| Spencer (Isle of Wight) Limited |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Spencer (Isle of Wight) Limited for the year ended 31 January 2020 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spencer (Isle of Wight) Limited for the year ended 31 January 2020 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance |
| Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF. |
|
| Cochrane & Co Accountants Limited |
| Chartered Accountants |
| 38 Kings Road |
| Lee-on-the-Solent |
| Hampshire |
| PO13 9NU |
|
| 22 December 2020 |
|
| Spencer (Isle of Wight) Limited |
| Registered number: |
02869457 |
| Balance Sheet |
| as at 31 January 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
370,000 |
|
|
350,000 |
|
| Current assets |
| Debtors |
4 |
|
1,333 |
|
|
1,333 |
| Cash at bank and in hand |
|
|
11,641 |
|
|
12,799 |
|
|
|
12,974 |
|
|
14,132 |
|
| Creditors: amounts falling due within one year |
5 |
|
(6,214) |
|
|
(3,929) |
|
| Net current assets |
|
|
|
6,760 |
|
|
10,203 |
|
| Total assets less current liabilities |
|
|
|
376,760 |
|
|
360,203 |
|
|
| Provisions for liabilities |
|
|
|
(43,432) |
|
|
(39,186) |
|
|
| Net assets |
|
|
|
333,328 |
|
|
321,017 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
25,000 |
|
|
25,000 |
| Revaluation reserve |
6 |
|
|
178,480 |
|
|
182,726 |
| Profit and loss account |
|
|
|
129,848 |
|
|
113,291 |
|
| Shareholders' funds |
|
|
|
333,328 |
|
|
321,017 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| R R Spencer |
| Director |
| Approved by the board on 27 October 2020 |
|
| Spencer (Isle of Wight) Limited |
| Notes to the Accounts |
| for the year ended 31 January 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Other operating income |
|
Other operating income represents rents received. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
|
|
Investment properties |
|
The investment property is included at each reporting date at it's fair value with changes in fair value being reflected in the profit and loss account. The property is valued by the company's directors.
The property was valued by the directors at 31.1.20 at £370,000. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 1 February 2019 |
350,000 |
|
Surplus on revaluation |
20,000 |
|
At 31 January 2020 |
370,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 January 2020 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 January 2020 |
370,000 |
|
At 31 January 2019 |
350,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2020 |
|
2019 |
| £ |
£ |
|
Historical cost |
128,088 |
|
128,088 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
128,088 |
|
128,088 |
|
The investment properties are valued annually by the directors. The basis of valuation is outlined in the accounting policies. |
|
|
| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Other debtors |
1,333 |
|
1,333 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Corporation tax |
2,598 |
|
2,765 |
|
Other creditors |
3,616 |
|
1,164 |
|
|
|
|
|
|
6,214 |
|
3,929 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Revaluation reserve |
2020 |
|
2019 |
| £ |
£ |
|
|
At 1 February 2019 |
182,726 |
|
182,726 |
|
Deferred taxation movement |
(4,246) |
|
- |
|
|
At 31 January 2020 |
178,480 |
|
182,726 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Events after the reporting date |
|
|
The property was sold further to the year end. |
|
|
| 8 |
Controlling party |
|
|
The company was under the control of RR Spencer throughout the year. |
|
|
| 9 |
Other information |
|
|
Spencer (Isle of Wight) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
20 Worsley Road |
|
Gunard |
|
Cowes |
|
Isle of Wight |
|
PO13 8JN |
