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REGISTERED NUMBER: 01170209 (England and Wales)















SKEGNESS SPRINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






SKEGNESS SPRINGS LIMITED (REGISTERED NUMBER: 01170209)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


SKEGNESS SPRINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: D B Johnson
I T Johnson



SECRETARY: D B Johnson



REGISTERED OFFICE: Hassall Road
Skegness
Lincolnshire
PE25 3TB



REGISTERED NUMBER: 01170209 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Holdings Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: National Westminster Bank Plc
97 Lumley Road
Skegness
Lincolnshire
PE25 3LY

SKEGNESS SPRINGS LIMITED (REGISTERED NUMBER: 01170209)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 120,066 71,433

CURRENT ASSETS
Stocks 311,173 233,854
Debtors 5 646,712 552,587
Cash at bank 1,120,913 787,582
2,078,798 1,574,023
CREDITORS
Amounts falling due within one year 6 281,121 206,594
NET CURRENT ASSETS 1,797,677 1,367,429
TOTAL ASSETS LESS CURRENT LIABILITIES 1,917,743 1,438,862

PROVISIONS FOR LIABILITIES 21,213 11,391
NET ASSETS 1,896,530 1,427,471

CAPITAL AND RESERVES
Called up share capital 8 15,000 15,000
Retained earnings 1,881,530 1,412,471
SHAREHOLDERS' FUNDS 1,896,530 1,427,471

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 and authorised for issue by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:



D B Johnson - Director



I T Johnson - Director


SKEGNESS SPRINGS LIMITED (REGISTERED NUMBER: 01170209)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Skegness Springs 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts chargeable by the company for goods and services provided during the year, excluding value added tax and trade discount.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on cost, 12.5% on reducing balance and 10% on cost

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

Stock and work in progress
Stock and work-in-progress are valued at the lower of cost, determined on a first in, first out basis and net realisable value. Cost, in the case of products manufactured by the company comprises direct materials and labour costs together with the appropriate factory overheads.


Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 statement of financial position date.


SKEGNESS SPRINGS LIMITED (REGISTERED NUMBER: 01170209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 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 statement of financial position 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.

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 17 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 570,349
Additions 77,210
At 30 April 2023 647,559
DEPRECIATION
At 1 May 2022 498,916
Charge for year 28,577
At 30 April 2023 527,493
NET BOOK VALUE
At 30 April 2023 120,066
At 30 April 2022 71,433

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 222,619 180,731
Other debtors 424,093 371,856
646,712 552,587

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 67,371 15,421
Amounts owed to group undertakings 18,498 18,498
Taxation and social security 173,913 162,715
Other creditors 21,339 9,960
281,121 206,594

SKEGNESS SPRINGS LIMITED (REGISTERED NUMBER: 01170209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 37,000 36,000
Between one and five years 148,000 148,000
In more than five years 222,000 259,000
407,000 443,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
13,500 A Ordinary £1 13,500 13,500
1,500 B Ordinary £1 1,500 1,500
15,000 15,000

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
D B Johnson
Balance outstanding at start of year 186,548 180,818
Amounts advanced 2,638 7,570
Amounts repaid (2,250 ) (1,840 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 186,936 186,548

I T Johnson
Balance outstanding at start of year 8,394 2,754
Amounts advanced 2,638 7,570
Amounts repaid (2,250 ) (1,930 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,782 8,394

The company has provided the directors with a interest free loan of £195,718 (2022: £194,942).

10. ULTIMATE CONTROLLING PARTY

The controlling party is Skegness Springs Holdings Limited.