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Company No: 08878240 (England and Wales)

# SPICER PROPERTY ACQUISITIONS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

SPICER PROPERTY ACQUISITIONS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

SPICER PROPERTY ACQUISITIONS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 March 2025
SPICER PROPERTY ACQUISITIONS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 1,856 |  | 2,475
Investment property | 4 | 2,409,664 |  | 2,898,000
|  | 2,411,520 |  | 2,900,475
Current assets |  |  |  |
Debtors | 5 | 1,513 |  | 295
Cash at bank and in hand |  | 502,590 |  | 11,946
|  | 504,103 |  | 12,241
Creditors: amounts falling due within one year | 6 | ( 2,233,982) |  | ( 2,188,664)
Net current liabilities |  | (1,729,879) |  | (2,176,423)
Total assets less current liabilities |  | 681,641 |  | 724,052
Provision for liabilities |  | ( 94,413) |  | ( 84,817)
Net assets |  | 587,228 |  | 639,235
Capital and reserves |  |  |  |
Called-up share capital |  | 100 |  | 100
Profit and loss account |  | 587,128 |  | 639,135
Total shareholders' funds |  | 587,228 |  | 639,235

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.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Spicer Property Acquisitions Limited (registered number: 08878240) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M F J Spicer Director |  | M Spicer Director

28 November 2025

SPICER PROPERTY ACQUISITIONS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
SPICER PROPERTY ACQUISITIONS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Spicer Property Acquisitions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 94 Holt Road, North Elmham, Dereham, NR20 5JS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings | 25 % reducing balance
Office equipment | 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and overdrafts, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Tangible assets

| Fixtures and fittings |  | Office equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 April 2024 | 2,257 |  | 2,315 |  | 4,572
At 31 March 2025 | 2,257 |  | 2,315 |  | 4,572
Accumulated depreciation |  |  |  |  |
At 01 April 2024 | 1,856 |  | 241 |  | 2,097
Charge for the financial year | 100 |  | 519 |  | 619
At 31 March 2025 | 1,956 |  | 760 |  | 2,716
Net book value |  |  |  |  |
At 31 March 2025 | 301 |  | 1,555 |  | 1,856
At 31 March 2024 | 401 |  | 2,074 |  | 2,475

#### 4. Investment property

| Investment property
| £
Valuation |
As at 01 April 2024 | 2,898,000
Fair value movement | 27,664
Disposals | (516,000)
As at 31 March 2025 | 2,409,664

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

| 2025 |  | 2024
| £ |  | £
Historic cost | 1,857,629 |  | 2,247,634

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 685 |  | 0
Prepayments | 828 |  | 295
| 1,513 |  | 295

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Taxation and social security | 26,075 |  | 6,886
Other creditors | 2,207,907 |  | 2,181,778
| 2,233,982 |  | 2,188,664

#### 7. Related party transactions

At the year end the directors were owed £2,200,625 (2024 - £2,174,520) which is repayable upon demand.