Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 9903378 Mr James Brydie Mrs Lorraine Brydie Dr Faye Parsons and Greg Brydie true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 9903378 2022-12-31 9903378 2023-12-31 9903378 2023-01-01 2023-12-31 9903378 frs-core:CurrentFinancialInstruments 2023-12-31 9903378 frs-core:Non-currentFinancialInstruments 2023-12-31 9903378 frs-core:ComputerEquipment 2023-12-31 9903378 frs-core:ComputerEquipment 2023-01-01 2023-12-31 9903378 frs-core:ComputerEquipment 2022-12-31 9903378 frs-core:FurnitureFittings 2023-12-31 9903378 frs-core:FurnitureFittings 2023-01-01 2023-12-31 9903378 frs-core:FurnitureFittings 2022-12-31 9903378 frs-core:ShareCapital 2023-12-31 9903378 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 9903378 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 9903378 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 9903378 frs-bus:SmallEntities 2023-01-01 2023-12-31 9903378 frs-bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 9903378 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 9903378 1 2023-01-01 2023-12-31 9903378 frs-bus:Director1 2023-01-01 2023-12-31 9903378 frs-bus:Director1 2022-12-31 9903378 frs-bus:Director1 2023-12-31 9903378 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 9903378 frs-core:CurrentFinancialInstruments 1 2023-12-31 9903378 frs-countries:EnglandWales 2023-01-01 2023-12-31 9903378 2021-12-31 9903378 2022-12-31 9903378 2022-01-01 2022-12-31 9903378 frs-core:CurrentFinancialInstruments 2022-12-31 9903378 frs-core:Non-currentFinancialInstruments 2022-12-31 9903378 frs-core:ShareCapital 2022-12-31 9903378 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 9903378 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: 9903378
Spencerfield Capital Limited
Financial Statements
For The Year Ended 31 December 2023
Gillespie's Fife
Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Spencerfield Capital Limited for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spencerfield Capital Limited for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Spencerfield Capital Limited , as a body, in accordance with the terms of our engagement letter dated 15 April 2016. Our work has been undertaken solely to prepare for your approval the accounts of Spencerfield Capital Limited and state those matters that we have agreed to state to the director of Spencerfield Capital Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spencerfield Capital Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Spencerfield Capital Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Spencerfield Capital Limited . You consider that Spencerfield Capital Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Spencerfield Capital Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
14th March 2024
Gillespie's Fife
Accountants
Fric Ajax Way
Methil
Leven
KY8 3RS
Page 1
Page 2
Balance Sheet
Registered number: 9903378
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 393 894
Investment Properties 5 3,400,000 3,400,000
3,400,393 3,400,894
CURRENT ASSETS
Debtors 6 60,000 -
Cash at bank and in hand 617,256 739,333
677,256 739,333
Creditors: Amounts Falling Due Within One Year 7 (363,307 ) (721,154 )
NET CURRENT ASSETS (LIABILITIES) 313,949 18,179
TOTAL ASSETS LESS CURRENT LIABILITIES 3,714,342 3,419,073
Creditors: Amounts Falling Due After More Than One Year 8 (500,000 ) (500,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (75 ) (170 )
NET ASSETS 3,214,267 2,918,903
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 3,214,257 2,918,893
SHAREHOLDERS' FUNDS 3,214,267 2,918,903
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Brydie
Director
14th March 2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Spencerfield Capital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 9903378 . The registered office is 10 Kingsmere Road, London, England, SW19 6PX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Reducing Balance
Computer Equipment 33.33% Straight Line
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 1,875 1,208 3,083
As at 31 December 2023 1,875 1,208 3,083
Depreciation
As at 1 January 2023 1,384 805 2,189
Provided during the period 98 403 501
As at 31 December 2023 1,482 1,208 2,690
Net Book Value
As at 31 December 2023 393 - 393
As at 1 January 2023 491 403 894
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 3,400,000
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 60,000 -
60,000 -
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 90,907 53,876
VAT 8,286 8,285
Shareholder loans 220,000 220,000
Accruals and deferred income 31,670 64,843
Director's loan account 12,444 374,150
363,307 721,154
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Other creditors 500,000 500,000
500,000 500,000
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr James Brydie 374,150 8,294 (370,000 ) - 12,444
The above loan is unsecured, interest free and repayable on demand.
11. Related Party Transactions
Included in Creditors is a loan of £500,000 from Shark Investments (Scotland) Ltd, a company in which James Brydie is also a director.
12. Ultimate Controlling Party
The company's ultimate controlling party is Dr Faye Parsons and Greg Brydie by virtue of their ownership of 100% of the issued share capital in the company.
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