Silverfin false false 31/03/2024 01/04/2023 31/03/2024 HJT Guest 27/10/2017 AM Jones 27/10/2017 PCT Ricks 07/07/2003 11 October 2024 The principal activity of the business continued to be that of property investment. 03045270 2024-03-31 03045270 bus:Director1 2024-03-31 03045270 bus:Director2 2024-03-31 03045270 bus:Director3 2024-03-31 03045270 2023-03-31 03045270 core:CurrentFinancialInstruments 2024-03-31 03045270 core:CurrentFinancialInstruments 2023-03-31 03045270 core:ShareCapital 2024-03-31 03045270 core:ShareCapital 2023-03-31 03045270 core:RetainedEarningsAccumulatedLosses 2024-03-31 03045270 core:RetainedEarningsAccumulatedLosses 2023-03-31 03045270 core:LandBuildings 2023-03-31 03045270 core:LandBuildings 2024-03-31 03045270 2023-04-01 2024-03-31 03045270 bus:FilletedAccounts 2023-04-01 2024-03-31 03045270 bus:SmallEntities 2023-04-01 2024-03-31 03045270 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03045270 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03045270 bus:Director1 2023-04-01 2024-03-31 03045270 bus:Director2 2023-04-01 2024-03-31 03045270 bus:Director3 2023-04-01 2024-03-31 03045270 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 03045270 (England and Wales)

SPRINGBREAK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SPRINGBREAK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SPRINGBREAK LIMITED

BALANCE SHEET

As at 31 March 2024
SPRINGBREAK LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 925,391 925,391
925,391 925,391
Current assets
Debtors 4 7,365 17,597
Cash at bank and in hand 32,432 19,614
39,797 37,211
Creditors: amounts falling due within one year 5 ( 422,728) ( 406,776)
Net current liabilities (382,931) (369,565)
Total assets less current liabilities 542,460 555,826
Net assets 542,460 555,826
Capital and reserves
Called-up share capital 2 2
Profit and loss account 542,458 555,824
Total shareholders' funds 542,460 555,826

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 financial statements of Springbreak Limited (registered number: 03045270) were approved and authorised for issue by the Board of Directors on 11 October 2024. They were signed on its behalf by:

HJT Guest
Director
AM Jones
Director
SPRINGBREAK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SPRINGBREAK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Springbreak Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Aldgate Tower, 2 Leman Street, London, E1E 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is derived from rental income received from leasehold properties leased out under operating leases recognised in the profit and loss account on a straight-line basis over the term of the lease net of VAT. Lease incentives granted are recognised as an integral part of total rental income.

Rental income is accounted for on an accruals basis.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated

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.

Land and buildings are held at cost rather than fair value, in contravention with FRS 102 standard accounting practice. Profit on disposal of land and buildings is recognised as a transfer to capital reserves rather than revenue, in contravention with FRS 102 standard accounting practice.

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 balance sheet 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Total
£ £
Cost/Valuation
At 01 April 2023 925,391 925,391
At 31 March 2024 925,391 925,391
Accumulated depreciation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 925,391 925,391
At 31 March 2023 925,391 925,391

4. Debtors

2024 2023
£ £
Trade debtors 5,737 16,266
Other debtors 1,628 1,331
7,365 17,597

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,727 2,475
Amounts owed to Group undertakings 400,606 386,869
Other taxation and social security 17,895 13,400
Other creditors 1,500 4,032
422,728 406,776

6. Financial commitments

Other financial commitments

Midland Bank PLC (now part of HSBC) holds a charge on property held by the company.

7. Related party transactions

Other related party transactions

At the year end the company owed £400,606 (2023 - 386,869) to Criterion Estates Limited, the parent company, in respect of an interest free loan, which is repayable on demand.

8. Ultimate controlling party

The ultimate parent company is Criterion Estates Limited, a company registered in England.