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REGISTERED NUMBER: 01467107 (England and Wales)















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: Mrs A H Trevellyan
Mr L J P Trevellyan
Mr L D Trevellyan



SECRETARY: Mr L J P Trevellyan



REGISTERED OFFICE: Estate Management Office
Greenhills Estate
Tilford Road, Tilford
Farnham
Surrey
GU10 2DZ



REGISTERED NUMBER: 01467107 (England and Wales)



AUDITORS: Cooper Dawn Jerrom Limited
Statutory Auditors and Chartered Accountants
Units SCF 1 & 2
Western International Market
Hayes Road
Southall
Middlesex
UB2 5XJ



BANKERS: Natwest plc
Moorgate Branch
PO Box 712
94 Moorgate
London
EC2M 6XT



SOLICITORS: Wellers Law Group LLP
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 82,119 93,829
Investments 7 100 100
Investment property 8 87,159,653 90,443,036
87,241,872 90,536,965

CURRENT ASSETS
Debtors 9 1,508,852 1,049,116
Cash at bank 87,685 426,416
1,596,537 1,475,532
CREDITORS
Amounts falling due within one year 10 26,442,226 32,465,418
NET CURRENT LIABILITIES (24,845,689 ) (30,989,886 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

62,396,183

59,547,079

PROVISIONS FOR LIABILITIES 9,249,721 7,106,542
NET ASSETS 53,146,462 52,440,537

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 31,797,227 37,157,742
Retained earnings 21,349,135 15,282,695
SHAREHOLDERS' FUNDS 53,146,462 52,440,537

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 28 April 2025 and were signed on its behalf by:





Mr L J P Trevellyan - Director


Spincrest Limited (Registered number: 01467107)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Spincrest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and Straight line over 25 years

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 13 (2023 - 12 ) .

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 241,471
DEPRECIATION
At 1 August 2023 147,642
Charge for year 11,710
At 31 July 2024 159,352
NET BOOK VALUE
At 31 July 2024 82,119
At 31 July 2023 93,829

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 100
NET BOOK VALUE
At 31 July 2024 100
At 31 July 2023 100

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2023 90,443,036
Additions 692,438
Disposals (6,442,255 )
Revaluations 2,466,434
At 31 July 2024 87,159,653
NET BOOK VALUE
At 31 July 2024 87,159,653
At 31 July 2023 90,443,036

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 563,667 165,501
Amounts owed by group undertakings 213,975 213,975
Other debtors 731,210 669,640
1,508,852 1,049,116

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Amounts owed to group undertakings 23,668,634 31,157,142
Taxation and social security 1,016,463 151,678
Other creditors 1,757,129 1,156,598
26,442,226 32,465,418

11. RESERVES
Fair
value
reserve
£   
At 1 August 2023 37,157,742
Transfer to P&L on Realisation (5,360,515 )

At 31 July 2024 31,797,227

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Amos FCA (Senior Statutory Auditor)
for and on behalf of Cooper Dawn Jerrom Limited

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 Mr L J P Trevellyan.

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.