ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01The principal activity of the Company is that of fund management activities. The Company is regulated by the Financial Conduct Authority.32falsetrue 13132952 2022-04-01 2023-03-31 13132952 2021-01-14 2022-03-31 13132952 2023-03-31 13132952 2022-03-31 13132952 2021-01-14 13132952 c:Director1 2022-04-01 2023-03-31 13132952 d:FurnitureFittings 2022-04-01 2023-03-31 13132952 d:FurnitureFittings 2023-03-31 13132952 d:FurnitureFittings 2022-03-31 13132952 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13132952 d:OfficeEquipment 2022-04-01 2023-03-31 13132952 d:OfficeEquipment 2023-03-31 13132952 d:OfficeEquipment 2022-03-31 13132952 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13132952 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 13132952 d:CurrentFinancialInstruments 2023-03-31 13132952 d:CurrentFinancialInstruments 2022-03-31 13132952 d:CurrentFinancialInstruments 4 2023-03-31 13132952 d:CurrentFinancialInstruments 4 2022-03-31 13132952 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13132952 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 13132952 d:ShareCapital 2022-04-01 2023-03-31 13132952 d:ShareCapital 2023-03-31 13132952 d:ShareCapital 2022-03-31 13132952 d:ShareCapital 2021-01-14 13132952 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 13132952 d:RetainedEarningsAccumulatedLosses 2023-03-31 13132952 d:RetainedEarningsAccumulatedLosses 2021-01-14 2022-03-31 13132952 d:RetainedEarningsAccumulatedLosses 2022-03-31 13132952 d:RetainedEarningsAccumulatedLosses 2021-01-14 13132952 c:OrdinaryShareClass1 2022-04-01 2023-03-31 13132952 c:OrdinaryShareClass1 2023-03-31 13132952 c:OrdinaryShareClass1 2022-03-31 13132952 c:FRS102 2022-04-01 2023-03-31 13132952 c:Audited 2022-04-01 2023-03-31 13132952 c:FullAccounts 2022-04-01 2023-03-31 13132952 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13132952 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 13132952

SPEX CAPITAL LTD

AUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2023

SPEX CAPITAL LTD

REGISTERED NUMBER: 13132952

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	5		615		915
Current assets
Debtors: amounts falling due within one year	6	76,673		58,392
Cash at bank and in hand	7	32,561		8,973
		109,234		67,365
Creditors: amounts falling due within one year	8	(32,171)		(228,974)
Net current assets/(liabilities)			77,063		(161,609)

Net assets/(liabilities)			77,678		(160,694)

Capital and reserves
Called up share capital	9	493,000	50,000
Profit and loss account	10	(415,322)	(210,694)
Shareholders' funds/(deficit)		77,678	(160,694)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr C D'Angelo

Director

Date: 18 December 2023

The notes on pages 3 to 8 form part of these financial statements.

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SPEX CAPITAL LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 14 January 2021	50,000	-	50,000
Comprehensive loss for the period
Loss for the period	-	(210,694)	(210,694)

At 1 April 2022	50,000	(210,694)	(160,694)
Comprehensive loss for the year
Loss for the year	-	(204,628)	(204,628)
Contributions by and distributions to owners
Shares issued during the year	443,000	-	443,000
At 31 March 2023	493,000	(415,322)	77,678

The notes on pages 3 to 8 form part of these financial statements.

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SPEX CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

1.	General information

Spex Capital Ltd is a private company, limited by shares and registered in England and Wales, registration number 13132952. The registered office is Albany House, Claremont lane, Esher, Surrey, KT10 9FQ, England.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date, the Company was in a net asset position and during the year was loss-making. Minimal sales arose in the financial year as the Company has focused on the fund launch for which it is the appointed asset manager. The fund was launched at the end of February 2023 and the income recorded in the accounts for the current year relates to accrued income in respect of services rendered in setting up the fund for which the Company will be reimbursed.

The Directors conclude that the going concern basis remains an appropriate basis of preparation for these financial statements. The Directors cite the fact that the fund has launched and the Company has made sales post year-end to support this conclusion. The Directors have also indicated their willingness to provide ongoing working capital support to the Company for the foreseeable future.

2.3

Compliance with accounting standards

The financial statements have been prepared using FRS102 The Financial Reporting Standard applicable in the UK and the Republic of Ireland. There were no material departures from that standard.

2.4

Presentation currency

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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SPEX CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Revenue in relation to recharged expenses is recognised as the expenditure is incurred.

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures and fittings	-	25%	Straight Line
				Office equipment	-	25%	Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

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SPEX CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

The Directors do not consider there to be critical estimates and judgements applicable to the financial statements.

Employees

The average monthly number of employees, including Directors, during the year was 3 (2022 - 2).

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SPEX CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

5.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 April 2022	767	441	1,208
At 31 March 2023	767	441	1,208
Depreciation
At 1 April 2022	191	101	292
Charge for the year on owned assets	191	110	301
At 31 March 2023	382	211	593
Net book value
At 31 March 2023	385	230	615
At 31 March 2022	575	340	915

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SPEX CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Debtors

					2023	2022
					£	£


Other debtors	1,673	55,884
Prepayments and accrued income	75,000	2,508
	76,673	58,392

7.	Cash and cash equivalents
		2023	2022
		£	£

	Cash at bank and in hand	32,561	8,973

8.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Trade creditors	24,139	9,772
Other taxation and social security	-	100
Other creditors	721	55
Accruals and deferred income	5,643	1,138
Amounts owed to Directors	1,668	217,909
	32,171	228,974

9.	Share capital
		2023	2022
		£	£

Allotted, called up and fully paid

493,000 (2022 - 50,000) Ordinary shares of £1.00 each	493,000	50,000

During the year, the Company issued 443,000 Ordinary £1 shares at par value for cash consideration.

10.

Reserves

Profit and loss account

The profit and loss accounts represents cumulative profits and losses net of all adjustments.

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SPEX CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

11.

Related party transactions

The Directors do not consider anybody other than the Directors themselves to be key management personnel.
During the year, a Director increased their loan to the Company by £98,779 to £316,759 (2022 - £217,980). Of this loan balance £90,000 was repaid and the remainder was converted to ordinary share capital during the year. The balance due to the Director at the year-end, included within creditors, was £1,668 (2022 - £217,909). The loan is interest free and repayable on demand.

12.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 18 December 2023 by Mark Nelligan FCA (Senior Statutory Auditor) on behalf of Wellden Turnbull Limited.

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