IRIS Accounts Production v23.4.0.336 04436728 director 1.6.22 31.5.23 31.5.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh044367282022-05-31044367282023-05-31044367282022-06-012023-05-31044367282021-05-31044367282021-06-012022-05-31044367282022-05-3104436728ns15:EnglandWales2022-06-012023-05-3104436728ns14:PoundSterling2022-06-012023-05-3104436728ns10:Director12022-06-012023-05-3104436728ns10:PrivateLimitedCompanyLtd2022-06-012023-05-3104436728ns10:SmallEntities2022-06-012023-05-3104436728ns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3104436728ns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3104436728ns10:SmallCompaniesRegimeForAccounts2022-06-012023-05-3104436728ns10:FullAccounts2022-06-012023-05-3104436728ns10:RegisteredOffice2022-06-012023-05-3104436728ns5:CurrentFinancialInstruments2023-05-3104436728ns5:CurrentFinancialInstruments2022-05-3104436728ns5:Non-currentFinancialInstruments2023-05-3104436728ns5:Non-currentFinancialInstruments2022-05-3104436728ns5:ShareCapital2023-05-3104436728ns5:ShareCapital2022-05-3104436728ns5:RetainedEarningsAccumulatedLosses2023-05-3104436728ns5:RetainedEarningsAccumulatedLosses2022-05-3104436728ns5:PlantMachinery2022-06-012023-05-3104436728ns5:FurnitureFittings2022-06-012023-05-3104436728ns5:MotorVehicles2022-06-012023-05-3104436728ns5:PlantMachinery2022-05-3104436728ns5:FurnitureFittings2022-05-3104436728ns5:MotorVehicles2022-05-3104436728ns5:PlantMachinery2023-05-3104436728ns5:FurnitureFittings2023-05-3104436728ns5:MotorVehicles2023-05-3104436728ns5:PlantMachinery2022-05-3104436728ns5:FurnitureFittings2022-05-3104436728ns5:MotorVehicles2022-05-3104436728ns5:CostValuation2022-05-3104436728ns5:AdditionsToInvestments2023-05-3104436728ns5:DisposalsRepaymentsInvestments2023-05-3104436728ns5:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-05-3104436728ns5:CostValuation2023-05-3104436728ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104436728ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3104436728ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104436728ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3104436728ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-05-3104436728ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-05-3104436728ns5:HirePurchaseContracts2023-05-3104436728ns5:HirePurchaseContracts2022-05-3104436728ns5:WithinOneYear2023-05-3104436728ns5:WithinOneYear2022-05-3104436728ns5:BetweenOneFiveYears2023-05-3104436728ns5:BetweenOneFiveYears2022-05-3104436728ns5:AllPeriods2023-05-3104436728ns5:AllPeriods2022-05-3104436728ns5:Secured2023-05-3104436728ns5:Secured2022-05-31
REGISTERED NUMBER: 04436728 (England and Wales)















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: A C Burr





REGISTERED OFFICE: 1st Floor Bosworth Marina
Carlton Road
Market Bosworth
Nuneaton
Warwickshire
CV13 6PG





REGISTERED NUMBER: 04436728 (England and Wales)





ACCOUNTANTS: Gopsall Services Limited
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 89,628 1,161
Investments 5 2,647,092 2,671,436
2,736,720 2,672,597

CURRENT ASSETS
Stocks 6 4,749,786 4,218,390
Debtors 7 905,312 1,435,109
Cash at bank and in hand 43,160 24,167
5,698,258 5,677,666
CREDITORS
Amounts falling due within one year 8 1,901,409 1,190,137
NET CURRENT ASSETS 3,796,849 4,487,529
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,533,569

7,160,126

CREDITORS
Amounts falling due after more than one year 9 2,489,475 2,469,853
NET ASSETS 4,044,094 4,690,273

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,043,994 4,690,173
4,044,094 4,690,273

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2024 and were signed by:





A C Burr - Director


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 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.

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
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.
Plant and machinery - 25% on reducing balance
Fixtures, fittings and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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 7 (2022 - 9 ) .

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 17,815 9,010 11,800 38,625
Additions - - 118,344 118,344
At 31 May 2023 17,815 9,010 130,144 156,969
DEPRECIATION
At 1 June 2022 17,815 8,347 11,302 37,464
Charge for year - 166 29,711 29,877
At 31 May 2023 17,815 8,513 41,013 67,341
NET BOOK VALUE
At 31 May 2023 - 497 89,131 89,628
At 31 May 2022 - 663 498 1,161

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 2,671,433 3 2,671,436
Additions 112,656 - 112,656
Disposals (78,000 ) - (78,000 )
Impairments (59,000 ) - (59,000 )
At 31 May 2023 2,647,089 3 2,647,092
NET BOOK VALUE
At 31 May 2023 2,647,089 3 2,647,092
At 31 May 2022 2,671,433 3 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 4,749,786 4,218,390

7. DEBTORS
31.5.23 31.5.22
as restated
£    £   
Amounts falling due within one year:
Trade debtors 5,641 5,365
Other debtors 145,000 126,310
Directors' current accounts - 450,400
Taxation recoverable 19,067 19,067
Value added tax recoverable - 11,232
Deferred tax asset 2,141 18,317
Prepayments 11,584 20,003
183,433 650,694

Amounts falling due after more than one year:
Amounts owed by participating interests 721,879 765,725
Other debtors - 18,690
721,879 784,415

Aggregate amounts 905,312 1,435,109

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 1,345,990 806,623
Hire purchase contracts (see note 10) 63,702 49,302
Trade creditors 138,124 190,367
Tax - 112,528
Social security and other taxes 13,506 18,491
VAT 2,101 -
Directors' current accounts 325,020 -
Accruals and deferred income 12,966 12,826
1,901,409 1,190,137

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) 238,600 217,278
Amounts owed to participating interests 2,250,875 2,252,575
2,489,475 2,469,853

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 63,702 49,302
Between one and five years 238,600 217,278
302,302 266,580

Non-cancellable operating leases
31.5.23 31.5.22
as restated
£    £   
Within one year 45,388 46,944
Between one and five years 19,209 64,597
64,597 111,541

11. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
as restated
£    £   
Other loans 1,345,990 806,623
Hire purchase contracts 302,302 266,580
1,648,292 1,073,203

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.