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Registration number: 09275500

SPRS Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

SPRS Properties Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

SPRS Properties Limited

Company Information
__________________________________________________________________________

Directors

R Hoyland

S Ellenbogen

P R Hoyland

S J Ellenbogen

Registered office

28 Ashley Lane
Hendon
London
NW4 1HG


 

Accountants

Brooks Green
Chartered AccountantsAbbey House
342 Regents Park Road
London
N3 2LJ

 

SPRS Properties Limited

(Registration number: 09275500)
Balance Sheet as at 31 October 2024
__________________________________________________________________________

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

917,545

 

918,052

Current assets

   

 

Debtors

5

330

 

-

 

Cash at bank and in hand

 

22,326

 

39,535

 

 

22,656

 

39,535

 

Creditors: Amounts falling due within one year

6

(496,427)

 

(559,903)

 

Net current liabilities

   

(473,771)

 

(520,368)

Net assets

   

443,774

 

397,684

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Retained earnings

443,674

 

397,584

 

Shareholders' funds

   

443,774

 

397,684

For the financial year ending 31 October 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 and 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 19 February 2025 and signed on its behalf by:
 


R Hoyland

Director

 

SPRS Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and 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.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

SPRS Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
__________________________________________________________________________

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

0% per annum

Furniture and fittings

25% pa on written down basis

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.

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

3

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

507

678

 

SPRS Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
__________________________________________________________________________

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

916,022

17,251

933,273

At 31 October 2024

916,022

17,251

933,273

Depreciation

At 1 November 2023

-

15,221

15,221

Charge for the year

-

507

507

At 31 October 2024

-

15,728

15,728

Carrying amount

At 31 October 2024

916,022

1,523

917,545

At 31 October 2023

916,022

2,030

918,052

Included within the net book value of land and buildings above is £916,022 (2023 - £916,022) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Other debtors

330

-

 

330

-

 

SPRS Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

34

7

Taxation and social security

11,699

15,204

Accruals and deferred income

1,224

1,224

Other creditors

483,470

543,468

496,427

559,903

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100