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REGISTERED NUMBER: 00511906 (England and Wales)















Unaudited Financial Statements

for the Year Ended

30 September 2023

for

Spafield Properties Limited

Spafield Properties Limited (Registered number: 00511906)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spafield Properties Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: T.S.B. Jackson
Mrs H L May





SECRETARY: T.S.B. Jackson





REGISTERED OFFICE: 14 Mallard Industrial Estate
Charles Street
Horbury
West Yorkshire
WF4 5FD





REGISTERED NUMBER: 00511906 (England and Wales)





ACCOUNTANTS: Equate Limited
Chartered Certified Accountants
The Hive
142 Thornes Lane
Wakefield
West Yorkshire
WF2 7RE

Spafield Properties Limited (Registered number: 00511906)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 217,621 121,676
Investment property 5 8,874,324 8,141,324
9,091,945 8,263,000

CURRENT ASSETS
Debtors 6 23,203 22,100
Cash at bank and in hand 58,848 205,278
82,051 227,378
CREDITORS
Amounts falling due within one year 7 95,972 70,461
NET CURRENT (LIABILITIES)/ASSETS (13,921 ) 156,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,078,024

8,419,917

CREDITORS
Amounts falling due after more than one year 8 (3,487,320 ) (3,499,191 )

PROVISIONS FOR LIABILITIES (858,362 ) (456,458 )
NET ASSETS 4,732,342 4,464,268

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Capital redemption reserve 5,000 5,000
Retained earnings 4,687,342 4,419,268
SHAREHOLDERS' FUNDS 4,732,342 4,464,268

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Spafield Properties Limited (Registered number: 00511906)

Balance Sheet - continued
30 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by:





Mrs H L May - Director


Spafield Properties Limited (Registered number: 00511906)

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

1. STATUTORY INFORMATION

Spafield Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements present information about the company as an individual undertaking and not about it's group. The company and it's subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

Turnover
Turnover represents amounts receivable for rent and services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified and quantified.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties, loans to related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Spafield Properties Limited (Registered number: 00511906)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 - 199,888 7,935 207,823
Additions 96,400 25,950 308 122,658
At 30 September 2023 96,400 225,838 8,243 330,481
DEPRECIATION
At 1 October 2022 - 81,610 4,537 86,147
Charge for year 3,856 21,634 1,223 26,713
At 30 September 2023 3,856 103,244 5,760 112,860
NET BOOK VALUE
At 30 September 2023 92,544 122,594 2,483 217,621
At 30 September 2022 - 118,278 3,398 121,676

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 8,141,324
Revaluations 733,000
At 30 September 2023 8,874,324
NET BOOK VALUE
At 30 September 2023 8,874,324
At 30 September 2022 8,141,324

Spafield Properties Limited (Registered number: 00511906)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. INVESTMENT PROPERTY - continued

The valuation of investment properties were made by the directors on an open market value basis as at 30 September 2023. On a historical cost basis these would have been included at original cost at £4,084,486 (2022: £4,084,486) and aggregate depreciation of £Nil (2022: £Nil).

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2020 5,835,324
Valuation in 2021 1,306,000
Valuation in 2022 1,000,000
Valuation in 2023 733,000
8,874,324

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 16,559 21,520
Amounts owed by group undertakings 5,946 -
Prepayments and accrued income 698 580
23,203 22,100

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 42,101 29,246
Trade creditors 38,366 20,536
Amounts owed to group undertakings - 1,620
Tax (14 ) (14 )
Social security and other taxes 354 1,546
VAT 5,630 4,717
Other creditors 6,545 9,811
Directors' current accounts 240 249
Accruals and deferred income 2,750 2,750
95,972 70,461

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans - 1-2 years 668,549 45,071
Bank loans - 2-5 years 717,267 982,968
Bank loans more 5 yr by instal 642,643 616,706
Other loans more 5yrs non-inst 1,458,861 1,854,446
3,487,320 3,499,191

Spafield Properties Limited (Registered number: 00511906)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
30.9.23 30.9.22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 1,458,861 1,854,446

Repayable by instalments
Bank loans more 5 yr by instal 642,643 616,706

9. ULTIMATE CONTROLLING PARTY

The company controlled by its directors T.S.B. Jackson and H.L. May.