IRIS Accounts Production v24.3.0.553 00422429 Board of Directors 26.3.23 25.3.24 25.3.24 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh004224292023-03-25004224292024-03-25004224292023-03-262024-03-25004224292022-03-25004224292022-03-262023-03-25004224292023-03-2500422429ns15:EnglandWales2023-03-262024-03-2500422429ns14:PoundSterling2023-03-262024-03-2500422429ns10:Director12023-03-262024-03-2500422429ns10:PrivateLimitedCompanyLtd2023-03-262024-03-2500422429ns10:SmallEntities2023-03-262024-03-2500422429ns10:AuditExemptWithAccountantsReport2023-03-262024-03-2500422429ns10:SmallCompaniesRegimeForDirectorsReport2023-03-262024-03-2500422429ns10:SmallCompaniesRegimeForAccounts2023-03-262024-03-2500422429ns10:FullAccounts2023-03-262024-03-2500422429ns10:OrdinaryShareClass12023-03-262024-03-2500422429ns10:Director22023-03-262024-03-2500422429ns10:RegisteredOffice2023-03-262024-03-2500422429ns5:CurrentFinancialInstruments2024-03-2500422429ns5:CurrentFinancialInstruments2023-03-2500422429ns5:ShareCapital2024-03-2500422429ns5:ShareCapital2023-03-2500422429ns5:RetainedEarningsAccumulatedLosses2024-03-2500422429ns5:RetainedEarningsAccumulatedLosses2023-03-2500422429ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-2500422429ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-2500422429ns5:DeferredTaxation2023-03-2500422429ns5:DeferredTaxation2024-03-2500422429ns10:OrdinaryShareClass12024-03-25
REGISTERED NUMBER: 00422429 (England and Wales)















Unaudited Financial Statements for the Year Ended 25 March 2024

for

SPEEN PROPERTY TRUST LIMITED

SPEEN PROPERTY TRUST LIMITED (REGISTERED NUMBER: 00422429)






Contents of the Financial Statements
for the year ended 25 March 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


SPEEN PROPERTY TRUST LIMITED

Company Information
for the year ended 25 March 2024







DIRECTORS: R F Lowe
The Hon S J Plummer





REGISTERED OFFICE: 11 Laura Place
Bath
BA2 4BL





REGISTERED NUMBER: 00422429 (England and Wales)





ACCOUNTANTS: Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Speen Property Trust Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Speen Property Trust Limited for the year ended 25 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Speen Property Trust Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Speen Property Trust Limited and state those matters that we have agreed to state to the Board of Directors of Speen Property Trust Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Speen Property Trust Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Speen Property Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Speen Property Trust Limited. You consider that Speen Property Trust Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Speen Property Trust Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Richardson Swift
Chartered Accountants
11 Laura Place
Bath
BA2 4BL


2 December 2024

SPEEN PROPERTY TRUST LIMITED (REGISTERED NUMBER: 00422429)

Balance Sheet
25 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 8,107,101 8,107,101

CURRENT ASSETS
Debtors 5 1,148,979 1,119,743
Cash at bank 679,974 327,153
1,828,953 1,446,896
CREDITORS
Amounts falling due within one year 6 329,735 249,341
NET CURRENT ASSETS 1,499,218 1,197,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,606,319

9,304,656

PROVISIONS FOR LIABILITIES 7 1,109,801 1,109,801
NET ASSETS 8,496,518 8,194,855

CAPITAL AND RESERVES
Called up share capital 8 9,500 9,500
Retained earnings 8,487,018 8,185,355
SHAREHOLDERS' FUNDS 8,496,518 8,194,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 25 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 25 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.

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 2 December 2024 and were signed on its behalf by:




The Hon S J Plummer - Director


SPEEN PROPERTY TRUST LIMITED (REGISTERED NUMBER: 00422429)

Notes to the Financial Statements
for the year ended 25 March 2024

1. STATUTORY INFORMATION

Speen Property Trust 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.

Turnover
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 balance sheet date.


SPEEN PROPERTY TRUST LIMITED (REGISTERED NUMBER: 00422429)

Notes to the Financial Statements - continued
for the year ended 25 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 26 March 2023
and 25 March 2024 8,107,101
NET BOOK VALUE
At 25 March 2024 8,107,101
At 25 March 2023 8,107,101

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 103,669 102,858
Other debtors 1,045,310 1,016,885
1,148,979 1,119,743

SPEEN PROPERTY TRUST LIMITED (REGISTERED NUMBER: 00422429)

Notes to the Financial Statements - continued
for the year ended 25 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,664 8,524
Taxation and social security 129,831 43,263
Other creditors 197,240 197,554
329,735 249,341

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,109,801 1,109,801

Deferred
tax
£   
Balance at 26 March 2023 1,109,801
Balance at 25 March 2024 1,109,801

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
9,500 Ordinary £1 9,500 9,500

9. RETAINED EARNINGS

In the accounts for the year to 25 March 2023 there was an other reserves balance within equity of £355,752. Following a review, the directors have decided this balance should be included within retained earnings. Retained earnings as at 25 March 2023 has therefore increased from £7,829,603 to £8,185,355 and will not be entirely comparable to the previous accounts submission.