Registration number:
Spagrove Limited
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Spagrove Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Spagrove Limited
Company Information
Directors |
K A Wellington L I Wellington |
Registered office |
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Accountants |
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Spagrove Limited
Statement of Financial Position as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
1,710,235 |
1,675,403 |
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Shareholders' funds |
1,711,235 |
1,676,403 |
For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Spagrove Limited
Statement of Financial Position as at 31 March 2024
Approved and authorised by the
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K A Wellington
Director
Company registration number: 01550142
Spagrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of property investment.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company had net assets at 31 March 2024 amounting to £1,711,235.
The company has few fixed overheads and continues to receive rental income from the investment properties.
Having made enquiries the directors have a reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors have prepared the financial statements on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect of rent receivable in the ordinary course of the company's activities. Turnover is shown net of value added tax.
The company recognises turnover in respect of rent receivable evenly over the period of the leases and in respect of joint arrangements in the period in which profits and losses arise.
Turnover also includes the company's share of net profits made in joint arrangements arising in the period.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Spagrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and Fittings |
20% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company during the year, was
Spagrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Fixtures and fittings |
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Cost or valuation |
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At 1 April 2023 |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Investment properties |
Fair Value |
2024 |
At 1 April 2023 & 31 March 2024 |
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The investment properties are included at fair value as estimated by the directors at 31 March 2024 at an amount of £1,383,226.
Debtors |
2024 |
2023 |
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Other debtors |
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Spagrove Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Taxation and social security |
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Other creditors |
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Director's advances, credits and guarantees |
At 31 March 2024 an amount of £38,657 (2023: £22,946) was due from a director. During the year there were advances of £38,465 and repayments of £23,472. Interest of £718 (2023: £481) is payable to the company at 2.25% per annum. There are no set terms.
Profit and Loss Reserve |
The amount of the profit and loss reserve that is non-distributable is £859,453 (2023: £859,453).