REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
Spincrest Limited |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
Spincrest Limited |
Spincrest Limited (Registered number: 01467107) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Spincrest Limited |
COMPANY INFORMATION |
for the Year Ended 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors and Chartered Accountants |
Units SCF 1 & 2 |
Western International Market |
Hayes Road |
Southall |
Middlesex |
UB2 5XJ |
BANKERS: |
Moorgate Branch |
PO Box 712 |
94 Moorgate |
London |
EC2M 6XT |
SOLICITORS: |
6 Bishopsmead Parade |
East Horsley |
Surrey |
KT24 6SR |
Spincrest Limited (Registered number: 01467107) |
STATEMENT OF FINANCIAL POSITION |
31 July 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Spincrest Limited (Registered number: 01467107) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 July 2024 |
1. | STATUTORY INFORMATION |
Spincrest Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Spincrest Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Trevellyan Developments Limited, . |
Turnover |
Turnover represents the value of rents received net of VAT. Turnover is recognised when rent, service charges and residential lease extension income have been invoiced to the lessee. Where payments are received from lessees in advance, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Fixtures and fittings includes solar panels which have been treated as long life fixtures and fittings assets which are being depreciated over 25 years (equivalent to 4% straight line). |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties are valued at their fair value at the balance sheet date and any changes in their fair value between the previous year end or acquisition, as applicable are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | AUDITORS' REMUNERATION |
31.7.24 | 31.7.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
9,030 |
9,600 |
Total audit fees | 9,030 | 9,600 |
Spincrest Limited (Registered number: 01467107) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 2,466,434 |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
During the 12-month period to 31 July 2024, Spincrest Ltd has continued to improve and redevelop new properties. The basis of valuation at 31 July 2024 has been to adopt professional valuations carried out for the entire portfolio by a combination of Knight Frank LLP (March 2022), Savills PLC (March 2022), Vail Williams LLP (April 2022), South East Leasehold Ltd (May 2022) and Stiles Harold Williams Partnership LLP (March 2022). The directors have adopted these professional red book valuations as they consider them to be indicative of valuations at 31 July 2024. |
Spincrest Limited (Registered number: 01467107) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 July 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.24 | 31.7.23 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 August 2023 |
Transfer to P&L on Realisation | (5,360,515 | ) |
At 31 July 2024 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During a previous period an option to purchase standing timber surrounding the Greenhills Estate was acquired from LJP Trevellyan for £550,000 (2023: £550,000).The option has not been exercised to date and the payment represents a returnable deposit against the forward sale. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Trevellyan Developments Limited. |
The ultimate controlling party is |
15. | CASH AT BANK IN TRUST FOR LESSEES |
The company holds £18,449 (2023: £33,060) as trustees for tenants for the investment properties, being for the management and maintenance of the properties. |
16. | UNUSED COMMITED BANK FACILITIES |
As at 31st July 2024 the company had access to the group's unused bank facilities amounting to £9,590,000 under a facility which is cross guaranteed between the holding company and fellow subsidiaries. In addition, group cash balances at 31st July 2024 were £1,660,357 making total funds available of £11,250,357. |