Company registration number 07518235 (England and Wales)
SPRUCELY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
SPRUCELY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
SPRUCELY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
903,606
843,017
Current assets
Debtors
4
288,951
205,793
Cash at bank and in hand
97,473
221,513
386,424
427,306
Creditors: amounts falling due within one year
5
(307,786)
(399,475)
Net current assets
78,638
27,831
Total assets less current liabilities
982,244
870,848
Creditors: amounts falling due after more than one year
6
(227,475)
(214,561)
Provisions for liabilities
(176,702)
(157,841)
Net assets
578,067
498,446
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
578,066
498,445
Total equity
578,067
498,446
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPRUCELY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 July 2025
Mr M S Harris
Director
Company registration number 07518235 (England and Wales)
SPRUCELY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information
Sprucely Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sprucely Farm, Sedgefield, Stockton on Tees, Cleveland, TS21 2BD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% reducing balance
Equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
SPRUCELY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Hire purchase and finance leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under hire purchase and finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
SPRUCELY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
7
6
3
Tangible fixed assets
Freehold land and buildings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2024
292,534
104,833
999,407
1,396,774
Additions
22,326
263,750
286,076
Disposals
(632)
(632)
At 28 February 2025
292,534
126,527
1,263,157
1,682,218
Depreciation and impairment
At 1 March 2024
73,767
32,249
447,741
553,757
Depreciation charged in the year
21,876
22,216
181,199
225,291
Eliminated in respect of disposals
(436)
(436)
At 28 February 2025
95,643
54,029
628,940
778,612
Carrying amount
At 28 February 2025
196,891
72,498
634,217
903,606
At 29 February 2024
218,767
72,584
551,666
843,017
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
136,397
76,780
Other debtors
138,087
119,465
Prepayments and accrued income
14,467
9,548
288,951
205,793
SPRUCELY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under hire purchase and finance leases
173,204
133,674
Trade creditors
45,129
19,339
Corporation tax
8,041
4,211
Other taxation and social security
37,766
42,683
Other creditors
41,346
47,599
Accruals and deferred income
2,300
151,969
307,786
399,475
Obligations under hire purchase and finance leases are secured on the respective asset.
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Obligations under hire purchase and finance leases
227,475
214,561
Obligations under hire purchase and finance leases are secured on the respective asset.