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Registration number: 03289136

Springvale Environment Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Springvale Environment Limited

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Springvale Environment Limited

Company Information

Directors

Mr J D Cramond

Mr R J Shaw

Registered office

39 Twemlow Avenue
Poole
Dorset
BH14 8AL

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Springvale Environment Limited

Statement of Comprehensive Income for the Year Ended 30 June 2023

2023
£

2022
£

Profit for the year

12,615

10,080

Surplus on property, plant and equipment revaluation

350,077

-

Total comprehensive income for the year

362,692

10,080

 

Springvale Environment Limited

(Registration number: 03289136)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

650,000

183,230

Current assets

 

Debtors

5

1,934

2

Cash at bank and in hand

 

7,733

13,177

 

9,667

13,179

Creditors: Amounts falling due within one year

6

(5,426)

(5,553)

Net current assets

 

4,241

7,626

Total assets less current liabilities

 

654,241

190,856

Creditors: Amounts falling due after more than one year

6

(116,250)

(116,250)

Provisions for liabilities

(116,693)

-

Net assets

 

421,298

74,606

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

350,077

-

Retained earnings

71,219

74,604

Shareholders' funds

 

421,298

74,606

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mr J D Cramond
Director

 

Springvale Environment Limited

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 July 2022

2

-

74,604

74,606

Profit for the year

-

-

12,615

12,615

Other comprehensive income

-

350,077

-

350,077

Total comprehensive income

-

350,077

12,615

362,692

Dividends

-

-

(16,000)

(16,000)

At 30 June 2023

2

350,077

71,219

421,298

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

2

64,524

64,526

Profit for the year

-

10,080

10,080

At 30 June 2022

2

74,604

74,606

 

Springvale Environment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
39 Twemlow Avenue
Poole
Dorset
BH14 8AL

These financial statements were authorised for issue by the Board on 6 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Springvale Environment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Springvale Environment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 July

183,230

Fair value adjustments

466,770

At 30 June

650,000

The freehold properties were revalued by the directors on 30 June 2023.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2023
£

2022
£

Prepayments

504

-

Other debtors

1,430

2

 

1,934

2

 

Springvale Environment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

2,959

2,364

Accruals and deferred income

960

3,188

Other creditors

1,507

1

5,426

5,553

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

116,250

116,250

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

350,077

350,077

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

116,250

116,250

 

Springvale Environment Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Bank borrowings

Woolwich PLC is denominated in pounds with a nominal interest rate of 4.25%, and the final instalment is due on 14 April 2027. The carrying amount at year end is £116,250 (2022 - £116,250).

The Loan is secured on freehold property in the company.

9

Dividends

Interim dividends paid

 

2023
£

2022
£

Interim dividend of £20,000 (2022 - £0) per each Ordinary £1 share

40,000

-