Spence Willard Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07898889 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SPENCE WILLARD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

C Spence

D Willard

S Branston

J Siviter

L Homes

E Bradley

REGISTERED OFFICE:

East Quay

Kite Hill

Wootton Bridge

Isle of Wight

PO33 4LA

REGISTERED NUMBER:

07898889 (England and Wales)

ACCOUNTANTS:

Harrison Black Limited

East Quay

Kite Hill

Wootton Bridge

Isle of Wight

PO33 4LA

BANKERS:

Lloyds Bank Plc

22 St Thomas' Square

Newport

Isle of Wight

PO30 1SQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

35,553

46,310

35,553

46,310

CURRENT ASSETS

Debtors

6

128,450

212,422

Cash at bank and in hand

218,293

951,399

346,743

1,163,821

CREDITORS

Amounts falling due within one year

7

260,685

369,053

NET CURRENT ASSETS

86,058

794,768

TOTAL ASSETS LESS CURRENT LIABILITIES

121,611

841,078

PROVISIONS FOR LIABILITIES

8,511

8,421

NET ASSETS

113,100

832,657

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

12,841

12,841

Retained earnings

100,159

819,716

SHAREHOLDERS' FUNDS

113,100

832,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:

C Spence - Director

1.	STATUTORY INFORMATION

Spence Willard Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Turnover from transaction based activity is recognised when contracts become unconditional, generally on exchange of contracts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of four years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

25% on cost

Tangible fixed assets are stated at cost or valuation less any accumulated depreciation and any accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Rental payments under operating leases are charged to the income statement on a straight line basis over the term of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employment benefits

Short term benefits, including holiday pay, are recognised in the period in which the service is received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

96,000

AMORTISATION

At 1 April 2022

and 31 March 2023

96,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Office

fittings

equipment

Totals

£

£

£

COST

At 1 April 2022

64,513

36,292

100,805

Additions

-

1,475

1,475

At 31 March 2023

64,513

37,767

102,280

DEPRECIATION

At 1 April 2022

36,326

18,169

54,495

Charge for year

4,228

8,004

12,232

At 31 March 2023

40,554

26,173

66,727

NET BOOK VALUE

At 31 March 2023

23,959

11,594

35,553

At 31 March 2022

28,187

18,123

46,310

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

116,943

197,091

Amounts owed by participating interests

1,876

1,876

Other debtors

9,631

13,455

128,450

212,422

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

17,847

49,724

Amounts owed to group undertakings

41,138

-

Amounts owed to participating interests

-

54,544

Taxation and social security

186,075

247,251

Other creditors

15,625

17,534

260,685

369,053

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

45,704

39,704

Between one and five years

97,242

120,738

In more than five years

30,000

48,000

172,946

208,442

9.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Spence Willard & Partners Ltd, a company registered in England and Wales.

There is no ultimate controlling party.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spence Willard Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Spence Willard Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Spence Willard Limited and state those matters that we have agreed to state to the Board of Directors of Spence Willard Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spence Willard Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Spence Willard Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spence Willard Limited. You consider that Spence Willard Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Spence Willard Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Harrison Black Limited

East Quay

Kite Hill

Wootton Bridge

Isle of Wight

PO33 4LA

19 October 2023