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REGISTERED NUMBER: 05536663 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Springfield NE Limited

Springfield NE Limited (Registered number: 05536663)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Springfield NE Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: C G Milsom
M Milsom





SECRETARY: M Milsom





REGISTERED OFFICE: Unit 50 Avenue 4
Chilton Industrial Estate
Chilton
Co Durham
DL17 0SQ





REGISTERED NUMBER: 05536663 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

Springfield NE Limited (Registered number: 05536663)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 694,517 789,789

CURRENT ASSETS
Stocks 5 482,340 299,049
Debtors 6 606,751 162,376
Cash at bank and in hand 26 17,013
1,089,117 478,438
CREDITORS
Amounts falling due within one year 7 902,057 508,730
NET CURRENT ASSETS/(LIABILITIES) 187,060 (30,292 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

881,577

759,497

CREDITORS
Amounts falling due after more than one
year

8

(415,662

)

(490,072

)

PROVISIONS FOR LIABILITIES 11 (38,550 ) (18,559 )
NET ASSETS 427,365 250,866

CAPITAL AND RESERVES
Called up share capital 12 200 200
EMI reserve 537 -
Retained earnings 426,628 250,666
SHAREHOLDERS' FUNDS 427,365 250,866

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

Springfield NE Limited (Registered number: 05536663)

Balance Sheet - continued
31 August 2023


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





M Milsom - Director


Springfield NE Limited (Registered number: 05536663)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Springfield NE 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income Recognition
Income is recognised when the conditions contained within a contract for services have been met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 33% on cost and 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Government grants
Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Revenue based grants are credited to the profit and loss account on receipt.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Springfield NE Limited (Registered number: 05536663)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 16 ) .

Springfield NE Limited (Registered number: 05536663)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 September 2022 558,855 686,479 142,418
Additions - 13,334 581
Disposals - (3,250 ) (5,361 )
At 31 August 2023 558,855 696,563 137,638
DEPRECIATION
At 1 September 2022 30,737 498,367 80,154
Charge for year 11,177 82,887 11,622
Eliminated on disposal - (3,250 ) (1,005 )
At 31 August 2023 41,914 578,004 90,771
NET BOOK VALUE
At 31 August 2023 516,941 118,559 46,867
At 31 August 2022 528,118 188,112 62,264

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2022 59,345 - 1,447,097
Additions - 7,304 21,219
Disposals - - (8,611 )
At 31 August 2023 59,345 7,304 1,459,705
DEPRECIATION
At 1 September 2022 48,050 - 657,308
Charge for year 6,152 297 112,135
Eliminated on disposal - - (4,255 )
At 31 August 2023 54,202 297 765,188
NET BOOK VALUE
At 31 August 2023 5,143 7,007 694,517
At 31 August 2022 11,295 - 789,789

Springfield NE Limited (Registered number: 05536663)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 September 2022
and 31 August 2023 547,345
DEPRECIATION
At 1 September 2022 399,137
Charge for year 66,929
At 31 August 2023 466,066
NET BOOK VALUE
At 31 August 2023 81,279
At 31 August 2022 148,208

5. STOCKS
2023 2022
£    £   
Stocks 78,340 89,550
Work-in-progress 404,000 209,499
482,340 299,049

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 578,960 111,886
Other debtors - 35,334
Prepayments and accrued income 27,791 15,156
606,751 162,376

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 49,541 26,554
Other loans 39,486 36,262
Hire purchase contracts (see note 9) 102,505 106,006
Trade creditors 412,301 150,639
Taxation and social security 90,412 61,839
Other creditors 13,535 14,357
Directors' current accounts 187,167 104,541
Accruals and deferred income 7,110 8,532
902,057 508,730

Springfield NE Limited (Registered number: 05536663)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,164 9,897
Bank loans - 2-5 years 37,107 35,992
Bank loans more 5 yr by instal 229,746 246,370
Other loans - 1-2 years 13,878 53,364
Hire purchase contracts (see note 9) 124,767 144,449
415,662 490,072

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 229,746 246,370

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 102,505 106,006
Between one and five years 124,767 144,449
227,272 250,455

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 40,480 17,707
Bank loans 286,078 301,106
Other loans 53,364 89,626
Hire purchase contracts 227,272 250,455
607,194 658,894

The company has two loans.

The first bank loan of £320,000 is repayable over 20 years at a margin of 3.75% per annum. The loan is due to mature on 13 December 2039.

A further loan of £158,000 is repayable over 4.5 years at a margin of 4.55% per annum. The loan is due to mature on 1 December 2024.

The loans are secured against Unit 50, Avenue 4, Chilton Industrial Estate, Chilton, County Durham and its associated assets.

The hire purchase debts are secured against the assets to which they relate.

Springfield NE Limited (Registered number: 05536663)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 38,550 18,559

Deferred
tax
£   
Balance at 1 September 2022 18,559
Provided during year 19,991
Balance at 31 August 2023 38,550

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 'A' Ordinary £1 100 100
100 'B' Ordinary £1 100 100
200 200

13. RELATED PARTY DISCLOSURES

2023 2022
£ £
Amount due to the directors 187,167 104,541
No interest is charged on the directors loan accounts.