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Registration number: 06210859

W Spice Building Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

W Spice Building Limited

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

W Spice Building Limited

Company Information

Director

Mr W Spice

Company secretary

Mrs S Spice

Registered office

19 King Street
King's Lynn
Norfolk
PE30 1HB

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

W Spice Building Limited

(Registration number: 06210859)
Statement of financial position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

95,168

82,366

Investment property

5

1,249,294

1,249,294

Investments

6

100

100

 

1,344,562

1,331,760

Current assets

 

Debtors

7

590,106

631,698

Cash at bank and in hand

 

51,481

63,274

 

641,587

694,972

Creditors: Amounts falling due within one year

8

(407,711)

(456,892)

Net current assets

 

233,876

238,080

Total assets less current liabilities

 

1,578,438

1,569,840

Creditors: Amounts falling due after more than one year

8

(738,911)

(756,988)

Provisions for liabilities

(88,943)

(84,242)

Net assets

 

750,584

728,610

Capital and reserves

 

Called up share capital

9

100

100

Fair value reserve

277,506

277,506

Profit and loss account

472,978

451,004

Total equity

 

750,584

728,610

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of comprehensive income.

 

W Spice Building Limited

(Registration number: 06210859)
Statement of financial position as at 31 July 2023

Approved and authorised by the director on 20 October 2023
 

.........................................
Mr W Spice
Director

 

W Spice Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the director on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

W Spice Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

None

Plant and machinery

20% reducing balance

Fixtures fittings and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

W Spice Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

W Spice Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

88,942

233,851

322,793

Additions

5,123

36,736

41,859

At 31 July 2023

94,065

270,587

364,652

Depreciation

At 1 August 2022

53,856

186,571

240,427

Charge for the year

8,050

21,007

29,057

At 31 July 2023

61,906

207,578

269,484

Carrying amount

At 31 July 2023

32,159

63,009

95,168

At 31 July 2022

35,086

47,280

82,366

5

Investment properties

2023
£

At 1 August

1,249,294

At 31 July

1,249,294

There has been no valuation of investment property by an independent valuer.

 

W Spice Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 August 2022

100

Provision

Carrying amount

At 31 July 2023

100

At 31 July 2022

100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

W G Spice Building Limited

UK

Ordinary shares

100%

100%

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,171

2,946

Amounts owed by related parties

10

576,361

622,366

Prepayments

 

6,206

6,386

Other debtors

 

5,368

-

   

590,106

631,698

 

W Spice Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

85,211

80,038

Trade creditors

 

32,960

34,552

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

285,860

265,860

Taxation and social security

 

-

2,706

Accruals and deferred income

 

2,969

2,910

Other creditors

 

257

59,969

Tax liability

 

454

10,857

 

407,711

456,892

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

738,911

756,988

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

80

80

80

80

Ordinary B of £1 each

10

10

10

10

Ordinary C of £1 each

10

10

10

10

 

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

10

Related party transactions

Summary of transactions with subsidiaries

 

W Spice Building Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Income and receivables from related parties

2023

Subsidiary
£

Sale of goods

66,000

2022

Subsidiary
£

Sale of goods

50,967

Loans to related parties

2023

Subsidiary
£

Other related parties
£

Total
£

At start of period

620,146

2,220

622,366

Repaid

(46,005)

-

(46,005)

At end of period

574,141

2,220

576,361

2022

Subsidiary
£

Other related parties
£

Total
£

At start of period

589,496

2,220

591,716

Advanced

30,650

-

30,650

At end of period

620,146

2,220

622,366

Loans from Creake Business Park Limited

2023

Creake Business Park Limited
£

Total
£

At start of period

265,860

265,860

Advanced

20,000

20,000

At end of period

285,860

285,860

2022

Creake Business Park Limited
£

Total
£

At start of period

188,860

188,860

Advanced

77,000

77,000

At end of period

265,860

265,860