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REGISTERED NUMBER: 03764140 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 September 2024

for

SPENCER CONTRACTS LIMITED

SPENCER CONTRACTS LIMITED (REGISTERED NUMBER: 03764140)

Contents of the Financial Statements
for the year ended 30 September 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SPENCER CONTRACTS LIMITED

Company Information
for the year ended 30 September 2024







Directors: Mr D R Frater
Mrs G Spencer





Secretary: Mrs G Spencer





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 03764140 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

SPENCER CONTRACTS LIMITED (REGISTERED NUMBER: 03764140)

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £    £   
Fixed assets
Tangible assets 4 38,581 57,434

Current assets
Work in progress 3,777 5,474
Debtors 5 259,819 164,311
Cash at bank and in hand 257,603 205,031
521,199 374,816
Creditors
Amounts falling due within one year 6 309,811 203,113
Net current assets 211,388 171,703
Total assets less current liabilities 249,969 229,137

Creditors
Amounts falling due after more than one
year

7

(4,956

)

(8,063

)

Provisions for liabilities 8 (4,800 ) -
Net assets 240,213 221,074

Capital and reserves
Called up share capital 9 10,010 10,010
Retained earnings 230,203 211,064
Shareholders' funds 240,213 221,074

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

SPENCER CONTRACTS LIMITED (REGISTERED NUMBER: 03764140)

Statement of Financial Position - continued
30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 6 May 2025 and were signed on its behalf by:




Mr D R Frater - Director



Mrs G Spencer - Director


SPENCER CONTRACTS LIMITED (REGISTERED NUMBER: 03764140)

Notes to the Financial Statements
for the year ended 30 September 2024


1. Statutory information

Spencer Contracts 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. 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.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover represents services and contracts invoiced, excluding value added tax.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 35% on reducing balance
Computer equipment - 25% on cost

Work in progress
Stocks are valued at lower of cost and net realisable values.

Amounts recoverable on long-term contracts are stated at cost plus attributable profits less provision for any known or anticipated losses and payments on account and are included in debtors. Payments on account in excess of amounts recoverable on long-term contracts are included in creditors.

SPENCER CONTRACTS LIMITED (REGISTERED NUMBER: 03764140)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

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 7 (2023 - 8 ) .

SPENCER CONTRACTS LIMITED (REGISTERED NUMBER: 03764140)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


4. Tangible fixed assets
Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 October 2023 91,672 1,827 93,499
Additions - 1,666 1,666
At 30 September 2024 91,672 3,493 95,165
Depreciation
At 1 October 2023 34,238 1,827 36,065
Charge for year 20,102 417 20,519
At 30 September 2024 54,340 2,244 56,584
Net book value
At 30 September 2024 37,332 1,249 38,581
At 30 September 2023 57,434 - 57,434

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 259,819 155,213
Other debtors - 9,098
259,819 164,311

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts 3,107 3,107
Trade creditors 116,443 35,091
Taxation and social security 137,739 91,301
Other creditors 52,522 73,614
309,811 203,113

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 4,956 8,063

8. Provisions for liabilities
2024 2023
£    £   
Deferred tax 4,800 -

Deferred
tax
£   
Provided during year 4,800
Balance at 30 September 2024 4,800

SPENCER CONTRACTS LIMITED (REGISTERED NUMBER: 03764140)

Notes to the Financial Statements - continued
for the year ended 30 September 2024


9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 £1 Ordinary (A) £1 10 10
10,000 £1 Ordinary (B) £1 10,000 10,000
10,010 10,010