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REGISTERED NUMBER: 10387976 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Spargo-Thompson Ltd

Spargo-Thompson Ltd (Registered number: 10387976)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spargo-Thompson Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs T L Spargo-Thompson
P M Spargo-Thompson





REGISTERED OFFICE: Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW





REGISTERED NUMBER: 10387976 (England and Wales)





ACCOUNTANTS: J V Banks
Chartered Accountants
Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW

Spargo-Thompson Ltd (Registered number: 10387976)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,733 4,392
Investment property 5 825,000 800,000
828,733 804,392

CURRENT ASSETS
Debtors 6 21,949 21,080
Cash at bank 5,514 8,885
27,463 29,965
CREDITORS
Amounts falling due within one year 7 7,444 6,002
NET CURRENT ASSETS 20,019 23,963
TOTAL ASSETS LESS CURRENT
LIABILITIES

848,752

828,355

CREDITORS
Amounts falling due after more than one
year

8

(578,547

)

(576,507

)

PROVISIONS FOR LIABILITIES (69,838 ) (63,753 )
NET ASSETS 200,367 188,095

CAPITAL AND RESERVES
Called up share capital 100 100
Investment property reserve 206,715 187,965
Retained earnings (6,448 ) 30
SHAREHOLDERS' FUNDS 200,367 188,095

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

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

Spargo-Thompson Ltd (Registered number: 10387976)

Balance Sheet - continued
31 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 3 December 2024 and were signed on its behalf by:





P M Spargo-Thompson - Director


Spargo-Thompson Ltd (Registered number: 10387976)

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

1. STATUTORY INFORMATION

Spargo-Thompson Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

3. EMPLOYEES AND DIRECTORS

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

Spargo-Thompson Ltd (Registered number: 10387976)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 8,518
DEPRECIATION
At 1 April 2023 4,126
Charge for year 659
At 31 March 2024 4,785
NET BOOK VALUE
At 31 March 2024 3,733
At 31 March 2023 4,392

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 800,000
Revaluations 25,000
At 31 March 2024 825,000
NET BOOK VALUE
At 31 March 2024 825,000
At 31 March 2023 800,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 155,932
Valuation in 2020 (6,295 )
Valuation in 2021 70,000
Valuation in 2022 50,982
Valuation in 2023 (20,000 )
Valuation in 2024 25,000
Cost 549,381
825,000

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

31.3.24 31.3.23
£    £   
Cost 549,381 549,381

Investment property was valued on an open market basis on 31 March 2024 by the directors .

Spargo-Thompson Ltd (Registered number: 10387976)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 21,949 21,080

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Taxation and social security 549 1,334
Other creditors 6,895 4,668
7,444 6,002

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 433,547 431,507
Other creditors 145,000 145,000
578,547 576,507

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 433,547 431,507

One Savings Bank plc had a legal mortgage created on 1 February 2017 over the freehold property known as 10 Mount Ida Road, Prestatyn, Denbighshire, LL19 9EL. This contained a negative pledge. The charge was satisfied on 30 May 2024.
Charter Court Financial Services Ltd trading as Precise Mortgages has a mortgage charge created on 10 April 2019 over the freehold property known as 10 Mount Ida Road, Prestatyn, Denbighshire, LL19 9EL. This contains a negative pledge.
One Savings Bank plc had a first legal mortgage created on 4 October 2019 over the freehold property know as 130 Ffordd Idwal, Prestatyn, Denbighshire, LL19 7US. This contained a fixed charge and a negative pledge. The charge was satisfied on 30 May 2024.
Hey Habito Ltd had a charge created on 31 March 2021 over 36 Sumpter Pathway, Hoole, Chester, CH2 3JF. This charge was satisfied on 27 February 2024.
Aldermore Bank plc has a charge created on 23 February 2024 over 36 Sumpter Pathway, Chester, CH2 3JF.
Quantum Mortgages Ltd has a charge created on 2 July 2024 over 10 Mount Ida Road, Prestatyn, Denbighshire, LL19 9EL. This contains a negative pledge.

Spargo-Thompson Ltd (Registered number: 10387976)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
P M Spargo-Thompson
Balance outstanding at start of year 7,458 6,983
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,271 7,458

Mrs T L Spargo-Thompson
Balance outstanding at start of year 7,458 6,983
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,270 7,458

11. ULTIMATE CONTROLLING PARTY

The company is controlled by its director.