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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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SOVEREIGN SPIRIT INVESTMENTS LTD |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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FOR |
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SOVEREIGN SPIRIT INVESTMENTS LTD |
SOVEREIGN SPIRIT INVESTMENTS LTD (REGISTERED NUMBER: 106 |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
SOVEREIGN SPIRIT INVESTMENTS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
SOVEREIGN SPIRIT INVESTMENTS LTD (REGISTERED NUMBER: 106 |
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BALANCE SHEET |
28 FEBRUARY 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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( |
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The director acknowledges his 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. |
SOVEREIGN SPIRIT INVESTMENTS LTD (REGISTERED NUMBER: 106 |
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BALANCE SHEET - continued |
28 FEBRUARY 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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SOVEREIGN SPIRIT INVESTMENTS LTD (REGISTERED NUMBER: 106 |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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1. | STATUTORY INFORMATION |
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Sovereign Spirit Investments Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Despite creditors exceeding debtors the accounts have been prepared on a going concern basis as the |
director has indicated that he will continue to support the company. |
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Turnover |
Turnover represents rents received during the period. |
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Investment property |
Investment properties are included at their open market value. |
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In accordance with the provisions of FRS 102 freehold investment buildings are not depreciated. |
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This is in contravention to the Companies Act 2006 which requires all tangible fixed assets to be |
depreciated. The director is of the opinion that this departure from the Companies Act 2006 is needed |
to present a true and fair view. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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SOVEREIGN SPIRIT INVESTMENTS LTD (REGISTERED NUMBER: 106 |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 March 2018 |
and 28 February 2019 |
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NET BOOK VALUE |
At 28 February 2019 |
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At 28 February 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other debtors |
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Forbes Corporate Lettings Ltd | - | 15,374 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Forbes Corporate Lettings Ltd | 159,173 | - |
Directors' current accounts | 6,802 | 185,713 |
Accruals and deferred income |
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SOVEREIGN SPIRIT INVESTMENTS LTD (REGISTERED NUMBER: 106 |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans more 5 yrs non-inst | 363,725 | 363,725 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The bank loan is secured by a charge on the company's investment property. |
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9. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company had received loans from the director of £6,802 (2018 |
£185,713) which are included in creditors falling due within one year. This balance is interest free |
and repayable on demand. |
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Forbes Corporate Lettings Ltd |
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A company under common control. |
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Non interest bearing loan on which no terms of repayment have been agreed. The amount due to |
Forbes Corporate Lettings Ltd at the balance sheet date was £159,173 (2018 due from Forbes |
£15,374). |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SOVEREIGN SPIRIT INVESTMENTS LTD |
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The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the |
Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your |
approval the financial statements of Sovereign Spirit Investments Ltd for the year ended 28 February 2019 |
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. |
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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. |
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This report is made solely to the director of Sovereign Spirit Investments Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sovereign Spirit Investments Ltd and state those matters that we have agreed to state to the director of Sovereign Spirit Investments Ltd 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 Sovereign Spirit Investments Ltd and its director for our work or for this report. |
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It is your duty to ensure that Sovereign Spirit Investments Ltd 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 Sovereign Spirit Investments Ltd. You consider that Sovereign Spirit Investments Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Sovereign Spirit Investments Ltd. 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. |
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3 Durrant Road |
Bournemouth |
Dorset |
BH2 6NE |
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