IRIS Accounts Production v24.2.0.383 03611537 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036115372023-03-31036115372024-03-31036115372023-04-012024-03-31036115372022-03-31036115372022-04-012023-03-31036115372023-03-3103611537ns15:EnglandWales2023-04-012024-03-3103611537ns14:PoundSterling2023-04-012024-03-3103611537ns10:Director12023-04-012024-03-3103611537ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103611537ns10:SmallEntities2023-04-012024-03-3103611537ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3103611537ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103611537ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103611537ns10:FullAccounts2023-04-012024-03-3103611537ns10:Director22023-04-012024-03-3103611537ns10:RegisteredOffice2023-04-012024-03-3103611537ns5:CurrentFinancialInstruments2024-03-3103611537ns5:CurrentFinancialInstruments2023-03-3103611537ns5:ShareCapital2024-03-3103611537ns5:ShareCapital2023-03-3103611537ns5:RevaluationReserve2024-03-3103611537ns5:RevaluationReserve2023-03-3103611537ns5:RetainedEarningsAccumulatedLosses2024-03-3103611537ns5:RetainedEarningsAccumulatedLosses2023-03-3103611537ns5:PlantMachinery2023-04-012024-03-3103611537ns5:PlantMachinery2023-03-3103611537ns5:PlantMachinery2024-03-3103611537ns5:PlantMachinery2023-03-31
REGISTERED NUMBER: 03611537 (England and Wales)
















Spence Properties Limited

Unaudited Financial Statements

for the Year Ended 31st March 2024






Spence Properties Limited (Registered number: 03611537)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Spence Properties Limited

Company Information
for the Year Ended 31st March 2024







Directors: Ms. A Jenkins
Mr. J Jenkins





Registered office: Lower Chase Farm
Lower Chase Road
Swanmore
Winchester
Hampshire
SO32 2PB





Registered number: 03611537 (England and Wales)





Accountants: Wilson Stevens
Accountants
4th Floor
100 Fenchurch Street
London
EC3M 5JD

Spence Properties Limited (Registered number: 03611537)

Statement of Financial Position
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 161 190
Investment property 5 749,624 665,000
749,785 665,190

Current assets
Cash at bank 2,342 34,743

Creditors
Amounts falling due within one year 6 58,057 5,572
Net current (liabilities)/assets (55,715 ) 29,171
Total assets less current liabilities 694,070 694,361

Provisions for liabilities 98,568 58,833
Net assets 595,502 635,528

Capital and reserves
Called up share capital 1 1
Revaluation reserve 427,984 383,095
Retained earnings 167,517 252,432
595,502 635,528

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

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

Spence Properties Limited (Registered number: 03611537)

Statement of Financial Position - continued
31st March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th November 2024 and were signed on its behalf by:





Ms. A Jenkins - Director


Spence Properties Limited (Registered number: 03611537)

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

1. Statutory information

Spence Properties 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 the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

Spence Properties Limited (Registered number: 03611537)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

4. Tangible fixed assets
Plant and
machinery
£   
Cost
At 1st April 2023
and 31st March 2024 1,182
Depreciation
At 1st April 2023 992
Charge for year 29
At 31st March 2024 1,021
Net book value
At 31st March 2024 161
At 31st March 2023 190

5. Investment property
Total
£   
Fair value
At 1st April 2023 665,000
Additions 84,624
At 31st March 2024 749,624
Net book value
At 31st March 2024 749,624
At 31st March 2023 665,000

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2014 246,928
Valuation in 2015 8,000
Valuation in 2016 11,000
Valuation in 2017 37,000
Valuation in 2018 34,000
Valuation in 2019 30,000
Valuation in 2020 20,000
Valuation in 2021 55,000
Valuation in 2024 84,624
Cost 223,072
749,624

Spence Properties Limited (Registered number: 03611537)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. Investment property - continued

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 223,072 223,072

The investment property was valued on an open market basis on 31st March 2024 by the director .

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 15,444 -
Taxation and social security 173 2,372
Other creditors 42,440 3,200
58,057 5,572