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Registration number: 05852823

Spectrum House Ltd


Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Spectrum House Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Spectrum House Ltd

Company Information

Directors

P. A. Clifton

K. A. Nicholson

Registered office

5 Laura Davies Close
Melton Mowbray
Leicestershire
LE13 1EG

Accountants

Robert Whowell & Partners LLP
Chartered AccountantsWestwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Spectrum House Ltd

(Registration number: 05852823)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,508

17,095

Investment property

5

1,100,000

850,000

 

1,111,508

867,095

Current assets

 

Debtors

6

10,059

9,934

Cash at bank and in hand

 

8,157

3,754

 

18,216

13,688

Creditors: Amounts falling due within one year

7

(294,762)

(261,457)

Net current liabilities

 

(276,546)

(247,769)

Total assets less current liabilities

 

834,962

619,326

Creditors: Amounts falling due after more than one year

7

(230,575)

(252,601)

Provisions for liabilities

(62,500)

-

Net assets

 

541,887

366,725

Capital and reserves

 

Called up share capital

8

200,000

200,000

Non-distributable reserve

187,500

-

Retained earnings

154,387

166,725

Shareholders' funds

 

541,887

366,725

 

Spectrum House Ltd

(Registration number: 05852823)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 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 8 May 2025 and signed on its behalf by:
 

.........................................
P. A. Clifton
Director

 

Spectrum House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

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

The address of its registered office is:
5 Laura Davies Close
Melton Mowbray
Leicestershire
LE13 1EG

These financial statements were authorised for issue by the Board on 8 May 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for rents. Turnover is shown net of value added tax.

 

Spectrum House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% straight line

Motor vehicles

25% reducing balance

Plant and machinery

15% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. 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 the profit and loss account.

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.

 

Spectrum House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade debtors

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 debtor.

Creditors

Creditors 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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Spectrum House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
  £

Total
£

Cost or valuation

At 1 November 2023

-

25,564

167

25,731

Additions

975

-

-

975

At 31 October 2024

975

25,564

167

26,706

Depreciation

At 1 November 2023

-

8,521

115

8,636

Charge for the year

146

6,391

25

6,562

At 31 October 2024

146

14,912

140

15,198

Carrying amount

At 31 October 2024

829

10,652

27

11,508

At 31 October 2023

-

17,043

52

17,095

 

Spectrum House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Investment properties

2024
£

At 1 November 2023

850,000

Fair value adjustments

250,000

At 31 October 2024

1,100,000


The property revaluations are deemed to be a fair representation of their open market value with vacant possession.

6

Debtors

Current

2024
£

2023
£

Trade debtors

420

156

Other debtors

9,639

9,778

 

10,059

9,934

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

21,926

21,826

Trade creditors

 

7,784

10,256

Accruals and deferred income

 

23,677

3,000

Other creditors

 

241,375

226,375

 

294,762

261,457


Creditors include bank loans and net obligations under hire purchase contracts which are secured of £18,176 (2023 - £18,076).

 

Spectrum House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

230,575

252,601


Creditors include bank loans and net obligations under hire purchase contracts which are secured of £226,824 (2023 - £245,101).


Creditors include bank loans repayable by instalments of £140,162 (2023 - £173,494) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

200,000

200,000

200,000

200,000

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Transfer of revaluation of investment property

187,500

(187,500)

 

Spectrum House Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

218,995

236,928

Hire purchase contracts

11,580

15,673

230,575

252,601

Current loans and borrowings

2024
£

2023
£

Bank borrowings

17,833

17,733

Hire purchase contracts

4,093

4,093

21,926

21,826