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Registration number: 00770401

Spurdown Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Spurdown Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Spurdown Limited

Company Information

Directors

Ms Helen Jane Elizabeth Anson

Mrs Victoria Ellen Amelia Parker

Mr Simon Richard Neil Parker

Company secretary

Danielle Leigh Cresswell

Registered office

The Old Bank The Plain
Goudhurst
Cranbrook
Kent
TN17 1AD

Accountants

Charter Tax Consulting Limited 8th Floor
1 Southampton Street
London
WC2R 0LR

 

Spurdown Limited

(Registration number: 00770401)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

38,866

48,300

Investment property

5

1,330,000

1,100,000

 

1,368,866

1,148,300

Current assets

 

Stocks

6

20,212,756

22,183,344

Debtors

7

94,364

66,998

Cash at bank and in hand

 

6,692,306

4,915,386

 

26,999,426

27,165,728

Creditors: Amounts falling due within one year

8

(1,038,934)

(1,094,694)

Net current assets

 

25,960,492

26,071,034

Total assets less current liabilities

 

27,329,358

27,219,334

Creditors: Amounts falling due after more than one year

8

-

(182,116)

Net assets

 

27,329,358

27,037,218

Capital and reserves

 

Called up share capital

9

119,450

119,450

Retained earnings

27,209,908

26,917,768

Shareholders' funds

 

27,329,358

27,037,218

 

Spurdown Limited

(Registration number: 00770401)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 27 March 2025 and signed on its behalf by:
 

Mrs Victoria Ellen Amelia Parker
Director

   
     
 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
The Old Bank The Plain
Goudhurst
Cranbrook
Kent
TN17 1AD
England

These financial statements were authorised for issue by the Board on 27 March 2025.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property and rental income in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Adjustments are made for both deferred and accrued income at the year-end.

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.

 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises 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.

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

Interest in Freehold

Non depreciating

Fixtures, fittings & equipment

Between 20% and 25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 property sales or rental income 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.

 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of property and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

550

38,429

74,874

113,853

Additions

-

1,915

-

1,915

At 30 September 2024

550

40,344

74,874

115,768

Depreciation

At 1 October 2023

-

22,266

43,287

65,553

Charge for the year

-

3,452

7,897

11,349

At 30 September 2024

-

25,718

51,184

76,902

Carrying amount

At 30 September 2024

550

14,626

23,690

38,866

At 30 September 2023

550

16,163

31,587

48,300

Included within the net book value of land and buildings above is £550 (2023 - £550) in respect of freehold land and buildings.
 

 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Investment properties

2024
£

At 1 October

1,100,000

Additions

230,000

At 30 September

1,330,000

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Work in progress

20,212,756

22,183,344

7

Debtors

Current

2024
£

2023
£

Trade debtors

44,290

37,201

Prepayments

34,520

25,397

Other debtors

15,554

4,400

 

94,364

66,998

 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

205,940

330,094

Trade creditors

 

51,282

51,902

Taxation and social security

 

279,264

1,837

Accruals and deferred income

 

230,034

463,544

Other creditors

 

272,414

247,317

 

1,038,934

1,094,694

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

182,116


The bank loan provided by Santander UK (Formerly Abbey National Plc) is secured by fixed charges over certain freehold land and buildings owned by the company, included within stock and work in progress.

 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

30,415

30,415

30,415

30,415

Ordinary B Shares of £1 each

89,035

89,035

89,035

89,035

119,450

119,450

119,450

119,450

The holders of A and B shares have the right to attend or vote at any general meeting and the right to vote on a written resolution of the Company. The holders of A and B shares have the right to receive a dividend at the discretion of the Board.

On liquidation or capital reduction, the net assets of the Company shall be allocated on a pro rata basis between both A and B Shares up to the Hurdle Amount of £32,323,000, as disclosed in the Articles of Association. Any surplus amount above the Hurdle Amount shall be distributed on a pro rata basis to each holder of B Shares.

 

Spurdown Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

182,116

Current loans and borrowings

2024
£

2023
£

Bank borrowings

205,285

325,435

Credit card

655

4,659

205,940

330,094

11

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 6.64 (2023 - 1.64) per each B Share

591,193

146,017