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Registration number: 01550142

Spagrove Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Spagrove Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Spagrove Limited

Company Information

Directors

K A Wellington

L I Wellington

Registered office

1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

Accountants

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Spagrove Limited

Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

47

139

Investment property

5

1,383,226

1,383,226

 

1,383,273

1,383,365

Current assets

 

Debtors

6

468,330

218,324

Cash at bank and in hand

 

35,792

251,700

 

504,122

470,024

Creditors: Amounts falling due within one year

7

(25,778)

(26,581)

Net current assets

 

478,344

443,443

Total assets less current liabilities

 

1,861,617

1,826,808

Provisions for liabilities

(150,382)

(150,405)

Net assets

 

1,711,235

1,676,403

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,710,235

1,675,403

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 19 November 2024 and signed on its behalf by:
 

.........................................

K A Wellington

Director

Company registration number: 01550142

 

Spagrove Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of property investment.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

 

Spagrove Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Cost or valuation

At 1 April 2023

2,443

At 31 March 2024

2,443

Depreciation

At 1 April 2023

2,304

Charge for the year

92

At 31 March 2024

2,396

Carrying amount

At 31 March 2024

47

At 31 March 2023

139

5

Investment properties

Fair Value

2024
£

At 1 April 2023 & 31 March 2024

1,383,226

The investment properties are included at fair value as estimated by the directors at 31 March 2024 at an amount of £1,383,226.

6

Debtors

2024
£

2023
£

Other debtors

468,330

218,324

468,330

218,324

 

Spagrove Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

16,495

14,640

Other creditors

9,283

11,941

25,778

26,581

8

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.

9

Profit and Loss Reserve

The amount of the profit and loss reserve that is non-distributable is £859,453 (2023: £859,453).