IRIS Accounts Production v23.1.0.753 11219615 Board of Directors 1.3.22 28.2.23 28.2.23 0 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure112196152022-02-28112196152023-02-28112196152022-03-012023-02-28112196152021-02-28112196152021-03-012022-02-28112196152022-02-2811219615ns15:EnglandWales2022-03-012023-02-2811219615ns14:PoundSterling2022-03-012023-02-2811219615ns10:Director12022-03-012023-02-2811219615ns10:PrivateLimitedCompanyLtd2022-03-012023-02-2811219615ns10:SmallEntities2022-03-012023-02-2811219615ns10:AuditExemptWithAccountantsReport2022-03-012023-02-2811219615ns10:SmallCompaniesRegimeForDirectorsReport2022-03-012023-02-2811219615ns10:SmallCompaniesRegimeForAccounts2022-03-012023-02-2811219615ns10:FullAccounts2022-03-012023-02-2811219615ns10:Director22022-03-012023-02-2811219615ns10:RegisteredOffice2022-03-012023-02-2811219615ns5:CurrentFinancialInstruments2023-02-2811219615ns5:CurrentFinancialInstruments2022-02-2811219615ns5:Non-currentFinancialInstruments2023-02-2811219615ns5:Non-currentFinancialInstruments2022-02-2811219615ns5:ShareCapital2023-02-2811219615ns5:ShareCapital2022-02-2811219615ns5:RetainedEarningsAccumulatedLosses2023-02-2811219615ns5:RetainedEarningsAccumulatedLosses2022-02-2811219615ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2811219615ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2811219615ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-02-2811219615ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-02-28
REGISTERED NUMBER: 11219615 (England and Wales)















SPRINGCHURCH LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023






SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 8

SPRINGCHURCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: J C Baldwin
D Baldwin





REGISTERED OFFICE: C/O Cox Costello & Horne
Batchworth Lock House
99 Church Street
Rickmansworth
WD3 1JJ





REGISTERED NUMBER: 11219615 (England and Wales)





ACCOUNTANTS: Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ

SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £ £ £ £
FIXED ASSETS
Investment property 5 315,931 315,931

CURRENT ASSETS
Debtors 6 200 -
Cash at bank 11,065 8,141
11,265 8,141
CREDITORS
Amounts falling due within one year 7 10,930 9,077
NET CURRENT ASSETS/(LIABILITIES) 335 (936 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

316,266

314,995

CREDITORS
Amounts falling due after more than one year 8 300,100 300,100
NET ASSETS 16,166 14,895

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings (3,834 ) (5,105 )
SHAREHOLDERS' FUNDS 16,166 14,895

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





J C Baldwin - Director


SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Springchurch 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The company meets its day-to-day working capital requirements through its bank and related party loan facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the company's accounting policies
The following is the critical judgement, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Investment property
Investment property is held at a directors' valuation based on current market values. It is the directors' opinion that the valuation represents an achievable market value for the property concerned.

SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. ACCOUNTING POLICIES - continued

Turnover
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 and other revenue taxes.

Revenue includes rental income from investment property.

Rental income from operating leases is recognised on a straight-line basis over the lease term. When the company provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income.

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.

Investment property
Investment property consists of residential property held for long-term rental yields or for capital appreciation or both, and not held for the social benefit or for use in the business. Investment property is measured at cost, including related transaction costs, on initial recognition and subsequently at fair value as at the year end, with changes in fair value recognised in profit and loss. Subsequent expenditure is capitalised to the asset's carrying value only when it is probable that future economic benefits associated with the expenditure will flow to the company. All other repairs and maintenance costs are expensed when incurred. Fair value is determined by either independent professional third party valuers or company officers, such as the directors. Depreciation is not provided in respect of the investment property. Fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions.

SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Loans from third parties where the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash at bank and in hand
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
-the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
-any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

4. EMPLOYEES AND DIRECTORS

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

SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 March 2022
and 28 February 2023 315,931
NET BOOK VALUE
At 28 February 2023 315,931
At 28 February 2022 315,931

Investment property was valued on an informal open market basis on 28 February 2023 by the directors.

At the reporting date, the carrying value of investment property was considered by the directors to be in line with open market expectations.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£ £
Other debtors 200 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£ £
Other creditors 10,930 9,077

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£ £
Bank loan 180,000 180,000
Other creditors 120,100 120,100
300,100 300,100

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loan 180,000 180,000
Other loans 120,100 120,100
300,100 300,100

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£ £
Bank loan 180,000 180,000

The amount due to the bank is secured by way of a registered legal mortgage over the property concerned and by way of a fixed charge over all the assets of the company, both present and future.

SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


10. RELATED PARTY DISCLOSURES

At the reporting date, loans from the shareholders were £120,100 (2022: £120,100). The loans are unsecured, attract no interest, have no fixed terms of repayment and considered repayable on demand. The directors consider the loans to be long term in nature. The loans are subordinated in favour of the bank loan.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SPRINGCHURCH LIMITED


The following reproduces the text of the report prepared for the directors 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 Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Springchurch Limited for the year ended 28 February 2023 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

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.

This report is made solely to the Board of Directors of Springchurch Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Springchurch Limited and state those matters that we have agreed to state to the Board of Directors of Springchurch Limited, as a body, 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 Springchurch Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Springchurch Limited 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 Springchurch Limited. You consider that Springchurch Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Springchurch Limited. 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.






Cox Costello & Horne
Chartered Accountants and Tax Advisors
Batchworth Lock House
99 Church Street, Rickmansworth
WD3 1JJ


27 November 2023