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COMPANY REGISTRATION NUMBER: 03464177
SPRINGBIRD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
SPRINGBIRD LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
SPRINGBIRD LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
Director
C Copping
Company secretary
S Thomas
Registered office
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
Accountants
TC BSG Valentine Limited
Accountants
Lynton House
7-12 Tavistock Square
London
WC1H 9BQ
SPRINGBIRD LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
748,274
748,274
CURRENT ASSETS
Stocks
1,232,905
1,232,905
Debtors
6
812,773
691,609
Cash at bank and in hand
8,593
5,069
------------
------------
2,054,271
1,929,583
CREDITORS: amounts falling due within one year
7
68,982
59,299
------------
------------
NET CURRENT ASSETS
1,985,289
1,870,284
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,733,563
2,618,558
CREDITORS: amounts falling due after more than one year
8
2,084,066
1,880,670
------------
------------
NET ASSETS
649,497
737,888
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
649,397
737,788
---------
---------
SHAREHOLDERS FUNDS
649,497
737,888
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SPRINGBIRD LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
C Copping
Director
Company registration number: 03464177
SPRINGBIRD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents income generated on property sales and rental income received by the company.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Investment property
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
32,805
2,002
748,273
783,080
--------
-------
---------
---------
Depreciation
At 1 April 2022 and 31 March 2023
32,805
2,001
34,806
--------
-------
---------
---------
Carrying amount
At 31 March 2023
1
748,273
748,274
--------
-------
---------
---------
At 31 March 2022
1
748,273
748,274
--------
-------
---------
---------
The director considers the stated value on the investment properties equates to its open market value as at 31 March 2023.
6. Debtors
2023
2022
£
£
Trade debtors
2,806
1,444
Other debtors
809,967
690,165
---------
---------
812,773
691,609
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
255
Other creditors
68,982
59,044
--------
--------
68,982
59,299
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,084,066
1,880,670
------------
------------
The bank loans are secured on properties owned by the company.
9. Director's advances, credits and guarantees
At the balance sheet date the company was owed £9,482 (2022: £9,227) from the director.
10. Related party transactions
Included in other debtors is an amount of £458,939 (2022: £388,839) due from West Rocks Hotel Limited, a company in which Mr C Copping is a director and majority shareholder. The amount is repayable on demand and interest free. Included in other debtors is an amount of £92,000 (2022: £45,000) due from West Rocks Management Limited, a company in which Mr C Copping is a director and majority shareholder. The amount is repayable on demand and interest free.