4
835,000
835,000
836,574
835,942
Current assets
Debtors
5
494
15,932
Cash at bank and in hand
2,086
20,329
2,580
36,261
Creditors: amounts falling due within one year
6
(342,069)
(337,377)
Net current liabilities
(339,489)
(301,116)
Total assets less current liabilities
497,085
534,826
Creditors: amounts falling due after more than one year
7
(747,488)
(747,488)
Net liabilities
(250,403)
(212,662)
Capital and reserves
Called up share capital
100
100
Fair Value Reserve
(69,461)
(69,461)
Distributable profit and loss reserves
(181,042)
(143,301)
Total equity
(250,403)
(212,662)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SPKG PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 November 2023
Mr S P Gillies
Director
Company Registration No. 10011277
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

SPKG Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 228 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 3AF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has confirmed that they will continue to provide financial support to the company to allow it to meet its ongoing financial liabilities. Consequently, these financial statements have been prepared on a going concern basis and no adjustments have been made which may arise should the company cease to trade.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
15% Reducing Balance
Computers
33% on Cost

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 March 2022
1,770
2,673
4,443
Additions
835
-
0
835
At 28 February 2023
2,605
2,673
5,278
Depreciation and impairment
At 1 March 2022
828
2,673
3,501
Depreciation charged in the year
203
-
0
203
At 28 February 2023
1,031
2,673
3,704
Carrying amount
At 28 February 2023
1,574
-
0
1,574
At 28 February 2022
942
-
0
942
4
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
835,000

The property has been valued at open market value at the year end by the director who is a qualified chartered surveyor.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
360
-
0
Other debtors
134
4,901
494
4,901
Deferred tax asset
-
0
11,031
494
15,932
SPKG PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,729
5,063
Other creditors
340,340
332,314
342,069
337,377
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
747,488
747,488
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
747,488
747,488
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

2023
2022
£
£
Amounts due to related parties
332,959
325,831
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