Company registration number 01573663 (England and Wales)
SPENBECK LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
SPENBECK LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SPENBECK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of property rental and development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R M Stevenson
J M Stevenson
R M Valentine
V A Green
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
R M Valentine
V A Green
Director
Director
19 February 2025
SPENBECK LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,285
5,715
Investment property
5
880,001
765,585
884,286
771,300
Current assets
Stocks
1,388,927
1,388,927
Debtors
6
969,993
1,021,782
Cash at bank and in hand
473,663
536,993
2,832,583
2,947,702
Creditors: amounts falling due within one year
7
(532,162)
(532,353)
Net current assets
2,300,421
2,415,349
Total assets less current liabilities
3,184,707
3,186,649
Creditors: amounts falling due after more than one year
8
(200,897)
(309,815)
Provisions for liabilities
(1,071)
(1,086)
Net assets
2,982,739
2,875,748
Capital and reserves
Called up share capital
404,664
404,664
Revaluation reserve
43,469
43,469
Profit and loss reserves
2,534,606
2,427,615
Total equity
2,982,739
2,875,748
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPENBECK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 February 2025 and are signed on its behalf by:
R M Valentine
V A Green
Director
Director
Company registration number 01573663 (England and Wales)
SPENBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Spenbeck Limited is a private company limited by shares incorporated in England and Wales. The registered office is 111The Dryden Enterprise Centre, Nottingham Trent University, Dryden Street, Nottingham, NG1 4BU. The company registration number is 01573663.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover is derived rent received and from the sale of properties, on completion of the sale.
Other operating income is derived from rent which is recognised in the profit and loss account in line with the period it was earned. Any rent received in advance or arrears are held in the balance sheet accordingly.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SPENBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction.Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SPENBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
15,421
45,446
60,867
Depreciation and impairment
At 1 June 2023
14,751
40,401
55,152
Depreciation charged in the year
168
1,262
1,430
At 31 May 2024
14,919
41,663
56,582
Carrying amount
At 31 May 2024
502
3,783
4,285
At 31 May 2023
670
5,045
5,715
5
Investment property
2024
£
Fair value
At 1 June 2023
765,585
Revaluations
114,416
At 31 May 2024
880,001
The valuations were made by the directors, on an open market value basis for existing use basis.
SPENBECK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,574
50,398
Other debtors
958,419
971,384
969,993
1,021,782
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
27,005
20,092
Trade creditors
32,975
32,142
Corporation tax
17,376
67,318
Other taxation and social security
12,658
10,950
Other creditors
442,148
401,851
532,162
532,353
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
200,897
309,815
9
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.
10
Ultimate controlling party
The controlling party is Luteus Limited.