Spencer-Carter (Properties) Limited - Period Ending 2019-03-31

Spencer-Carter (Properties) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2019

Registration number: 00793791

Spencer-Carter (Properties) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Spencer-Carter (Properties) Limited

Balance Sheet

31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	2,000,000	2,000,000
Current assets
Debtors	5	1,947	1,380
Cash at bank and in hand		72,847	91,894
		74,794	93,274
Creditors: Amounts falling due within one year	6	(51,831)	(58,669)
Net current assets		22,963	34,605
Total assets less current liabilities		2,022,963	2,034,605
Provisions for liabilities		(244,399)	(231,536)
Net assets		1,778,564	1,803,069
Capital and reserves
Called up share capital		1,000	1,000
Revaluation reserve		1,506,716	1,506,716
Profit and loss account		270,848	295,353
Total equity		1,778,564	1,803,069

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Spencer-Carter (Properties) Limited

Balance Sheet

31 March 2019

For the financial year ending 31 March 2019 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 August 2019 and signed on its behalf by:
 

......................................... Mr M J Spencer Director

Company Registration Number: 00793791

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Spencer-Carter (Properties) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Tregoniggie Industrial Estate
Falmouth
Cornwall
TR11 4SN

These financial statements were authorised for issue by the Board on 5 August 2019.

2	Accounting policies

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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 corporation 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.

Page 3

Spencer-Carter (Properties) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	25% on cost

Page 4

Spencer-Carter (Properties) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Page 5

Spencer-Carter (Properties) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

4	Tangible assets

	Land and buildings £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2018	2,000,000	2,650	2,002,650
At 31 March 2019	2,000,000	2,650	2,002,650
Depreciation
At 1 April 2018	-	2,650	2,650
At 31 March 2019	-	2,650	2,650
Carrying amount
At 31 March 2019	2,000,000	-	2,000,000
At 31 March 2018	2,000,000	-	2,000,000

Included within the net book value of land and buildings above is £2,000,000 (2018 - £2,000,000) in respect of freehold land and buildings. The land and property were valued by the directors at 31 March 2018.
 

5

Debtors

	2019  £	2018  £
Trade debtors	1,947	1,380
	1,947	1,380

Page 6

Spencer-Carter (Properties) Limited

Notes to the Financial Statements

Year Ended 31 March 2019

6

Creditors

Creditors: amounts falling due within one year

	2019  £	2018  £
Due within one year
Trade creditors	2,731	4,140
Corporation tax	23,541	24,805
Social security and other taxes	2,531	6,355
Other creditors	21,478	21,819
Accrued expenses	1,550	1,550
	51,831	58,669

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

Page 7