1 April 2023 v2024.57.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsexbrli:purexbrli:sharesiso4217:GBP020597662023-04-012024-03-31020597662024-03-31020597662023-03-3102059766core:WithinOneYear2024-03-3102059766core:WithinOneYear2023-03-3102059766core:ShareCapital2024-03-3102059766core:ShareCapital2023-03-3102059766core:RetainedEarningsAccumulatedLosses2024-03-3102059766core:RetainedEarningsAccumulatedLosses2023-03-3102059766bus:Director12023-04-012024-03-3102059766bus:RegisteredOffice2023-04-012024-03-3102059766core:LandBuildings2023-04-012024-03-31020597662022-04-012023-03-3102059766core:LandBuildings2024-03-3102059766core:LandBuildings2023-03-3102059766core:CostValuation2023-04-0102059766core:CostValuation2024-03-310205976612023-04-012024-03-3102059766countries:EnglandWales2023-04-012024-03-3102059766bus:AuditExemptWithAccountantsReport2023-04-012024-03-3102059766bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102059766bus:SmallEntities2023-04-012024-03-3102059766bus:FullAccounts2023-04-012024-03-31
Company registration number:
02059766
Spinefields Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Spinefields Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Spinefields Limited
Year ended
31 March 2024
As described on the statement of financial position, the Board of Directors of
Spinefields Limited
are responsible for the preparation of the
financial statements
for the year ended
31 March 2024
, which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
A L CHARLES LIMITED
Unit 2.15 Barley Mow Centre
10 Barley Mow Passage
London
W4 4PH
United Kingdom
Date:
18 July 2024
Spinefields Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
2,000,000
 
2,000,000
 
Investments 6
286,059
 
286,059
 
2,286,059
 
2,286,059
 
Creditors: amounts falling due within one year 7
(662,513
)
(662,513
)
Net current liabilities
(662,513
)
(662,513
)
Total assets less current liabilities 1,623,546   1,623,546  
Provisions for liabilities
(229,684
)
(229,684
)
Net assets
1,393,862
 
1,393,862
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
1,393,860
 
1,393,860
 
Shareholders funds
1,393,862
 
1,393,862
 
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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.
These
financial statements
were approved by the board of directors and authorised for issue on
18 July 2024
, and are signed on behalf of the board by:
N Georgiou
Director
Company registration number:
02059766
Spinefields Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 2.15 Barley Mow Centre
,
10 Barley Mow Passage
,
London
,
W4 4PH
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
not depreciated

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2023:
1
).

5 Tangible assets

Land and buildings
£
Cost  
At
1 April 2023
and
31 March 2024
2,000,000
 
Depreciation  
At
1 April 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
2,000,000
 
At 31 March 2023
2,000,000
 

6 Investments

Other investments other than loans
£
Cost  
At
1 April 2023
286,059
 
At
31 March 2024
286,059
 
Impairment  
At
1 April 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
286,059
 
At 31 March 2023
286,059
 

7 Creditors: amounts falling due within one year

20242023
££
Amounts owed to group undertakings and undertakings in which the company has a participating interest
662,513
 
662,513