Registered number
02362142
Spectra Investments Limited
Unaudited Filleted Accounts
31 March 2023
Spectra Investments Limited
Registered number: 02362142
Balance Sheet
As at 31 March 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Fixed assets 3 1,328,000 1,266,143
Current assets
Debtors 4 1,793 11,288
Cash at bank and in hand 5,217 14,653
7,010 25,941
Creditors: amounts falling due within one year 5 (6,071) (4,919)
Net current assets 939 21,022
Total assets less current liabilities 1,328,939 1,287,165
Provisions for liabilities (160,871) (149,118)
Net assets 1,168,068 1,138,047
Capital and reserves
Called up share capital 100 100
Fair value reserve 6 787,677 737,572
Profit and loss account 380,291 400,375
Shareholders' funds 1,168,068 1,138,047
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Sears
Director
Approved by the board on 22 November 2023
Spectra Investments Limited
Notes to the Accounts
For the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the rental income received or receivable net of discounts as per written lease agreements.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery etc inc. motor vehicles over 5 years straight line
Investments
Investment properties are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to the directors' personal pension schemes are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Fixed assets Investment properties Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost/valuation
At 1 April 2022 1,266,143 - 16,973 1,283,116
Surplus on revaluation 61,857 - - 61,857
Disposals - - (16,973) (16,973)
At 31 March 2023 1,328,000 - - 1,328,000
Depreciation
At 1 April 2022 - - 16,973 16,973
On disposals - - (16,973) (16,973)
At 31 March 2023 - - - -
Net book value
At 31 March 2023 1,328,000 - - 1,328,000
At 31 March 2022 1,266,143 - - 1,266,143
Freehold and leasehold investment properties 2023 2022
£ £
Historical cost 379,452 379,452
The company's investment properties have been valued by the directors on an open market basis based on the selling price of comparable properties in their area.
4 Debtors 2023 2022
£ £
Trade debtors - 1,650
Other debtors 1,793 9,638
1,793 11,288
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 3,381 2,205
Other creditors 2,690 2,714
6,071 4,919
6 Fair value reserve (investment property revaluation reserve) 2023 2022
£ £
At 1 April 2022 737,572 737,572
Gain on revaluation of investment properties 61,857 -
Deferred taxation arising on the revaluation of investment properties (11,752) -
At 31 March 2023 787,677 737,572
7 Related party transactions 2023 2022
£ £
Browns Group Holdings Limited
Company registered in England and Wales (#03111555) in which the directors have an interest in
Rental income
Amounts received in the period (12,690) (8,400)
8 Controlling party
The ultimate controlling party is deemed to be Mr P Sears by virtue of him holding 67% of the company's ordinary share capital.
9 Other information
Spectra Investments Limited is a private company limited by shares and incorporated in England. Its registered office and trading address is:
6 Hatch Farm Mews
Chertsey Road
Addlestone
Surrey
KT15 2EH
10 Security
The company has provided its bankers NatWest Bank plc with a debenture and a first legal charge over the company's properties.
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