Registered number
10033075
SPRINGFIELD (SURBITON) LIMITED
Unaudited Filleted Accounts
31 July 2023
SPRINGFIELD (SURBITON) LIMITED
Registered number: 10033075
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,433,987 1,434,270
Current assets
Stocks 137,967 127,894
Debtors 4 79,373 141,176
Cash at bank and in hand 49,712 52,550
267,052 321,620
Creditors: amounts falling due within one year 5 (1,590,593) (1,690,357)
Net current liabilities (1,323,541) (1,368,737)
Net assets 110,446 65,533
Capital and reserves
Share premium 100 100
Profit and loss account 110,346 65,433
Shareholder's funds 110,446 65,533
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime within part 15 of the Companies Act 2006.
Sam Hedayati
Director
Approved by the board on 15 May 2024
SPRINGFIELD (SURBITON) LIMITED
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 1,432,169 5,652 - 1,437,821
Additions - - 2,400 2,400
At 31 July 2023 1,432,169 5,652 2,400 1,440,221
Depreciation
At 1 August 2022 - 3,551 - 3,551
Charge for the year - 1,883 800 2,683
At 31 July 2023 - 5,434 800 6,234
Net book value
At 31 July 2023 1,432,169 218 1,600 1,433,987
At 31 July 2022 1,432,169 2,101 - 1,434,270
4 Debtors 2023 2022
£ £
Trade debtors 79,273 90,237
Other debtors 100 50,939
79,373 141,176
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,231 11,387
Trade creditors 51,714 72,812
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,491,596 1,586,221
Taxation and social security costs 4,263 19,437
Other creditors 31,789 500
1,590,593 1,690,357
6 Other information
SPRINGFIELD (SURBITON) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
277-279 Chiswick High Road
London
W4 4PU
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