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REGISTERED NUMBER: 01277762 (England and Wales)















SPRINGFIELD MOBILE (LANCS) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






SPRINGFIELD MOBILE (LANCS) LIMITED (REGISTERED NUMBER: 01277762)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SPRINGFIELD MOBILE (LANCS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: C Britner
L J Duggan





REGISTERED OFFICE: Unit 2
12 Abbotsfield Road
Reginald Road Industrial Estate
St Helens
Merseyside
WA9 4HU





REGISTERED NUMBER: 01277762 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

SPRINGFIELD MOBILE (LANCS) LIMITED (REGISTERED NUMBER: 01277762)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 1,937,204 2,103,511

CURRENT ASSETS
Inventories 328,825 309,127
Debtors 5 2,298,587 1,375,469
Cash at bank and in hand 5,237,338 5,012,993
7,864,750 6,697,589
CREDITORS
Amounts falling due within one year 6 (2,501,513 ) (2,664,704 )
NET CURRENT ASSETS 5,363,237 4,032,885
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,300,441

6,136,396

CREDITORS
Amounts falling due after more than one
year

7

(99,432

)

(146,800

)

PROVISIONS FOR LIABILITIES (96,214 ) (130,329 )
NET ASSETS 7,104,795 5,859,267

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 1,360 1,360
Capital redemption reserve 50 50
Retained earnings 7,103,185 5,857,657
SHAREHOLDERS' FUNDS 7,104,795 5,859,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

SPRINGFIELD MOBILE (LANCS) LIMITED (REGISTERED NUMBER: 01277762)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





L J Duggan - Director


SPRINGFIELD MOBILE (LANCS) LIMITED (REGISTERED NUMBER: 01277762)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Springfield Mobile (Lancs) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01277762 and its registered office address is Unit 2, 12 Abbotsfield Road, Reginald Road Industrial Estate, St Helens, Merseyside, WA9 4HU.

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.

The company had net assets of £7,104,795 (2023: £5,859,267) and cash of £5,237,338 (2023 :£5,012,993) at the year end. The directors believe that the company is well placed to manage the risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods provided together with hire rental sales, net of value-added tax, rebates and discounts. Sale of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly certain. Hire sales are recognised as those services are provided to customers.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost and 2% on cost
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 10% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 statement of financial position date.


SPRINGFIELD MOBILE (LANCS) LIMITED (REGISTERED NUMBER: 01277762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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 the income statement in the period to which they relate.

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 and loans to related parties.

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 the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Determining the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

Assessing the recoverability of trade debtors is considered a key judgement in calculating the bad debt provision at the year end.

Estimating the level of work in progress at the year end is also considered to be key in calculating the level of inventories in the statement of financial position.

SPRINGFIELD MOBILE (LANCS) LIMITED (REGISTERED NUMBER: 01277762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 28 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 1,945,947 2,197,295 4,143,242
Additions - 64,914 64,914
Disposals - (151,433 ) (151,433 )
At 31 March 2024 1,945,947 2,110,776 4,056,723
DEPRECIATION
At 1 April 2023 510,696 1,529,035 2,039,731
Charge for year 2,986 177,237 180,223
Eliminated on disposal - (100,435 ) (100,435 )
At 31 March 2024 513,682 1,605,837 2,119,519
NET BOOK VALUE
At 31 March 2024 1,432,265 504,939 1,937,204
At 31 March 2023 1,435,251 668,260 2,103,511

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,993,479 1,062,547
Amounts recoverable on contracts 253,750 266,139
Other debtors 51,358 46,783
2,298,587 1,375,469

SPRINGFIELD MOBILE (LANCS) LIMITED (REGISTERED NUMBER: 01277762)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 52,520 52,520
Trade creditors 763,016 854,332
Taxation and social security 900,108 560,715
Other creditors 785,869 1,197,137
2,501,513 2,664,704

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 99,432 146,800

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 31,509 10,243
Between one and five years 38,587 6,886
70,096 17,129

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 151,952 199,320

The bank loan is secured by way of a fixed charge against the company's assets.