Acorah Software Products - Accounts Production 15.0.600 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 08008259 Mr Michael Ingall Mr Frederick Graham-Watson Mr Suresh Gorasia Mr Jonathan Raine Allied London Properties Limited true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08008259 2022-12-31 08008259 2023-12-31 08008259 2023-01-01 2023-12-31 08008259 frs-core:CurrentFinancialInstruments 2023-12-31 08008259 frs-core:InvestmentPropertyIncludedWithinPPE 2023-12-31 08008259 frs-core:InvestmentPropertyIncludedWithinPPE 2022-12-31 08008259 frs-core:ShareCapital 2023-12-31 08008259 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 08008259 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08008259 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 08008259 frs-bus:SmallEntities 2023-01-01 2023-12-31 08008259 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08008259 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08008259 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08008259 frs-bus:OrdinaryShareClass1 2023-12-31 08008259 1 2023-01-01 2023-12-31 08008259 frs-bus:Director1 2023-01-01 2023-12-31 08008259 frs-bus:Director2 2023-01-01 2023-12-31 08008259 frs-bus:Director3 2023-01-01 2023-12-31 08008259 frs-bus:Director4 2023-01-01 2023-12-31 08008259 1 2023-01-01 2023-12-31 08008259 frs-countries:EnglandWales 2023-01-01 2023-12-31 08008259 2021-12-31 08008259 2022-12-31 08008259 2022-01-01 2022-12-31 08008259 frs-core:CurrentFinancialInstruments 2022-12-31 08008259 frs-core:ShareCapital 2022-12-31 08008259 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 08008259 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31 08008259 1 2022-01-01 2022-12-31
Registered number: 08008259
Spinningfields Estate Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 08008259
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 12,010,000 3,755,000
12,010,000 3,755,000
CURRENT ASSETS
Debtors 5 961,347 3,249,857
Cash at bank and in hand 13 74,818
961,360 3,324,675
Creditors: Amounts Falling Due Within One Year 6 (426,404 ) (3,071,990 )
NET CURRENT ASSETS (LIABILITIES) 534,956 252,685
TOTAL ASSETS LESS CURRENT LIABILITIES 12,544,956 4,007,685
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (3,000,000 ) (936,250 )
NET ASSETS 9,544,956 3,071,435
CAPITAL AND RESERVES
Called up share capital 8 1 1
Income Statement 9,544,955 3,071,434
SHAREHOLDERS' FUNDS 9,544,956 3,071,435
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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 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 Suresh Gorasia
Director
20 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Spinningfields Estate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08008259 . The registered office is C/O Allied London, Suite 1, Bonded Warehouse, 18 Lower Byrom Street, Manchester, Greater Manchester, M3 4AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 2.3).
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 pound.
2.2. Going Concern Disclosure
The directors have assessed the financial performance and note that as at 31 December 2023 the company had net assets of £9,544,956 (2022: £3,071,435) and made a profit after taxation for the financial year of £6,473,521 (2022: loss £173,244).
Management has undertaken a thorough group going concern review which has included forecasts from 12 months from signing date of the financial statements to ensure the company will continue to be able to meet its liabilities for the next year from the signing date of the accounts. The forecasts included some sensitivity on the income obtained.
The board considers that the company will be able to continue to trade as a going concern and meet its liabilities as they fall due.
2.3. Significant judgements and estimations
In preparing these financial statements, the directors consider that there are no significant judgements in applying the accounting policies. Nor are there any key sources of uncertainty.
2.4. Turnover
Turnover comprises the invoiced value of goods and services supplied by the Company, net of Value Added Tax and trade discounts and is predominantly rental income.
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. Acquisitions and disposals of properties are recognised where binding contracts have been exchanged during the year, providing completion takes place prior to approval of the accounts.

No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.6. Financial Instruments
Financial assets
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment.
Financial liabilities and equity
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost.
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2.7. Taxation

Deferred Taxation

Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
• Where timing differences relate to interests in subsidiaries, associates, branches and joint ventures and the group can control their reversal and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax.

Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Directors 4 4
4 4
4. Tangible Assets
Investment Properties
£
Cost or Valuation
As at 1 January 2023 3,755,000
Revaluation 8,255,000
As at 31 December 2023 12,010,000
Net Book Value
As at 31 December 2023 12,010,000
As at 1 January 2023 3,755,000
The directors, who have significant experience in the valuation of similar real estate, have given a fair value on an existing use basis of £12,010,000 (2022: £3,755,000) for the investment properties as at 31 December 2023. A surplus on revaluation of £8,255,000 (2022: £nil) was reported in the 31 December 2023 Statement of Comprehensive Income.
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 509,942 287,181
Prepayments and accrued income 212,288 113,045
Other debtors 196,985 2,807,131
Amounts owed by group undertakings 42,132 -
Amounts owed by related parties - 42,500
961,347 3,249,857
The amounts due from related parties are repayable on demand and not interest bearing.
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 137,106 122,660
Bank loans and overdrafts - 1,275,000
Other creditors 106,103 -
Accruals and deferred income 183,195 162,811
Amounts owed to group undertakings - 1,511,519
426,404 3,071,990
The amounts due to group undertakings are repayable on demand and not interest bearing.
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 3,000,000 936,250
8. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 1.000 each 1 1
9. Financial Instruments
The company considers that the fair value of cash and cash equivalents, loans, trade and other receivables, and trade and other payables are not materially different to their carrying value. There are no financial instruments recorded at fair value through profit and loss.
10. Related Party Transactions
The company has taken advantage of the exemption allowed by Financial Reporting Standard 102, "Related party disclosures" Section 33.1A not to disclose details of related party transactions with entities that are included in the consolidated financial statements of Allied London Properties Limited and are 100% owned. There are no other related party transactions other than as disclosed.
Allied London Quay Street Two Limited
The directors of Spinningfields Estate Limited are also directors of Allied London Quay Street Two Limited.
The company is owed £nil (2022: £42,500) by Allied London Quay Street Two Limited.
11. Ultimate Controlling Party
The company's immediate parent is Allied London Properties Limited . The directors consider the ultimate parent company to be Capital Holdco Limited, a company registered in the British Virgin Islands.
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