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REGISTERED NUMBER: 14440695 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SPRING DEVELOPMENTS LETTINGS LIMITED

SPRING DEVELOPMENTS LETTINGS LIMITED (REGISTERED NUMBER: 14440695)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPRING DEVELOPMENTS LETTINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M H Power
M A Richards





REGISTERED OFFICE: Hillside
Harrow Road West
Dorking
Surrey
RH4 3BA





REGISTERED NUMBER: 14440695 (England and Wales)





ACCOUNTANTS: Ellis Atkins
Chartered Accountants
The Atrium Business Centre
Curtis Road
Dorking
Surrey
RH4 1XA

SPRING DEVELOPMENTS LETTINGS LIMITED (REGISTERED NUMBER: 14440695)

BALANCE SHEET
31 MARCH 2024

31/3/24 31/3/23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,478,416 1,471,033

CURRENT ASSETS
Debtors 5 20,306 2,342
Cash at bank 16,887 -
37,193 2,342
CREDITORS
Amounts falling due within one year 6 2,006,803 1,470,302
NET CURRENT LIABILITIES (1,969,610 ) (1,467,960 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,508,806

3,073

CREDITORS
Amounts falling due after more than one
year

7

(1,201,856

)

-

PROVISIONS FOR LIABILITIES 9 (66,502 ) -
NET ASSETS 240,448 3,073

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 199,505 -
Retained earnings 11 40,843 2,973
SHAREHOLDERS' FUNDS 240,448 3,073

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

SPRING DEVELOPMENTS LETTINGS LIMITED (REGISTERED NUMBER: 14440695)

BALANCE SHEET - continued
31 MARCH 2024


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 13 September 2024 and were signed on its behalf by:




M H Power - Director



M A Richards - Director


SPRING DEVELOPMENTS LETTINGS LIMITED (REGISTERED NUMBER: 14440695)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Spring Developments Lettings 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.

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.

Turnover
Turnover represents rents receivable, excluding value added tax.

Investment property
In accordance with Financial Reporting Standard 102 investment properties are revalued annually and the aggregate surplus or deficit is dealt with through the profit and loss account. The gain/loss is transferred to a fair value reserve after adjusting for deferred tax. No depreciation is provided in respect of investment properties.

Unfinished investment properties are included at cost until such a time that a valuation can be established.

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 or deferred taxation assets and liabilities are not discounted.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

SPRING DEVELOPMENTS LETTINGS LIMITED (REGISTERED NUMBER: 14440695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,471,033
Additions 1,741,377
Revaluations 266,006
At 31 March 2024 3,478,416
NET BOOK VALUE
At 31 March 2024 3,478,416
At 31 March 2023 1,471,033

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 3,478,416

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

31/3/24 31/3/23
£    £   
Cost 3,212,409 -

Investment property was valued on an open market basis on 31 March 2024 by the directors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Other debtors 20,306 2,342

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£    £   
Amounts owed to group undertakings 1,957,181 1,466,384
Taxation and social security 11,111 1,100
Other creditors 38,511 2,818
2,006,803 1,470,302

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/3/24 31/3/23
£    £   
Bank loans 1,201,856 -

SPRING DEVELOPMENTS LETTINGS LIMITED (REGISTERED NUMBER: 14440695)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31/3/24 31/3/23
£    £   
Bank loans 1,201,856 -

The Mortgage Lender Limited has a legal charge over the leasehold property Flats 1-3 32 Victoria Road, Sutton SM1 4RTand Flat 3 34 Victoria Road, Sutton SM1 4RTdated 15th September 2023.

9. PROVISIONS FOR LIABILITIES
31/3/24 31/3/23
£    £   
Deferred tax 66,502 -

Deferred
tax
£   
Provided during year 66,502
Balance at 31 March 2024 66,502

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/3/24 31/3/23
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2023 2,973 - 2,973
Profit for the year 237,375 237,375
Transfer between reserves (199,505 ) 199,505 -
At 31 March 2024 40,843 199,505 240,348