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Company registration number: 03601933
SPENCER INTERIORS LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 December 2023
SPENCER INTERIORS LTD
CONTENTS
Directors and other information
Statement of financial position
Notes to the financial statements
SPENCER INTERIORS LTD
DIRECTORS AND OTHER INFORMATION
Directors Mr P F Spencer
Mrs L Spencer
Mrs L Millward
Company number 03601933
Registered office 4 Leicester Street
Bedworth
Warwickshire
CV12 8SY
SPENCER INTERIORS LTD
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 14,017 15,104
_______ _______
14,017 15,104
Current assets
Stocks 15,699 18,515
Debtors 6 25,089 26,180
Cash at bank and in hand 218,362 217,609
_______ _______
259,150 262,304
Creditors: amounts falling due
within one year 7 ( 50,669) ( 38,970)
_______ _______
Net current assets 208,481 223,334
_______ _______
Total assets less current liabilities 222,498 238,438
Provisions for liabilities ( 439) ( 586)
_______ _______
Net assets 222,059 237,852
_______ _______
Capital and reserves
Called up share capital 8 10 10
Profit and loss account 222,049 237,842
_______ _______
Shareholders funds 222,059 237,852
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr P F Spencer
Director
Company registration number: 03601933
SPENCER INTERIORS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Leicester Street, Bedworth, Warwickshire, CV12 8SY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 15 years straight line
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Freehold property Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 and 31 December 2023 8,374 21,527 30,072 8,750 68,723
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 - 17,881 27,105 8,633 53,619
Charge for the year - 316 742 29 1,087
_______ _______ _______ _______ _______
At 31 December 2023 - 18,197 27,847 8,662 54,706
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 8,374 3,330 2,225 88 14,017
_______ _______ _______ _______ _______
At 31 December 2022 8,374 3,646 2,967 117 15,104
_______ _______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 January 2023 and 31 December 2023 8,374
_______
The fair value of the investment property as at the Balance sheet date is based on a valuation carried out by management on an open market basis. This basis includes measuring fair value at the price in which the property could be exchanged between knowledgeable, willing parties in an arms lenght transaction.
6. Debtors
2023 2022
£ £
Trade debtors 14,038 14,978
Other debtors 11,051 11,202
_______ _______
25,089 26,180
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 28,282 17,780
Corporation tax 11,296 5,340
Social security and other taxes 4,192 4,840
Other creditors 6,899 11,010
_______ _______
50,669 38,970
_______ _______
8. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 29,400 29,400
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P F Spencer ( 5,568) 345 ( 312) ( 5,535)
Mrs L Spencer ( 5,442) 13,335 ( 9,257) ( 1,364)
_______ _______ _______ _______
( 11,010) 13,680 ( 9,569) ( 6,899)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr P F Spencer ( 4,576) 2,320 ( 3,312) ( 5,568)
Mrs L Spencer ( 4,255) 1,125 ( 2,312) ( 5,442)
_______ _______ _______ _______
( 8,831) 3,445 ( 5,624) ( 11,010)
_______ _______ _______ _______