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Registered number: 09820058
Spire Bricks And Mortar Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
One Bean Limited
Chartered Accountants
The Officers' Mess
Royston Road
Duxford
Cambridgeshire
CB22 4QH
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—8
Page 1
Statement of Financial Position
Registered number: 09820058
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 108,579 111,884
Investment Properties 5 14,100,000 19,600,000
Investments 6 432,553 1,432,553
14,641,132 21,144,437
CURRENT ASSETS
Debtors 7 21,178,862 15,749,542
Investments 8 2,000,000 -
Cash at bank and in hand 257,901 169,238
23,436,763 15,918,780
Creditors: Amounts Falling Due Within One Year 9 (1,586,549 ) (5,461,771 )
NET CURRENT ASSETS (LIABILITIES) 21,850,214 10,457,009
TOTAL ASSETS LESS CURRENT LIABILITIES 36,491,346 31,601,446
Creditors: Amounts Falling Due After More Than One Year 10 (7,370,000 ) (2,930,054 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 12 - (401,626 )
NET ASSETS 29,121,346 28,269,766
CAPITAL AND RESERVES
Called up share capital 14 13,500,001 13,500,001
Fair Value Reserve 801,296 1,877,483
Income Statement 14,820,049 12,892,282
SHAREHOLDERS' FUNDS 29,121,346 28,269,766
Page 1
Page 2
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Income Statement.
On behalf of the board
Mr K W Richardson
Director
10 September 2024
The notes on pages 3 to 8 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Spire Bricks And Mortar Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09820058 . The registered office is Unit 41 17, Holywell Hill, St. Albans, Hertfordshire, AL1 1DT.
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.
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts. Accordingly, these financial statements have been compiled for the company as a single entity.
2.2. Significant judgements and estimations
In the application of the accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Their estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and any future periods that the revision may affect.
The directors have used their experience and judgement to determine the fair value of the investment properties where a professional valuation was not considered necessary, and in determining the provision for impairment required in respect of unlisted investments.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.  Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Discounts or amounts payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
Interest income is recognised in profit or loss using the effective interest method.
2.4. 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:
Motor Vehicles 20% - 33% straight-line
2.5. 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 income statement.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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2.7. Financial Instruments
The company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
2.8. Taxation
Income 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 years 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 assets reflect 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.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.10. Unlisted investments
Investments in subsidiaries and other private companies are measured at cost less accumulated impairment. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Motor Vehicles
£
Cost or Valuation
As at 1 January 2023 113,780
Additions 234,077
Disposals (229,407 )
As at 31 December 2023 118,450
...CONTINUED
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Page 5
Depreciation
As at 1 January 2023 1,896
Provided during the period 27,153
Disposals (19,178 )
As at 31 December 2023 9,871
Net Book Value
As at 31 December 2023 108,579
As at 1 January 2023 111,884
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 19,600,000
Additions 29,743
Disposals (6,350,000 )
Revaluations 820,257
As at 31 December 2023 14,100,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 13,116,510 17,722,517
Accumulated depreciation and impairment 1,332,553 1,634,239
Carrying amount 11,783,957 16,088,278
The 2023 valuations were carried out by Knight Frank, chartered surveyors, on a fair value basis.
6. Investments
Subsidiaries Unlisted Total
£ £ £
Cost
As at 1 January 2023 132,503 1,300,050 1,432,553
As at 31 December 2023 132,503 1,300,050 1,432,553
Provision
As at 1 January 2023 - - -
Added in period - 1,000,000 1,000,000
As at 31 December 2023 - 1,000,000 1,000,000
Net Book Value
As at 31 December 2023 132,503 300,050 432,553
As at 1 January 2023 132,503 1,300,050 1,432,553
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 72,525 -
Amounts owed by group undertakings 16,397,768 13,995,520
Other debtors 293,132 1,254,072
16,763,425 15,249,592
Due after more than one year
Trade debtors 499,950 499,950
Amounts owed by group undertakings 3,915,487 -
4,415,437 499,950
21,178,862 15,749,542
8. Current Asset Investments
2023 2022
£ £
Short term deposits 2,000,000 -
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 14,844
Trade creditors 94,721 4,448
Bank loans and overdrafts 420,000 695,067
Amounts owed to group undertakings 1 1
Other creditors 370,363 4,698,362
Taxation and social security 701,464 49,049
1,586,549 5,461,771
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 98,936
Bank loans 7,370,000 -
Other loans - 2,831,118
7,370,000 2,930,054
The bank loan is secured on land and freehold properties of the company with a fair value of £14,100,000, and a property held by a subsidiary company valued at £14,500,000. The loan is repayable by quarterly instalments of £105,000 until December 2025, when the remaining value must be settled in full or refinanced. Interest is payable on the principal amount at 2.75% above the Sterling Overnight Index Average.
The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is £nil (2022: £406,200), repayable by instalments.
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11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 14,844
Later than one year and not later than five years - 98,936
- 113,780
- 113,780
12. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences (16,971) 401,626
13. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 January 2023 401,626 401,626
Additions (44,504 ) (44,504)
Utilised (374,093 ) (374,093)
Balance at 31 December 2023 (16,971 ) (16,971)
14. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 13,500,001 13,500,001
15. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Darren Guiver - 100,000 100,000 - -
The above loan was unsecured, interest free and repayable on demand.
16. Related Party Transactions
At the balance sheet date the company owed £100,000 (2022: £4,155,000) to the directors, the amount is included in other creditors amounts falling due within one year. Interest is to be charged on the loan at a rate of 0% (2022: 12.5%) per annum.
17. Exceptional Items
During the year the company received a lease surrender premium of £1,250,000 in addition to normal rents, relating to an investment property disposed of during the year.
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18. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Spirit Holdings Limited . Spirit Holdings Limited was incorporated in England and Wales. Copies of the group accounts may be obtained from the secretary, Unit 41 17, Holywell Hill, St Albans, Hertfordshire, AL1 1DT . The controlling party is Darren Guiver who controls 70% of the shares of Spire Bricks And Mortar Limited .
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