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REGISTERED NUMBER: SC124134 (Scotland)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Spence (Insurance Services) Ltd.

Spence (Insurance Services) Ltd. (Registered number: SC124134)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Spence (Insurance Services) Ltd.

Company Information
for the Year Ended 31 August 2024







DIRECTORS: S W Spence
Mrs C B B Spence
W J Spence





REGISTERED OFFICE: Unit 2
Wester Inch Business Park
Old Well Court
Bathgate
West Lothian
EH48 2TQ





REGISTERED NUMBER: SC124134 (Scotland)





ACCOUNTANTS: Accountants Plus
Chartered Certified Accountants
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

Spence (Insurance Services) Ltd. (Registered number: SC124134)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 4,000
Tangible assets 5 25,926 43,793
Investment property 6 1,204,000 1,204,000
1,233,926 1,251,793

CURRENT ASSETS
Debtors 7 884,070 907,178
Cash at bank 1,048,023 683,051
1,932,093 1,590,229
CREDITORS
Amounts falling due within one year 8 334,338 233,658
NET CURRENT ASSETS 1,597,755 1,356,571
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,831,681

2,608,364

PROVISIONS FOR LIABILITIES 12,832 11,023
NET ASSETS 2,818,849 2,597,341

CAPITAL AND RESERVES
Called up share capital 6,900 6,900
Revaluation reserve 9 203,712 203,712
Retained earnings 2,608,237 2,386,729
SHAREHOLDERS' FUNDS 2,818,849 2,597,341

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

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

Spence (Insurance Services) Ltd. (Registered number: SC124134)

Balance Sheet - continued
31 August 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 14 November 2024 and were signed on its behalf by:





W J Spence - Director


Spence (Insurance Services) Ltd. (Registered number: SC124134)

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

1. STATUTORY INFORMATION

Spence (Insurance Services) Ltd. is a private company, limited by shares , registered in Scotland. 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 the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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 - 25% on reducing balance and 20% on cost

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.

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price, less any impairment. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and bank balances
Cash and bank balances are measured at the transaction price.


Spence (Insurance Services) Ltd. (Registered number: SC124134)

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

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 13 ).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023
and 31 August 2024 4,000
NET BOOK VALUE
At 31 August 2024 4,000
At 31 August 2023 4,000

Spence (Insurance Services) Ltd. (Registered number: SC124134)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 110,483
Additions 1,816
At 31 August 2024 112,299
DEPRECIATION
At 1 September 2023 66,690
Charge for year 19,683
At 31 August 2024 86,373
NET BOOK VALUE
At 31 August 2024 25,926
At 31 August 2023 43,793

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 1,204,000
NET BOOK VALUE
At 31 August 2024 1,204,000
At 31 August 2023 1,204,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Amounts owed by group undertakings 884,070 907,178

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors - 288
Tax 122,545 86,896
Social security and other taxes 8,195 9,574
Directors' current accounts 198,710 97,169
Accrued expenses 4,888 39,731
334,338 233,658

Spence (Insurance Services) Ltd. (Registered number: SC124134)

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

9. RESERVES
Revaluation
reserve
£   
At 1 September 2023
and 31 August 2024 203,712

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.8.24 31.8.23
£    £   
W J Spence and Mrs C B B Spence
Balance outstanding at start of year (88,067 ) (97,523 )
Amounts advanced - 9,456
Amounts repaid (13,637 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (101,704 ) (88,067 )

S W Spence
Balance outstanding at start of year (9,103 ) (56,371 )
Amounts advanced - 47,268
Amounts repaid (87,903 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (97,006 ) (9,103 )

Loans to the company by the directors are interest free, with no particular terms of repayment.