Company registration number 01553547 (England and Wales)
SPECTRUM SOUTHERN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SPECTRUM SOUTHERN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
SPECTRUM SOUTHERN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,160
1,025
Investment properties
5
5,315,000
3,176,982
5,317,160
3,178,007
Current assets
Debtors
6
2,037,188
2,166,876
Cash at bank and in hand
244,269
41,607
2,281,457
2,208,483
Creditors: amounts falling due within one year
7
(918,998)
(767,905)
Net current assets
1,362,459
1,440,578
Total assets less current liabilities
6,679,619
4,618,585
Creditors: amounts falling due after more than one year
8
-
0
(30,833)
Provisions for liabilities
(551,035)
(13,146)
Net assets
6,128,584
4,574,606
Capital and reserves
Called up share capital
850
850
Share premium account
577,106
577,106
Fair value reserve
2,182,739
633,280
Capital redemption reserve
175
175
Profit and loss reserves
3,367,714
3,363,195
Total equity
6,128,584
4,574,606

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 31 March 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 member has 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.

SPECTRUM SOUTHERN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 November 2023
Mr D King
Director
Company Registration No. 01553547
SPECTRUM SOUTHERN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Share premium account
Fair value reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2020
850
577,106
633,280
175
1,818,626
3,030,037
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
-
-
-
1,582,902
1,582,902
Dividends
-
-
-
-
(38,333)
(38,333)
Balance at 31 March 2022
850
577,106
633,280
175
3,363,195
4,574,606
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
-
-
1,608,978
1,608,978
Dividends
-
-
-
-
(55,000)
(55,000)
Transfers
-
-
1,549,459
-
(1,549,459)
-
Balance at 31 March 2023
850
577,106
2,182,739
175
3,367,714
6,128,584
SPECTRUM SOUTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Spectrum Southern Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gladstone House, 77/79 High Street, Egham, Surrey, United Kingdom, TW20 9HY.

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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Reporting period

During the prior period, the director made the decision to extend the accounting period of the entity and therefore the comparative figures cover the 18 month period to 31 March 2022. As the current period is a 12 month period, the figures reported this year may not be comparable to the figures reported for the previous period.

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 

Turnover relates to the sale of food and drink.

Other operating income

Other operating income relates to rent received.

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
25% reducing balance

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.

SPECTRUM SOUTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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).

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.8
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.

1.9
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.

 

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.

SPECTRUM SOUTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The company's investment properties are valued at £5,315,000. The properties are valued annually by the director,

 

The director is of the opinion that the valuation of investment properties is appropriate.

3
Employees

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

2023
2022
Number
Number
Total
2
4
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2022
1,295
Additions
1,421
At 31 March 2023
2,716
Depreciation and impairment
At 1 April 2022
270
Depreciation charged in the year
286
At 31 March 2023
556
Carrying amount
At 31 March 2023
2,160
At 31 March 2022
1,025
SPECTRUM SOUTHERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Investment property
2023
£
Fair value
At 1 April 2022
3,176,982
Additions
51,236
Disposals
(600)
Revaluations
2,087,382
At 31 March 2023
5,315,000

Investment properties were valued on an open market value basis at 31 March 2023 by the director of the company.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
441,973
-
0
Other debtors
1,595,215
2,166,876
2,037,188
2,166,876
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
9,250
Corporation tax
467,204
167,506
Other taxation and social security
3,307
4,078
Other creditors
448,487
587,071
918,998
767,905

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
30,833
9
Related party transactions

At 31 March 2023, the director owed £1,309,551 to the company (2022 - the company owed £389,449 to the director).

2023-03-312022-04-01false10 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr D KingMr D Kingfalse015535472022-04-012023-03-31015535472023-03-31015535472022-03-3101553547core:ComputerEquipment2023-03-3101553547core:ComputerEquipment2022-03-3101553547core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101553547core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101553547core:CurrentFinancialInstruments2023-03-3101553547core:CurrentFinancialInstruments2022-03-3101553547core:Non-currentFinancialInstruments2023-03-3101553547core:Non-currentFinancialInstruments2022-03-3101553547core:ShareCapital2023-03-3101553547core:ShareCapital2022-03-3101553547core:SharePremium2023-03-3101553547core:SharePremium2022-03-3101553547core:RevaluationReserve2023-03-3101553547core:RevaluationReserve2022-03-3101553547core:CapitalRedemptionReserve2023-03-3101553547core:CapitalRedemptionReserve2022-03-3101553547core:RetainedEarningsAccumulatedLosses2023-03-3101553547core:RetainedEarningsAccumulatedLosses2022-03-3101553547core:ShareCapital2020-09-3001553547core:SharePremium2020-09-3001553547core:RevaluationReserve2020-09-3001553547core:CapitalRedemptionReserve2020-09-3001553547core:RetainedEarningsAccumulatedLosses2020-09-30015535472020-09-3001553547bus:CompanySecretaryDirector12022-04-012023-03-3101553547core:RetainedEarningsAccumulatedLosses2020-10-012022-03-31015535472020-10-012022-03-3101553547core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101553547core:RevaluationReserve2022-04-012023-03-3101553547core:ComputerEquipment2022-04-012023-03-3101553547core:ComputerEquipment2022-03-31015535472022-03-3101553547core:WithinOneYear2023-03-3101553547core:WithinOneYear2022-03-3101553547bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101553547bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101553547bus:FRS1022022-04-012023-03-3101553547bus:AuditExemptWithAccountantsReport2022-04-012023-03-3101553547bus:Director12022-04-012023-03-3101553547bus:CompanySecretary12022-04-012023-03-3101553547bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP