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REGISTERED NUMBER: 00497357 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

GEO SPENCE & SONS LIMITED

GEO SPENCE & SONS LIMITED (REGISTERED NUMBER: 00497357)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEO SPENCE & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Terence George Spence
Nicholas Timothy Spence
Barbara Spence
Fiona Jane Spence





REGISTERED OFFICE: 105 Wellington Road
Leeds
West Yorkshire
LS12 1DX





REGISTERED NUMBER: 00497357 (England and Wales)





ACCOUNTANTS: Walter Dawson & Son
Chartered Accountants
1 Valley Court
Canal Road
Bradford
West Yorkshire
BD1 4SP

GEO SPENCE & SONS LIMITED (REGISTERED NUMBER: 00497357)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,721 4,837
Investments 5 285,692 280,621
289,413 285,458

CURRENT ASSETS
Stocks 274,992 315,388
Debtors 6 54,139 50,543
Cash at bank and in hand 18,892 32,047
348,023 397,978
CREDITORS
Amounts falling due within one year 7 100,170 116,491
NET CURRENT ASSETS 247,853 281,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

537,266

566,945

CAPITAL AND RESERVES
Called up share capital 2,902 2,902
Share premium 2,350 2,350
Fair value reserve 170,882 280,525
Profit and loss account 361,132 281,168
SHAREHOLDERS' FUNDS 537,266 566,945

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

GEO SPENCE & SONS LIMITED (REGISTERED NUMBER: 00497357)

BALANCE SHEET - continued
31 JANUARY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





Nicholas Timothy Spence - Director


GEO SPENCE & SONS LIMITED (REGISTERED NUMBER: 00497357)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Geo Spence & Sons Limited is a private company, limited by shares , registered in England and Wales. 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 4% on cost
Leasehold alterations - 20% on reducing balance
Fixtures and fittings - 10%/20% on reducing balance and cost

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GEO SPENCE & SONS LIMITED (REGISTERED NUMBER: 00497357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

INCOME RECOGNITION
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

INVESTMENTS
Investments are comprised of quoted and unquoted equity instruments.The unquoted equity instruments are measured at cost.The quoted equity instruments are measured at fair value. Changes in fair value are recognised in the profit and loss account.

LEASING
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the leases. The benefits of lease incentives are recognised in the profit and loss account over the shorter of the lease period and the period to the next rent review at which the rent is expected to be reset to market rates.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Leasehold and
property alterations fittings Totals
£    £    £    £   
COST
At 1 February 2023 52,524 16,335 44,556 113,415
Additions - - 113 113
At 31 January 2024 52,524 16,335 44,669 113,528
DEPRECIATION
At 1 February 2023 52,523 16,334 39,721 108,578
Charge for year - - 1,229 1,229
At 31 January 2024 52,523 16,334 40,950 109,807
NET BOOK VALUE
At 31 January 2024 1 1 3,719 3,721
At 31 January 2023 1 1 4,835 4,837

GEO SPENCE & SONS LIMITED (REGISTERED NUMBER: 00497357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 279,321 1,300 280,621
Revaluations 5,071 - 5,071
At 31 January 2024 284,392 1,300 285,692
NET BOOK VALUE
At 31 January 2024 284,392 1,300 285,692
At 31 January 2023 279,321 1,300 280,621

Cost or valuation at 31 January 2024 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2018 444,885 1,300 446,185
Valuation in 2019 (7,082 ) - (7,082 )
Valuation in 2020 (93,826 ) - (93,826 )
Valuation in 2021 71,884 - 71,884
Valuation in 2022 6,388 - 6,388
Valuation in 2023 (142,928 ) - (142,928 )
Valuation in 2024 5,071 - 5,071
284,392 1,300 285,692

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 49,176 46,287
Other debtors 1,427 250
Prepayments and accrued income 3,536 4,006
54,139 50,543

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 51,860 42,757
Taxation and social security 24,596 69,233
Other creditors 23,714 4,501
100,170 116,491

GEO SPENCE & SONS LIMITED (REGISTERED NUMBER: 00497357)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. PENSION COSTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £4,238 (2023: £78,374). Contributions totalling £344 (2023: £Nil) were payable to the fund at the year end and are included in in creditors.