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Registration number: 09730434

Spartan Property Developers Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 January 2023

 

Spartan Property Developers Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Spartan Property Developers Limited

(Registration number: 09730434)
Balance Sheet as at 30 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,096

-

Current assets

 

Stocks

5

-

460,000

Debtors

6

110,471

59,272

Cash at bank and in hand

 

1,635

2,956

 

112,106

522,228

Creditors: Amounts falling due within one year

7

(163,897)

(542,181)

Net current liabilities

 

(51,791)

(19,953)

Total assets less current liabilities

 

(40,695)

(19,953)

Creditors: Amounts falling due after more than one year

7

(38,340)

(34,022)

Net liabilities

 

(79,035)

(53,975)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(79,135)

(54,075)

Shareholders' deficit

 

(79,035)

(53,975)

For the financial year ending 30 January 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 13 April 2024 and signed on its behalf by:
 

.........................................
Mrs L J Mawer
Director

 

Spartan Property Developers Limited

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

1

General information

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

The address of its registered office is:
Unit 9
Cleethorpes Business Centre
Jackson Place
Grimsby
DN36 4AS

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Tax

The tax expense for the period comprises 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.

 

Spartan Property Developers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 January 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

Motor Vehicles

33% Straight Line

Plant and Machinery

33% Straight Line

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Spartan Property Developers Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 31 January 2022

13,500

-

13,500

Additions

-

14,795

14,795

At 30 January 2023

13,500

14,795

28,295

Depreciation

At 31 January 2022

13,500

-

13,500

Charge for the year

-

3,699

3,699

At 30 January 2023

13,500

3,699

17,199

Carrying amount

At 30 January 2023

-

11,096

11,096

5

Stocks

2023
£

2022
£

Work in progress

-

460,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

12,995

-

Prepayments

1,944

23,608

Other debtors

95,532

35,664

 

110,471

59,272

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

12,870

10,554

Trade creditors

 

43,823

28,103

Taxation and social security

 

95,554

78,320

Accruals and deferred income

 

6,650

13,623

Other creditors

 

5,000

411,581

 

163,897

542,181

 

Spartan Property Developers Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

38,340

34,022

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,463

34,022

Hire purchase contracts

8,877

-

38,340

34,022

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,911

10,554

Hire purchase contracts

2,959

-

12,870

10,554

9

Related party transactions

 

Spartan Property Developers Limited

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

Transactions with Directors

2023

Advances to directors
£

At 30 January 2023
£

Mr S J Mawer

Interest free loan

24,770

36,473

     
   

Mrs L J Mawer

Interest free loan

24,770

36,473

     
   

 

2022

At 31 January 2021
£

Advances to Director
£

Repayments by Director
£

At 30 January 2022
£

Mr S J Mawer

Interest free loan

11,984

12,595

(12,876)

11,703

         
       

Mrs L J Mawer

Interest free loan

11,984

12,595

(12,876)

11,703