Registration number:
Spencers Agents Limited
for the Year Ended 31 March 2025
Spencers Agents Limited
(Registration number: 07565948)
Balance Sheet as at 31 March 2025
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2025 |
2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.
.........................................
N J Spencer
Director
Spencers Agents Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
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Accounting policies |
Statutory information
Spencers Agents Limited is a private company, limited by shares, domiciled in England and Wales, company number 07565948. The registered office is at 469 Ecclesall Road, Sheffield, S11 8PP.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Revenue recognition
Turnover represents amounts receivable for estate agency and residential lettings net of VAT. Revenue is recognised in line with rental contract periods for lettings and upon legal completion for services relating to sales.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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:
Spencers Agents Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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1 |
Accounting policies (continued) |
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Asset class |
Depreciation method and rate |
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Improvements to leasehold property |
20% straight line |
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Office equipment |
20% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Spencers Agents Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Intangible assets |
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Goodwill |
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Cost |
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At 1 April 2024 |
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At 31 March 2025 |
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Amortisation |
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At 1 April 2024 |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2024 and 31 March 2025 |
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Tangible assets |
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Improvements to leasehold property |
Office equipment |
Total |
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Cost |
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At 1 April 2024 |
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Disposals |
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( |
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At 31 March 2025 |
- |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
- |
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Eliminated on disposal |
( |
( |
( |
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At 31 March 2025 |
- |
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Carrying amount |
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At 31 March 2025 |
- |
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At 31 March 2024 |
- |
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Spencers Agents Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Debtors |
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2025 |
2024 |
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Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
- |
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Creditors |
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2025 |
2024 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Obligations under lease commitments |
Operating leases
At the balance sheet date the total amount of non cancellable operating lease commitments was £
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Related party transactions |
During the year, the director N Spencer had an interest free loan account with the company. At the balance sheet date, the amount due from the company was £11,000 (2024: £97,100 due to the company).
Employee-Ownership Trust
On 31 July 2024 the entire share capital of the parent company was acquired by Spencers Trust Limited ("the Trust"). The Trust holds the shares for the future benefit of the group's employees. The funding for the transaction (and associated costs) was partially achieved through an initial contribution by the group. The balance of the transaction was funded by the previous owner. The loans due to the previous owner of the group are an obligation of the Trust and so the liability for future payments have not been recognised by the company.
The director is of the opinion that de-facto control does not exist and therefore has excluded the assets and liabilities of the Trust from these financial statements.
Spencers Agents Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)
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Parent and ultimate parent undertaking |
The company's immediate parent is