Company registration number 00561183 (England and Wales)
SPRING MILL HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SPRING MILL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
G Coulter
C Sampson
Company number
00561183
Registered office
The Estate Office - Spring Mill
Avening Road
Nailsworth
Gloucestershire
United Kingdom
GL6 0BS
Accountants
Azets
9 Thorney Leys Park
Witney
Oxfordshire
United Kingdom
OX28 4GE
SPRING MILL HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
SPRING MILL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

G Coulter
C Sampson
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
G Coulter
Director
11 October 2023
SPRING MILL HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
11,284
9,716
Investment property
5
4,550,000
4,550,000
4,561,284
4,559,716
Current assets
Trade and other receivables
6
84,630
88,372
Cash and cash equivalents
573,443
477,807
658,073
566,179
Current liabilities
7
(309,429)
(302,898)
Net current assets
348,644
263,281
Total assets less current liabilities
4,909,928
4,822,997
Non-current liabilities
8
(1,161,338)
(1,233,315)
Provisions for liabilities
(214,746)
(214,448)
Net assets
3,533,844
3,375,234
Equity
Called up share capital
10
11,330
11,330
Capital redemption reserve
18,670
18,670
Non-distributable profits reserve
11
1,116,000
1,116,000
Distributable retained earnings
2,387,844
2,229,234
Total equity
3,533,844
3,375,234

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SPRING MILL HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
G Coulter
Director
Company Registration No. 00561183
SPRING MILL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Spring Mill Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Estate Office - Spring Mill, Avening Road, Nailsworth, Gloucestershire, United Kingdom, GL6 0BS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover comprises the fair value of the consideration received or receivable for the rent of property and provision of related services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and rebates.

 

The company recognises rental income in accordance with the periods to which the rent payable relates.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line basis
Fixtures and fittings
20% straight line basis
Computers
33% straight line basis
Motor vehicles
20% straight line basis
1.4
Investment properties

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

 

Fair value is measured based on market value, taking account of market evidence relating to transaction prices and the state of the rental market in the locality.

SPRING MILL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SPRING MILL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
2
4
Property, plant and equipment
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
1,287
16,531
650
25,662
44,130
Additions
3,690
1,289
-
0
-
0
4,979
At 31 March 2023
4,977
17,820
650
25,662
49,109
Depreciation and impairment
At 1 April 2022
471
7,883
398
25,662
34,414
Depreciation charged in the year
811
2,384
216
-
0
3,411
At 31 March 2023
1,282
10,267
614
25,662
37,825
Carrying amount
At 31 March 2023
3,695
7,553
36
-
0
11,284
At 31 March 2022
816
8,648
252
-
0
9,716
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
4,550,000

Fair value is arrived at taking into account market value based on market conditions and the rental market in the locality.

 

The investment property was valued on 18 December 2020 by an independent Chartered Surveyor.

 

 

 

 

 

SPRING MILL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
57,777
59,719
Other receivables
26,853
28,653
84,630
88,372
7
Current liabilities
2023
2022
£
£
Bank loans
72,000
72,861
Trade payables
11,726
18,349
Corporation tax
56,248
42,391
Other taxation and social security
18,386
15,025
Other payables
151,069
154,272
309,429
302,898
8
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
1,161,338
1,233,315
9
Financial Commitments

As at 31 March 2023 the total amount of pension commitments due was £119 (2022: £119)

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
11,330
11,330
11,330
11,330
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning and end of the year
1,116,000
1,116,000
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