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SPIRITLAND LIMITED

Registered Number
09207099
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2024

SPIRITLAND LIMITED
Company Information
for the period from 29 December 2023 to 31 December 2024

Directors

LAKE, Dominic John
NOBLE, Paul Theo

Registered Address

1 Brandon Road
London
N7 9AA

Registered Number

09207099 (England and Wales)
SPIRITLAND LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets3357821
Tangible assets4186,224280,299
Investments(6,968)(60,913)
179,613220,207
Current assets
Stocks12,29737,456
Debtors92,353152,852
Cash at bank and on hand34,683146,181
139,333336,489
Creditors amounts falling due within one year(845,108)(1,039,125)
Net current assets (liabilities)(705,775)(702,636)
Total assets less current liabilities(526,162)(482,429)
Creditors amounts falling due after one year(676,776)(668,533)
Net assets(1,202,938)(1,150,962)
Capital and reserves
Called up share capital1,0001,000
Share premium699,001699,001
Profit and loss account(1,902,939)(1,850,963)
Shareholders' funds(1,202,938)(1,150,962)
The financial statements were approved and authorised for issue by the Board of Directors on 27 August 2025, and are signed on its behalf by:
NOBLE, Paul Theo
Director
Registered Company No. 09207099
SPIRITLAND LIMITED
Notes to the Financial Statements
for the period ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings50
Plant and machinery5
Fixtures and fittings5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year2020
3.Intangible assets

Total

£
Cost or valuation
At 29 December 2329,524
At 31 December 2429,524
Amortisation and impairment
At 29 December 2328,702
Charge for year465
At 31 December 2429,166
Net book value
At 31 December 24357
At 28 December 23821
4.Tangible fixed assets

Total

£
Cost or valuation
At 29 December 23850,160
Additions4,665
At 31 December 24784,371
Depreciation and impairment
At 29 December 23569,861
Charge for year98,740
At 31 December 24598,147
Net book value
At 31 December 24186,224
At 28 December 23280,299