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REGISTERED NUMBER: 00955182 (England and Wales)













Audited Financial Statements

for the Year Ended 31st January 2024

for

Springfield Decorations and Display
Limited

Springfield Decorations and Display
Limited (Registered number: 00955182)

Contents of the Financial Statements
for the Year Ended 31st January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Springfield Decorations and Display
Limited

Company Information
for the Year Ended 31st January 2024







DIRECTOR: A C Ford





REGISTERED OFFICE: Springfield Place
Bailes Lane
Normandy
Surrey
GU3 2BA





REGISTERED NUMBER: 00955182 (England and Wales)





AUDITORS: Whiteleys
Chartered Certified Accountants
& Statutory Auditor
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

Springfield Decorations and Display
Limited (Registered number: 00955182)

Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 92,502 73,445

CURRENT ASSETS
Stocks 6 77,038 90,778
Debtors 7 1,029,625 1,172,918
Cash at bank and in hand 432,636 162,419
1,539,299 1,426,115
CREDITORS
Amounts falling due within one year 8 467,773 512,821
NET CURRENT ASSETS 1,071,526 913,294
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,164,028

986,739

CREDITORS
Amounts falling due after more than one
year

9

(45,857

)

(25,909

)

PROVISIONS FOR LIABILITIES (16,615 ) (9,091 )
NET ASSETS 1,101,556 951,739

CAPITAL AND RESERVES
Called up share capital 685 685
Share premium 168 168
Capital redemption reserve 1,027 1,027
Retained earnings 1,099,676 949,859
SHAREHOLDERS' FUNDS 1,101,556 951,739

Springfield Decorations and Display
Limited (Registered number: 00955182)

Balance Sheet - continued
31st January 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 12th July 2024 and were signed by:





A C Ford - Director


Springfield Decorations and Display
Limited (Registered number: 00955182)

Notes to the Financial Statements
for the Year Ended 31st January 2024


1. STATUTORY INFORMATION

Springfield Decorations and Display 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:

Freehold property-4% on cost
Plant & equipment-20% on cost
Motor vehicles-20% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Springfield Decorations and Display
Limited (Registered number: 00955182)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024


3. ACCOUNTING POLICIES - continued
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.

Operating lease agreements
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Springfield Decorations and Display
Limited (Registered number: 00955182)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

Springfield Decorations and Display
Limited (Registered number: 00955182)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024


5. TANGIBLE FIXED ASSETS
Plant & Motor
equipment vehicles Totals
£    £    £   
COST
At 1st February 2023 96,018 124,188 220,206
Additions 3,284 39,596 42,880
Disposals - (6,500 ) (6,500 )
At 31st January 2024 99,302 157,284 256,586
DEPRECIATION
At 1st February 2023 93,097 53,664 146,761
Charge for year 1,306 22,517 23,823
Eliminated on disposal - (6,500 ) (6,500 )
At 31st January 2024 94,403 69,681 164,084
NET BOOK VALUE
At 31st January 2024 4,899 87,603 92,502
At 31st January 2023 2,921 70,524 73,445

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st February 2023 37,002
Additions 35,396
At 31st January 2024 72,398
DEPRECIATION
At 1st February 2023 2,467
Charge for year 14,479
At 31st January 2024 16,946
NET BOOK VALUE
At 31st January 2024 55,452
At 31st January 2023 34,535

6. STOCKS
2024 2023
£    £   
Stocks 77,038 90,778

Springfield Decorations and Display
Limited (Registered number: 00955182)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 613,619 744,673
Other debtors 416,006 428,245
1,029,625 1,172,918

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 13,246 6,081
Trade creditors 167,261 118,348
Taxation and social security 182,121 228,217
Other creditors 105,145 160,175
467,773 512,821

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 45,857 25,909

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 13,246 6,081
Between one and five years 45,857 25,909
59,103 31,990

Non-cancellable operating leases
2024 2023
£    £   
Within one year 98,713 98,713
Between one and five years 237,190 42,734
335,903 141,447

Springfield Decorations and Display
Limited (Registered number: 00955182)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2024


11. SECURED DEBTS

The company overdraft and credit card facility is secured by a debenture over all the assets of the company dated 1st July 2010 and a legal charge dated 23rd July 2010.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Dennis Hollingshead FCCA (Senior Statutory Auditor)
for and on behalf of Whiteleys

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st January 2024 and 31st January 2023:

2024 2023
£    £   
A C Ford
Balance outstanding at start of year (28,531 ) (16,941 )
Amounts advanced 35,824 (11,590 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,293 (28,531 )

14. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.