REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Springbourne Homes Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Springbourne Homes Limited |
Springbourne Homes Limited (Registered number: 04436728) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Springbourne Homes Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 HRFC Business Centre |
Leicester Road |
Hinckley |
Leicestershire |
LE10 3DR |
Springbourne Homes Limited (Registered number: 04436728) |
Balance Sheet |
31 May 2023 |
31.5.23 | 31.5.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his 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. |
Springbourne Homes Limited (Registered number: 04436728) |
Balance Sheet - continued |
31 May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Springbourne Homes Limited (Registered number: 04436728) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Springbourne Homes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchases, transport and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
Springbourne Homes Limited (Registered number: 04436728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Fixed asset investments |
Fixed asset investments are considered to be a collection and are recognised at the lower of cost and fair value where a reliable fair value can be established. Where a reliable fair value cannot be established, the collection is recognised at the lower of cost and cost less impairment .The value of each asset class is established by independent valuation as a collection. |
Going concern |
The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the approval of the financial statements. |
The directors have concluded that there are no material uncertainties about the company's ability to continue as a going concern and they are satisfied that the company has adequate resources to continue to meet its liabilities as they fall due and, therefore, that it remains appropriate to continue to adopt going concern basis of accounting in the preparation of the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Springbourne Homes Limited (Registered number: 04436728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Plant and | and | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
The net book value of tangible fixed assets includes £88,758 (2022 - £nil) in respect of fixed assets held under hire purchase contracts. |
5. | FIXED ASSET INVESTMENTS |
Fixed |
asset | Other |
investment | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2022 | 2,671,436 |
Additions | 112,656 |
Disposals | ( |
) | (78,000 | ) |
Impairments | ( |
) | (59,000 | ) |
At 31 May 2023 | 2,647,092 |
NET BOOK VALUE |
At 31 May 2023 | 2,647,092 |
At 31 May 2022 | 2,671,436 |
Cost or valuation at 31 May 2023 is represented by: |
Fixed |
asset | Other |
investment | investments | Totals |
£ | £ | £ |
Valuation in 2019 | (49,429 | ) | - | (49,429 | ) |
Valuation in 2023 | (59,000 | ) | - | (59,000 | ) |
Cost | 2,755,518 | 3 | 2,755,521 |
2,647,089 | 3 | 2,647,092 |
Springbourne Homes Limited (Registered number: 04436728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
The net book value of tangible fixed asset investments includes £357,000 (2022 - £416,000) in respect of investment assets held under hire purchase contracts. |
Other investments relates to shares in a subsidiary undertaking, which are held at cost. |
6. | STOCKS |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Work-in-progress |
7. | DEBTORS |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Directors' current accounts | - | 450,400 |
Taxation recoverable |
Value added tax recoverable | - | 11,232 |
Deferred tax asset | 2,141 | 18,317 |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 721,879 | 765,725 |
Other debtors |
Aggregate amounts |
Included within other debtors is £75,000 (2022: £75,000) which represents a loan to a third party, which is secured by a second charge on the freehold property belonging to the third party. In the opinion of the directors, the loan is recoverable in full. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Other loans |
Hire purchase contracts (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 2,101 | - |
Directors' current accounts | 325,020 | - |
Accruals and deferred income |
Springbourne Homes Limited (Registered number: 04436728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Hire purchase contracts (see note 10) |
Amounts owed to participating interests | 2,250,875 | 2,252,575 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
as restated |
£ | £ |
Other loans |
Hire purchase contracts | 302,302 | 266,580 |
There are various charges held against the property and undertaking of the company, more information may be found on the companies house website. |
Hire purchase contracts have been secured over assets of the company. |
12. | PENSION COMMITMENTS |
Pension commitments outstanding at the balance sheet date were £2,612 (2022 - £2,502). |
Springbourne Homes Limited (Registered number: 04436728) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
13. | RELATED PARTY DISCLOSURES |
Mr AC Burr is a director and shareholder of Springbourne Developments Limited. Included in amounts owed to participating interests is a loan due to Springbourne Developments Limited of £506,096 (2022: £507,796). No interest was charged on this loan. |
Mr JCNW Burr (deceased) was a director of P.P.& B. (Hinckley) Limited for part of the year. Included in amounts owed to participating interests is a loan due to P.P. & B. (Hinckley) Limited of £833,834 (2022: £833,834). No interest was charged on this loan. |
Included in the amounts owed to participating interests is a loan of £910,945 (2022: £910,945) due to Mr MG Burr. Mr MG Burr is the brother of Mr AC Burr, director of the company, and the son of Mr JCNW Burr (deceased), former director of the company. No interest was charged on this loan. |