Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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925,391 | 925,391 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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39,797 | 37,211 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (382,931) | (369,565) | ||
Total assets less current liabilities | 542,460 | 555,826 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Springbreak Limited (registered number:
HJT Guest
Director |
AM Jones
Director |
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.
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 £.
Rental income is accounted for on an accruals basis.
Land and buildings | not depreciated |
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Total | ||
£ | £ | ||
Cost/Valuation | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 April 2023 |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Other taxation and social security |
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Other creditors |
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Other financial commitments
Midland Bank PLC (now part of HSBC) holds a charge on property held by the company.
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.
The ultimate parent company is Criterion Estates Limited, a company registered in England.