Company registration number 07135149 (England and Wales)
Springtide Associates Limited
Unaudited financial statements
For the year ended 31 January 2024
Springtide Associates Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Springtide Associates Limited
Statement of financial position
As at 31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,214
17,705
Current assets
Debtors
4
100,240
144,681
Cash at bank and in hand
12,179
18,500
112,419
163,181
Creditors: amounts falling due within one year
5
(73,329)
(84,868)
Net current assets
39,090
78,313
Total assets less current liabilities
52,304
96,018
Creditors: amounts falling due after more than one year
6
(51,578)
(75,174)
Net assets
726
20,844
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
626
20,744
Total equity
726
20,844
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Springtide Associates Limited
Statement of financial position (continued)
As at 31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 August 2024
Mr P A Goodwin
Director
Company registration number 07135149 (England and Wales)
Springtide Associates Limited
Notes to the financial statements
For the year ended 31 January 2024
- 3 -
1
Accounting policies
Company information
Springtide Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are
provided in accordance with the stage of completion of the contract and when all of the following
conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Usually, turnover from the sale of services is recognised over the period in which the contract is in
force.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20% per annum of net book value
Computer equipment
33% per annum of cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Springtide Associates Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense currently represents the net of research and development expenditure repayable and tax payable on profits.
Springtide Associates Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
Springtide Associates Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 6 -
3
Tangible fixed assets
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
5,597
29,777
14,167
49,541
Additions
3,258
3,258
At 31 January 2024
5,597
33,035
14,167
52,799
Depreciation and impairment
At 1 February 2023
2,400
25,896
3,540
31,836
Depreciation charged in the year
648
4,449
2,652
7,749
At 31 January 2024
3,048
30,345
6,192
39,585
Carrying amount
At 31 January 2024
2,549
2,690
7,975
13,214
At 31 January 2023
3,197
3,881
10,627
17,705
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,983
94,816
Other debtors
67,257
49,865
100,240
144,681
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
22,363
22,231
Trade creditors
17,643
14,637
Taxation and social security
26,631
44,067
Other creditors
6,692
3,933
73,329
84,868
Springtide Associates Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
41,558
63,921
Other creditors
10,020
11,253
51,578
75,174
The bank loan and overdraft are secured by a fixed and floating charge over all assets. The floating charge covers all the property or undertaking of the company.
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
DLA
2.00
(44,613)
(32,159)
(716)
45,216
(32,272)
(44,613)
(32,159)
(716)
45,216
(32,272)