Registered number
04981096
Spring Lane Services Limited
Report and Accounts
30 November 2023
Spring Lane Services Limited
Registered number: 04981096
Directors' Report
The directors present their report and accounts for the year ended 30 November 2023.
Principal activities
The company's principal activity during the year continued to be that of petrol retailing and motor vehicle workshop.
Directors
The following persons served as directors during the year:
Mr M Coverley
Mrs S Coverley
Ms S Coverley
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 30 August 2024 and signed on its behalf.
Mr M Coverley
Director
Spring Lane Services Limited
Registered number: 04981096
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 61,724 82,268
Current assets
Stocks 100,909 111,838
Debtors 4 313,557 369,132
Cash at bank and in hand 436,243 260,687
850,709 741,657
Creditors: amounts falling due within one year 5 (338,222) (377,540)
Net current assets 512,487 364,117
Total assets less current liabilities 574,211 446,385
Creditors: amounts falling due after more than one year 6 (16,607) (26,482)
Provisions for liabilities (11,099) (14,783)
Net assets 546,505 405,120
Capital and reserves
Called up share capital 2 2
Profit and loss account 546,503 405,118
Shareholders' funds 546,505 405,120
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Coverley
Director
Approved by the board on 30 August 2024
Spring Lane Services Limited
Statement of Changes in Equity
for the year ended 30 November 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 December 2021 2 - - 261,678 261,680
Profit for the financial year 223,440 223,440
Dividends (80,000) (80,000)
At 30 November 2022 2 - - 405,118 405,120
At 1 December 2022 2 - - 405,118 405,120
Profit for the financial year 241,385 241,385
Dividends (100,000) (100,000)
At 30 November 2023 2 - - 546,503 546,505
Spring Lane Services Limited
Notes to the Accounts
for the year ended 30 November 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. 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:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 171,882 1,850 173,732
At 30 November 2023 171,882 1,850 173,732
Depreciation
At 1 December 2022 90,431 1,033 91,464
Charge for the year 20,340 204 20,544
At 30 November 2023 110,771 1,237 112,008
Net book value
At 30 November 2023 61,111 613 61,724
At 30 November 2022 81,451 817 82,268
4 Debtors 2023 2022
£ £
Trade debtors 25,256 35,669
Other debtors 288,301 333,463
313,557 369,132
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,400 15,949
Trade creditors 189,639 263,158
Taxation and social security costs 115,418 76,797
Other creditors 22,765 21,636
338,222 377,540
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,607 26,482
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr M Coverley
Current Account 67,972 70,834 (65,000) 73,806
Mrs S Coverley
Current Account - 59,738 (59,463) 275
Ms S Coverley
Current Account 11,872 3,148 (20) 15,000
79,844 133,720 (124,483) 89,081
8 Other information
Spring Lane Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Spring Lane Barns
Spring Lane
Colsterworth
Grantham
NG33 5HN
Spring Lane Services Limited 04981096 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2024 Mr M Coverley 04981096 2021-12-01 2022-11-30 04981096 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 04981096 core:WithinOneYear 2022-11-30 04981096 core:AfterOneYear 2022-11-30 04981096 core:ShareCapital 2022-11-30 04981096 core:RetainedEarningsAccumulatedLosses 2022-11-30 04981096 2021-11-30 04981096 core:ShareCapital 2021-11-30 04981096 core:SharePremium 2021-11-30 04981096 core:OtherReservesSubtotal 2021-11-30 04981096 core:RetainedEarningsAccumulatedLosses 2021-11-30 04981096 2022-12-01 2023-11-30 04981096 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 04981096 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 04981096 bus:Director1 2022-12-01 2023-11-30 04981096 bus:Director2 2022-12-01 2023-11-30 04981096 bus:Director3 2022-12-01 2023-11-30 04981096 bus:Director40 2022-12-01 2023-11-30 04981096 core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 04981096 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 04981096 1 2022-12-01 2023-11-30 04981096 2 2022-12-01 2023-11-30 04981096 core:PlantMachinery 2022-12-01 2023-11-30 04981096 core:Vehicles 2022-12-01 2023-11-30 04981096 bus:Director1 1 2022-12-01 2023-11-30 04981096 bus:Director2 1 2022-12-01 2023-11-30 04981096 bus:Director3 1 2022-12-01 2023-11-30 04981096 countries:England 2022-12-01 2023-11-30 04981096 bus:FRS102 2022-12-01 2023-11-30 04981096 bus:FullAccounts 2022-12-01 2023-11-30 04981096 2023-11-30 04981096 core:WithinOneYear 2023-11-30 04981096 core:AfterOneYear 2023-11-30 04981096 core:ShareCapital 2023-11-30 04981096 core:RetainedEarningsAccumulatedLosses 2023-11-30 04981096 core:SharePremium 2023-11-30 04981096 core:OtherReservesSubtotal 2023-11-30 04981096 core:PlantMachinery 2023-11-30 04981096 core:Vehicles 2023-11-30 04981096 bus:Director1 1 2023-11-30 04981096 bus:Director2 1 2023-11-30 04981096 bus:Director3 1 2023-11-30 04981096 2022-11-30 04981096 core:SharePremium 2022-11-30 04981096 core:OtherReservesSubtotal 2022-11-30 04981096 core:PlantMachinery 2022-11-30 04981096 core:Vehicles 2022-11-30 04981096 bus:Director1 1 2022-11-30 04981096 bus:Director2 1 2022-11-30 04981096 bus:Director3 1 2022-11-30 iso4217:GBP xbrli:pure