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Registration number: 07565948

Spencers Agents Limited

Director's Report and Unaudited Financial Statements

for the Year Ended 31 March 2025

 

Spencers Agents Limited

(Registration number: 07565948)

Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

3

-

-

Tangible assets

4

11,788

16,963

 

11,788

16,963

Current assets

 

Debtors

5

73,475

692,062

Cash at bank and in hand

 

248,280

417,209

 

321,755

1,109,271

Creditors: Amounts falling due within one year

6

(298,463)

(177,033)

Net current assets

 

23,292

932,238

Total assets less current liabilities

 

35,080

949,201

Provisions for liabilities

(2,947)

(4,241)

Net assets

 

32,133

944,960

Capital and reserves

 

Called up share capital

3

3

Retained earnings

32,130

944,957

Shareholders' funds

 

32,133

944,960

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:

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 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.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 22 July 2025
 

.........................................

N J Spencer

Director

 

Spencers Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

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)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Improvements to leasehold property

20% straight line

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2024 - 13).

 

Spencers Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

3

Intangible assets

Goodwill
 £

Cost

At 1 April 2024

25,000

At 31 March 2025

25,000

Amortisation

At 1 April 2024

25,000

At 31 March 2025

25,000

Carrying amount

At 31 March 2024 and 31 March 2025

-

4

Tangible assets

Improvements to leasehold property
£

Office equipment
£

Total
£

Cost

At 1 April 2024

22,489

108,066

130,555

Disposals

(22,489)

(88,121)

(110,610)

At 31 March 2025

-

19,945

19,945

Depreciation

At 1 April 2024

22,489

91,103

113,592

Charge for the year

-

5,175

5,175

Eliminated on disposal

(22,489)

(88,121)

(110,610)

At 31 March 2025

-

8,157

8,157

Carrying amount

At 31 March 2025

-

11,788

11,788

At 31 March 2024

-

16,963

16,963

 

Spencers Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

5

Debtors

2025
£

2024
£

Trade debtors

39,058

55,243

Amounts owed by related parties

-

502,500

Prepayments

34,417

37,219

Other debtors

-

97,100

 

73,475

692,062

6

Creditors

2025
£

2024
£

Due within one year

Trade creditors

30,381

33,542

Taxation and social security

118,378

114,764

Accruals and deferred income

7,627

5,700

Other creditors

142,077

23,027

298,463

177,033

7

Obligations under lease commitments

Operating leases

At the balance sheet date the total amount of non cancellable operating lease commitments was £221,330 (2024 - £266,331).

8

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)

9

Parent and ultimate parent undertaking

The company's immediate parent is Spencer Property Ltd, incorporated in England.