Company registration number 12670908 (England and Wales)
SPENCER JAMES PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SPENCER JAMES PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
SPENCER JAMES PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
250,601
108,480
Current assets
Debtors
55
354
Cash at bank and in hand
11,998
180,929
12,053
181,283
Creditors: amounts falling due within one year
(156,711)
(178,674)
Net current (liabilities)/assets
(144,658)
2,609
Total assets less current liabilities
105,943
111,089
Creditors: amounts falling due after more than one year
(87,241)
(87,241)
Net assets
18,702
23,848
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
18,701
23,847
Total equity
18,702
23,848
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPENCER JAMES PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 September 2024
Miss S L Mount
Director
Company registration number 12670908 (England and Wales)
SPENCER JAMES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Spencer James Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 58, Bowden Close, Newcastle Upon Tyne, United Kingdom, NE13 9GB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the value of property, sales, consultancy income and rents and service charges receivable from tenants during the year. Revenue from property sales is recognised on completion consultancy income on invoicing and rental income in the period to which it relates.
1.3
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.
1.4
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
SPENCER JAMES PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 January 2023
108,480
Additions
142,121
At 31 December 2023
250,601
4
Secured Debts
The Mortgage Works (UK) has a charge over the company's investment property.
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
6
Directors' transactions
Dividends totalling £1,000 (2023: £2,000) were paid in the year in respect of shares held by the company's directors.
Miss S L Mount
Sole director and shareholder
In a previous period, Miss Mount loaned the company £170,360 as working capital. During the year, the company repaid Miss Mount £16,000. The amount due to the related party at the balance sheet date was £154,360 (2022: £170,360). The amount is unsecured, interest-free and repayable on demand.