Spectrum Investments Limited 06298079 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is The company developed a property and converted it into 6 dwelling units, the following completion of the development the units were let, pending and increase in the values. The units remain for sale as part of a continuing property development trade. Digita Accounts Production Advanced 6.30.9574.0 true true 06298079 2023-03-01 2024-02-29 06298079 2024-02-29 06298079 bus:OrdinaryShareClass1 2024-02-29 06298079 core:RetainedEarningsAccumulatedLosses 2024-02-29 06298079 core:ShareCapital 2024-02-29 06298079 core:CurrentFinancialInstruments 2024-02-29 06298079 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 06298079 core:Non-currentFinancialInstruments 2024-02-29 06298079 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 06298079 bus:SmallEntities 2023-03-01 2024-02-29 06298079 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 06298079 bus:FilletedAccounts 2023-03-01 2024-02-29 06298079 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 06298079 bus:RegisteredOffice 2023-03-01 2024-02-29 06298079 bus:Director1 2023-03-01 2024-02-29 06298079 bus:Director3 2023-03-01 2024-02-29 06298079 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 06298079 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 06298079 countries:England 2023-03-01 2024-02-29 06298079 2023-02-28 06298079 2022-03-01 2023-02-28 06298079 2023-02-28 06298079 bus:OrdinaryShareClass1 2023-02-28 06298079 core:RetainedEarningsAccumulatedLosses 2023-02-28 06298079 core:ShareCapital 2023-02-28 06298079 core:CurrentFinancialInstruments 2023-02-28 06298079 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 06298079 core:Non-currentFinancialInstruments 2023-02-28 06298079 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06298079

Spectrum Investments Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Spectrum Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Spectrum Investments Limited

Company Information

Directors

Mr A Shaikh

Mrs Lubna Shaikh

Registered office

2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Spectrum Investments Limited

(Registration number: 06298079)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

866,885

186,885

Current assets

 

Stocks

5

-

658,466

Debtors

6

153,521

203,123

Cash at bank and in hand

 

229,406

229,927

 

382,927

1,091,516

Creditors: Amounts falling due within one year

7

(139,845)

(182,490)

Net current assets

 

243,082

909,026

Total assets less current liabilities

 

1,109,967

1,095,911

Creditors: Amounts falling due after more than one year

7

(978,122)

(976,905)

Net assets

 

131,845

119,006

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

131,745

118,906

Shareholders' funds

 

131,845

119,006

For the financial year ending 29 February 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.

 

Spectrum Investments Limited

(Registration number: 06298079)
Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr A Shaikh
Director

 

Spectrum Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ
United Kingdom

These financial statements were authorised for issue by the Board on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents amounts receivable for rental income and associated charges and is stated net of discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Spectrum Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Spectrum Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 (including directors) during the year, was 2 (2023 - 2).

 

Spectrum Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Investment properties

2024
£

At 1 March

186,885

Additions

680,000

At 29 February

866,885

There has been no valuation of investment property by an independent valuer.

5

Stocks

2024
£

2023
£

Other inventories

-

658,466

-

658,466

 

Spectrum Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

140,058

177,000

Prepayments

 

13,463

26,123

   

153,521

203,123

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

100,385

130,318

Trade creditors

 

-

6,887

Taxation and social security

 

3,012

8,110

Accruals and deferred income

 

5,340

5,000

Other creditors

 

31,108

32,175

 

139,845

182,490

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

978,122

976,905

 

978,122

976,905

 

Spectrum Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

978,122

976,905

978,122

976,905

2024
£

2023
£

Current loans and borrowings

Bank borrowings

1,075

1,008

Other borrowings

99,310

129,310

100,385

130,318