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Registered number: 10051514
Spithurst Hub Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Harpers Accountancy LLP
PO Box 293
Lewes
BN7 9PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10051514
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 502,309 511,180
502,309 511,180
CURRENT ASSETS
Debtors 5 233 3,072
Cash at bank and in hand 1,295 672
1,528 3,744
Creditors: Amounts Falling Due Within One Year 6 (23,469 ) (38,459 )
NET CURRENT ASSETS (LIABILITIES) (21,941 ) (34,715 )
TOTAL ASSETS LESS CURRENT LIABILITIES 480,368 476,465
Creditors: Amounts Falling Due After More Than One Year 7 (544,764 ) (537,893 )
NET LIABILITIES (64,396 ) (61,428 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (64,496 ) (61,528 )
SHAREHOLDERS' FUNDS (64,396) (61,428)
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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.
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 Profit and Loss Account.
On behalf of the board
Mr N C Lear
Director
18/11/2024
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
Spithurst Hub Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10051514 . The registered office is 3 Queen Square, London WC1N 3AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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.The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold 2% Reducing balance over the life of the asset
Leasehold 2% Staight line over the life of the lease
Computer Equipment 33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments
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2.6. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.7. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.8. Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.9. Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10   Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Freehold Leasehold Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 522,012 50,000 1,784 573,796
Additions 1,470 - - 1,470
As at 31 March 2024 523,482 50,000 1,784 575,266
...CONTINUED
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Depreciation
As at 1 April 2023 54,832 6,000 1,784 62,616
Provided during the period 9,341 1,000 - 10,341
As at 31 March 2024 64,173 7,000 1,784 72,957
Net Book Value
As at 31 March 2024 459,309 43,000 - 502,309
As at 1 April 2023 467,180 44,000 - 511,180
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 113 3,072
Prepayments and accrued income 120 -
233 3,072
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,000 3,000
VAT 313 1,116
Other borrowings < 1yr 11,611 11,050
Accruals and deferred income 3,974 1,872
Directors' loan accounts 4,571 21,421
23,469 38,459
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,259 7,252
Other loans 50,000 50,000
Directors loan account 315,032 304,606
Other borrowings 175,473 176,035
544,764 537,893
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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