Registered number
03858130
Spemple Limited
Filleted Accounts
31 March 2023
Spemple Limited
Registered number: 03858130
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 836,139 817,405
Current assets
Debtors 5 528,632 672,480
Cash at bank and in hand 396,062 154,621
924,694 827,101
Creditors: amounts falling due within one year 6 (166,948) (204,369)
Net current assets 757,746 622,732
Total assets less current liabilities 1,593,885 1,440,137
Provisions for liabilities (18,650) (18,650)
Net assets 1,575,235 1,421,487
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,575,135 1,421,387
Shareholders' funds 1,575,235 1,421,487
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.
Mr Hilen Vinodray Shah
Director
Approved by the board on 29 November 2023
Spemple 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 consideration received or receivable, net of discounts and value added taxes. Turnover includes net invoiced carehome fees. Turnover relating to care home fees is recognised per night that a room is occupied.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Plant and machinery over 5 years
Fixtures, fittings and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 31 26
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 56,688
At 31 March 2023 56,688
Amortisation
At 1 April 2022 56,688
At 31 March 2023 56,688
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Fixtures, fittings and equipment Total
£ £ £ £
Fair value
At 1 April 2022 850,000 145,614 79,675 1,075,289
Additions - - 38,317 38,317
At 31 March 2023 850,000 145,614 117,992 1,113,606
Depreciation
At 1 April 2022 49,943 144,656 63,285 257,884
Charge for the year 5,666 240 13,677 19,583
At 31 March 2023 55,609 144,896 76,962 277,467
Net book value
At 31 March 2023 794,391 718 41,030 836,139
At 31 March 2022 800,057 958 16,390 817,405
Freehold land and buildings: 2023 2022
£ £
Historical cost 578,340 578,340
Cumulative depreciation based on historical cost 46,259 42,404
532,081 535,936
The land and buildings are included in the accounts at a fair value of £850,000. The valuation was provided by the directors. Included in land and buildings is a land which is valued at £566,695 by the directors. No depreciation has been provided on this.
5 Debtors 2023 2022
£ £
Trade debtors 25,135 20,880
Other debtors 2,544 647
Associated company 500,953 650,953
528,632 672,480
Associated company:
Simply Carehome Limited 472,303 472,303
Carleton Court Residential Home Limited 28,650 178,650
500,953 650,953
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 1,317
Trade creditors 8,608 10,067
Taxation and social security costs 57,697 64,251
Other creditors 100,643 128,734
166,948 204,369
7 Controlling party
The company is a subsidiary of Jensen Investor Inc. a company registered in British Virgin Islands.
8 Other information
Spemple Limited is a private company limited by shares and incorporated in England. Its registered office is:
36 Woodberry Avenue
Harrow
Middlesex
HA2 6AX
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