10 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00226861 2023-01-01 2023-12-31 00226861 2023-12-31 00226861 2022-12-31 00226861 2022-01-01 2022-12-31 00226861 2022-12-31 00226861 2021-12-31 00226861 core:Subsidiary1 2023-01-01 2023-12-31 00226861 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00226861 core:NetGoodwill 2023-01-01 2023-12-31 00226861 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 00226861 bus:Director3 2023-01-01 2023-12-31 00226861 core:NetGoodwill 2023-12-31 00226861 core:FurnitureFittingsToolsEquipment 2022-12-31 00226861 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 00226861 core:FurnitureFittingsToolsEquipment 2023-12-31 00226861 core:WithinOneYear 2023-12-31 00226861 core:WithinOneYear 2022-12-31 00226861 core:AfterOneYear 2023-12-31 00226861 core:AfterOneYear 2022-12-31 00226861 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00226861 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00226861 core:ShareCapital 2023-12-31 00226861 core:ShareCapital 2022-12-31 00226861 core:RevaluationReserve 2023-12-31 00226861 core:RevaluationReserve 2022-12-31 00226861 core:RetainedEarningsAccumulatedLosses 2023-12-31 00226861 core:RetainedEarningsAccumulatedLosses 2022-12-31 00226861 core:ShareCapital 2021-12-31 00226861 core:RevaluationReserve 2021-12-31 00226861 core:RetainedEarningsAccumulatedLosses 2021-12-31 00226861 core:PreviouslyStatedAmount core:ShareCapital 2023-12-31 00226861 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 00226861 core:NetGoodwill 2022-12-31 00226861 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 00226861 core:Non-currentFinancialInstruments 2023-12-31 00226861 core:Non-currentFinancialInstruments 2022-12-31 00226861 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 00226861 core:FurnitureFittingsToolsEquipment 2022-12-31 00226861 bus:SmallEntities 2023-01-01 2023-12-31 00226861 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00226861 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00226861 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00226861 bus:FullAccounts 2023-01-01 2023-12-31
Company registration number: 00226861
Springate and Harrison Limited
Unaudited filleted financial statements
31 December 2023
Springate and Harrison Limited
Contents
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Springate and Harrison Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Springate and Harrison Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Springate and Harrison Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Springate and Harrison Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Springate and Harrison Limited and state those matters that we have agreed to state to the board of directors of Springate and Harrison Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Springate and Harrison Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Springate and Harrison Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Springate and Harrison Limited. You consider that Springate and Harrison Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Springate and Harrison Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pandit & Associates Limited
Chartered Certified Accountants
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
31 May 2024
Springate and Harrison Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 6,750 6,750
Tangible assets 6 838,120 839,552
Investments 7 261,206 261,206
_______ _______
1,106,076 1,107,508
Current assets
Stocks 66,000 74,000
Debtors 8 118,228 181,736
Cash at bank and in hand 701,675 688,787
_______ _______
885,903 944,523
Creditors: amounts falling due
within one year 9 ( 198,858) ( 247,845)
_______ _______
Net current assets 687,045 696,678
_______ _______
Total assets less current liabilities 1,793,121 1,804,186
Creditors: amounts falling due
after more than one year 10 ( 23,678) ( 31,250)
Provisions for liabilities ( 50,697) ( 50,697)
_______ _______
Net assets 1,718,746 1,722,239
_______ _______
Capital and reserves
Called up share capital 541 541
Revaluation reserve 216,128 216,128
Profit and loss account 1,502,077 1,505,570
_______ _______
Shareholders funds 1,718,746 1,722,239
_______ _______
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 May 2024 , and are signed on behalf of the board by:
Mr R R Patel Mr H R Patel
Director Director
Springate and Harrison Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 541 216,128 1,454,655 1,671,324
(Loss)/profit for the year 50,915 50,915
_______ _______ _______ _______
Total comprehensive income for the year - - 50,915 50,915
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 541 216,128 1,505,571 1,722,240
(Loss)/profit for the year ( 3,494) ( 3,494)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 3,494) ( 3,494)
_______ _______ _______ _______
At 31 December 2023 541 216,128 1,502,077 1,718,746
_______ _______ _______ _______
Springate and Harrison Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Springate & Harrison Limited, 15 The Brent, Dartford, Kent, DA1 1YD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
No depreciation is provided on freehold buildings as the company follows a programme of regular maintenance of its buildings which includes the reinstatement of the fabric of the buildings where necessary. Therefore in the opinion of the directors the company's freehold buildings have an indefinite economic life and consequently any charge to depreciatioon would be immaterial. They consider that this accounting policy is necessary for the financial statements to give a true and fair view.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - No depreciation is provided.
Fittings fixtures and equipment - 15% % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Goodwill
The company's accounting policy is to capitalise purchased goodwill. In the director's opinion the value of goodwill has been maintained and therefore in order that the financial statements to give a true and fair view they consider it inappropriate to amortise its value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 6,750 6,750
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 6,750 6,750
_______ _______
At 31 December 2022 6,750 6,750
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 and 31 December 2023 830,000 60,362 890,362
_______ _______ _______
Depreciation
At 1 January 2023 - 50,809 50,809
Charge for the year - 1,433 1,433
_______ _______ _______
At 31 December 2023 - 52,242 52,242
_______ _______ _______
Carrying amount
At 31 December 2023 830,000 8,120 838,120
_______ _______ _______
At 31 December 2022 830,000 9,553 839,553
_______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 261,206 261,206
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 261,206 261,206
_______ _______
At 31 December 2022 261,206 261,206
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Ackers (Chemists) Limited 94 Church Road Swanscombe KENT DA10 0HF Ordinary Shares 100
8. Debtors
2023 2022
£ £
Trade debtors 88,425 138,600
Other debtors 29,803 43,136
_______ _______
118,228 181,736
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 8,333 8,333
Trade creditors 136,619 102,049
Amounts owed to group undertakings and undertakings in which the company has a participating interest 46,863 117,893
Corporation tax - 12,285
Social security and other taxes 1,406 2,022
Other creditors 5,637 5,263
_______ _______
198,858 247,845
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,678 31,250
_______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023 2022
£ £
Management Fees - -
Ackers (Chemists) Limited 469,909 842,820
_______ _______
During the year the subsidiary undertaking Ackers (Chemists) Limited sold pharmaceutical products to the company to the value of £469,909. Ackers (Chemists) Limited further recharged costs to the company in relation shared overheads. All transactions have been on a commercial basis.
12. Controlling party
During the year the company was under the control of Messrs R R and H R Patel the director's and shareholders of the company.