Spinney Hill Properties Limited 12874787 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is Management of real estate Digita Accounts Production Advanced 6.30.9574.0 true true 12874787 2022-10-01 2023-09-30 12874787 2023-09-30 12874787 core:CurrentFinancialInstruments 2023-09-30 12874787 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 12874787 core:Non-currentFinancialInstruments 2023-09-30 12874787 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 12874787 core:MoreThanFiveYears 2 2023-09-30 12874787 core:FurnitureFittingsToolsEquipment 2023-09-30 12874787 bus:SmallEntities 2022-10-01 2023-09-30 12874787 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 12874787 bus:FullAccounts 2022-10-01 2023-09-30 12874787 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 12874787 bus:RegisteredOffice 2022-10-01 2023-09-30 12874787 bus:Director1 2022-10-01 2023-09-30 12874787 bus:Director2 2022-10-01 2023-09-30 12874787 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 12874787 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 12874787 core:LandBuildings 2022-10-01 2023-09-30 12874787 core:OfficeEquipment 2022-10-01 2023-09-30 12874787 countries:England 2022-10-01 2023-09-30 12874787 2022-09-30 12874787 core:FurnitureFittingsToolsEquipment 2022-09-30 12874787 2021-10-01 2022-09-30 12874787 2022-09-30 12874787 core:CurrentFinancialInstruments 2022-09-30 12874787 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 12874787 core:Non-currentFinancialInstruments 2022-09-30 12874787 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 12874787 core:MoreThanFiveYears 2 2022-09-30 12874787 core:FurnitureFittingsToolsEquipment 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 12874787

Spinney Hill Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Spinney Hill Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Spinney Hill Properties Limited

Company Information

Directors

T M Upton

S J Upton

Registered office

Spinney Hill
South Ormsby Road
Tetford
Horncastle
LN9 6QF

 

Spinney Hill Properties Limited

(Registration number: 12874787)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

823

1,029

Investment property

5

653,564

436,614

 

654,387

437,643

Current assets

 

Debtors

6

662

21,847

Cash at bank and in hand

 

1,653

23,321

 

2,315

45,168

Creditors: Amounts falling due within one year

7

(197,719)

(187,468)

Net current liabilities

 

(195,404)

(142,300)

Total assets less current liabilities

 

458,983

295,343

Creditors: Amounts falling due after more than one year

7

(457,627)

(300,691)

Net assets/(liabilities)

 

1,356

(5,348)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,354

(5,350)

Shareholders' funds/(deficit)

 

1,356

(5,348)

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 Directors acknowledge their 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 within Part 15 of the Companies Act 2006.

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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 February 2024 and signed on its behalf by:
 

 

Spinney Hill Properties Limited

(Registration number: 12874787)
Balance Sheet as at 30 September 2023

.........................................
T M Upton
Director

.........................................
S J Upton
Director

 

Spinney Hill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Spinney Hill
South Ormsby Road
Tetford
Horncastle
LN9 6QF
England

These financial statements were authorised for issue by the Board on 23 February 2024.

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Spinney Hill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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

Offfice equipment

20% Reducing balance

Land and buildings

No depreciation is charged

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.

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.

 

Spinney Hill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 profit and loss account 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.

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.

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

1,605

1,605

At 30 September 2023

1,605

1,605

Depreciation

At 1 October 2022

576

576

Charge for the year

206

206

At 30 September 2023

782

782

Carrying amount

At 30 September 2023

823

823

At 30 September 2022

1,029

1,029

5

Investment properties

2023
£

At 1 October

436,614

Additions

216,950

At 30 September

653,564

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

 

Spinney Hill Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

536

-

Prepayments

126

21,847

 

662

21,847

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

195,418

185,668

Taxation and social security

 

501

-

Accruals and deferred income

 

1,800

1,800

 

197,719

187,468

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after more than five years

After more than five years not by instalments

457,627

300,691

-

-

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

457,627

300,691

2023
£

2022
£

Current loans and borrowings

Other borrowings

195,418

185,668

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

The company's loans and borrowings are secured against the investment properties.