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REGISTERED NUMBER: 03476700















SPRUCE INVESTMENTS LIMITED

Unaudited Financial Statements for the Year Ended 30 June 2024






SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)






Contents of the Financial Statements
for the year ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPRUCE INVESTMENTS LIMITED

Company Information
for the year ended 30 June 2024







DIRECTORS: S R Pavey
Mrs S J Pavey





REGISTERED OFFICE: 52 Highlands Road
Leatherhead
Surrey
KT22 8NJ





REGISTERED NUMBER: 03476700





ACCOUNTANTS: Tudor John Limited
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,388 89,633
Investments 5 2 2
Investment property 6 6,130,000 6,011,250
6,133,390 6,100,885

CURRENT ASSETS
Debtors 7 238,000 179,374
Cash at bank 91,662 306,662
329,662 486,036
CREDITORS
Amounts falling due within one year 8 71,313 58,338
NET CURRENT ASSETS 258,349 427,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,391,739

6,528,583

CREDITORS
Amounts falling due after more than one year 9 (995,778 ) (1,215,778 )

PROVISIONS FOR LIABILITIES 11 (437,888 ) (440,642 )
NET ASSETS 4,958,073 4,872,163

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 12 3,221,331 3,177,812
Retained earnings 12 1,736,642 1,694,251
SHAREHOLDERS' FUNDS 4,958,073 4,872,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





S R Pavey - Director


SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Spruce Investments Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in Sterling which is the functional currency of the company.

The financial statements are prepared on a going concern basis.

TURNOVER
Turnover represents rents received on properties, excluding value added tax. Rents are negotiated at arm's length and are at an open market value.


TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

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.

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 118,748 76,424 195,172
Additions - 1,099 1,099
Disposals - (39,706 ) (39,706 )
Reclassification/transfer (118,748 ) - (118,748 )
At 30 June 2024 - 37,817 37,817
DEPRECIATION
At 1 July 2023 43,517 62,022 105,539
Charge for year - 2,543 2,543
Eliminated on disposal - (30,136 ) (30,136 )
Reclassification/transfer (43,517 ) - (43,517 )
At 30 June 2024 - 34,429 34,429
NET BOOK VALUE
At 30 June 2024 - 3,388 3,388
At 30 June 2023 75,231 14,402 89,633

The director's have undertaken valuations of the company's freehold properties and have incorporated these valuations in the financial statements. The original cost of the property was £31,250, the property has been transferred to investment property as it is no longer occupied by the business.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 2
NET BOOK VALUE
At 30 June 2024 2
At 30 June 2023 2

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

6. INVESTMENT PROPERTY
Total
£   
COST
At 1 July 2023 6,011,250
Reclassification/transfer 118,750
At 30 June 2024 6,130,000
NET BOOK VALUE
At 30 June 2024 6,130,000
At 30 June 2023 6,011,250

The director's have undertaken valuations of the company's investment properties and have incorporated these valuations in the financial statements. The original cost of the properties was £2,590,770

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 238,000 179,374

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors - 6,951
Taxation and social security 42,003 28,546
Other creditors 29,310 22,841
71,313 58,338

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 995,778 1,215,778

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after 5 years 995,778 1,215,778

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 995,778 1,215,778

The bank loan is secured on specified properties included within fixed assets at a value of £3,085,237.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 437,888 260,512
Revaluation gains - 180,130
437,888 440,642

Deferred
tax
£   
Balance at 1 July 2023 440,642
Provided during year (2,754 )
Balance at 30 June 2024 437,888

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 July 2023 1,694,251 3,177,812 4,872,063
Profit for the year 122,391 122,391
Dividends (80,000 ) (80,000 )
Transfer of depreciation on
revalued assets - 43,519 43,519
At 30 June 2024 1,736,642 3,221,331 4,957,973

SPRUCE INVESTMENTS LIMITED (REGISTERED NUMBER: 03476700)

Notes to the Financial Statements - continued
for the year ended 30 June 2024

13. RELATED PARTY DISCLOSURES

Throughout the year the company was controlled by Mr and Mrs S Pavey who own 100% of the share capital.

At the balance sheet date the company was owed £108,000 (2023 - £108,000) by Mr C Pavey, a related party to the directors. During the year Mr C Pavey made interest payments to the company totalling £1,944 (2023 - £1,944).

At the balance sheet date the company was owed £130,000 (2023 - £65,000) by Mr M Pavey, a related party to the directors.

At the balance sheet date the company owed £5,174 (2023 - £5,174) to Mr S Pavey, a director of the company.