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Registration number: 02255692

Springavon Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Springavon Developments Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Springavon Developments Ltd

(Registration number: 02255692)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

563,589

578,486

Current assets

 

Debtors

5

3,569

-

Cash at bank and in hand

 

162,382

852,860

 

165,951

852,860

Creditors: Amounts falling due within one year

6

(44,957)

(728,182)

Net current assets

 

120,994

124,678

Net assets

 

684,583

703,164

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

458,916

458,916

Retained earnings

225,567

244,148

Shareholders' funds

 

684,583

703,164

 

Springavon Developments Ltd

(Registration number: 02255692)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

.........................................
Mr K Ainsworth
Director

 

Springavon Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Swinshaw Farm
Goodshaw Lane
Loveclough
Rossendale
Lancashire
BB4 8RB
England

These financial statements were authorised for issue by the Board on 15 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

 

Springavon Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

over 50 years

Plant and machinery

over 5 years

Fixtures, fittings, tools and equipment

over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Springavon Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

700,000

72,571

5,999

778,570

At 31 March 2024

700,000

72,571

5,999

778,570

Depreciation

At 1 April 2023

126,000

68,396

5,688

200,084

Charge for the year

14,000

835

62

14,897

At 31 March 2024

140,000

69,231

5,750

214,981

Carrying amount

At 31 March 2024

560,000

3,340

249

563,589

At 31 March 2023

574,000

4,175

311

578,486

Included within the net book value of land and buildings above is £560,000 (2023 - £574,000) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Other debtors

3,569

-

 

3,569

-

 

Springavon Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

-

83,665

Accruals and deferred income

630

930

Other creditors

44,327

643,587

44,957

728,182

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(251,871)

(251,871)

8

Related party transactions

At 31 March the company owed the directors the following unsecured loans, which were interest free and repayable on demand.

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr A Davies

93,646

(93,646)

-

Mr M S Ainsworth

5,615

(5,615)

-

Mr K Ainsworth

544,372

(500,000)

44,372

 

Springavon Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr A Davies

273,646

(180,000)

93,646

Mr M S Ainsworth

5,615

-

5,615

Mr K Ainsworth

544,372

-

544,372