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REGISTERED NUMBER: 02507308 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SPRINGHILL ENTERPRISES LIMITED

SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPRINGHILL ENTERPRISES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R A A Coates
Mrs J C Coates





SECRETARY: Mrs J C Coates





REGISTERED OFFICE: Alderley
21 Lambridge Wood Road
Henley on Thames
Oxfordshire
RG9 3BP





REGISTERED NUMBER: 02507308 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
Hillside
Albion Street
Chipping Norton
Oxfordshire
OX7 5BH

SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65 86
Investment property 5 220,000 280,000
220,065 280,086

CURRENT ASSETS
Debtors 6 1,580,411 1,550,616
Investments 7 3,038,763 2,703,500
Cash at bank 151,604 245,863
4,770,778 4,499,979
CREDITORS
Amounts falling due within one year 8 12,739 26,976
NET CURRENT ASSETS 4,758,039 4,473,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,978,104

4,753,089

PROVISIONS FOR LIABILITIES 9 220,311 114,956
NET ASSETS 4,757,793 4,638,133

CAPITAL AND RESERVES
Called up share capital 10 3,634,151 3,634,151
Retained earnings 11 1,123,642 1,003,982
SHAREHOLDERS' FUNDS 4,757,793 4,638,133

SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)

BALANCE SHEET - continued
31 DECEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 6 September 2024 and were signed on its behalf by:





Mr R A A Coates - Director


SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Springhill Enterprises 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Springhill Enterprises Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 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.

SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Current asset investments are stated at market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 863
DEPRECIATION
At 1 January 2023 777
Charge for year 21
At 31 December 2023 798
NET BOOK VALUE
At 31 December 2023 65
At 31 December 2022 86

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 280,000
Revaluations (60,000 )
At 31 December 2023 220,000
NET BOOK VALUE
At 31 December 2023 220,000
At 31 December 2022 280,000

The E and F shareholders in the holding company Springhill Rural Enterprises Limited are entitled to the capital and income from this investment property.

The market value of the property was assessed as £220,000 by Stratton Creber Estate Agents in June 2023 and it is considered that the market value is representative of fair value.

SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 (60,000 )
Cost 280,000
220,000

If the property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 280,000 280,000

Investment property was valued on an open market basis on 14 June 2023 by Stratton Creber Estate Agents .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 396 691
Loan to parent company 1,579,775 1,549,325
Dunthrop Farms Ltd 240 600
1,580,411 1,550,616

During 1994 the company entered into a hive-down agreement with its parent company, resulting in the transfer of certain assets. The amount due in respect of this agreement is £946,225 and is included in "Loan to parent company".

During 2011 the company loaned £420,000 to its parent company in order to fund a buy back of shares by the parent.

A further £213,550 of working capital has been loaned to its parent company since that date.

7. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Listed investments 3,038,763 2,703,500
Market value of listed investments at 31 December 2023 - £ 3,038,763 (2022 - £ 2,703,500 ).

The listed investments consist of two Rathbones portfolios, shares in Fundsmith and shares in Clipstone.

The E and F shareholders in the parent company Springhill Rural Enterprises Limited are entitled to the income and capital from the Rathbones B portfolio.

SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors - 68
Tax 2,106 16,560
VAT 953 1,013
Directors' current accounts 432 240
Rents received in advance 4,500 4,500
Accruals 4,748 4,595
12,739 26,976

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Tax losses carried forward (52,689 ) (40,044 )
Other timing differences 273,000 155,000
220,311 114,956

Deferred
tax
£   
Balance at 1 January 2023 114,956
Provided during year 118,000
Credit to Income Statement during year (12,645 )
Balance at 31 December 2023 220,311

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3,634,151 Ordinary £1 3,634,151 3,634,151

11. RESERVES
Retained
earnings
£   

At 1 January 2023 1,003,982
Profit for the year 119,660
At 31 December 2023 1,123,642

SPRINGHILL ENTERPRISES LIMITED (REGISTERED NUMBER: 02507308)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. RELATED PARTY DISCLOSURES

Springhill Enterprises Ltd, Springhill Rural Enterprises Ltd, and Energycare Insulations Ltd are all group companies and related parties. Dunthrop Farm Ltd is under common control and is also a related party.

At 31 December 2023, Springhill Enterprises Ltd was due £Nil (2022 - £Nil) from Energycare Insulations Ltd and £1,579,775 (2022 - £1,549,325) was due from Springhill Rural Enterprises Ltd.

During the year the company charged Dunthrop Farms Ltd £600 (2022 - £700) for management fees. At 31 December 2023 £240 (2022 - £600) was due from Dunthrop Farms Ltd.

13. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Springhill Rural Enterprises Ltd a company registered in England and Wales.