Springfield Supplies & Projects Limited 09473225 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of the manufacture and installation of business and educational furniture, equipment, supplies and supporting design services. Digita Accounts Production Advanced 6.30.9574.0 true true 09473225 2023-05-01 2024-04-30 09473225 2024-04-30 09473225 core:RetainedEarningsAccumulatedLosses 2024-04-30 09473225 core:ShareCapital 2024-04-30 09473225 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09473225 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 09473225 bus:SmallEntities 2023-05-01 2024-04-30 09473225 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09473225 bus:FullAccounts 2023-05-01 2024-04-30 09473225 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09473225 bus:RegisteredOffice 2023-05-01 2024-04-30 09473225 bus:Director1 2023-05-01 2024-04-30 09473225 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09473225 core:Goodwill 2023-05-01 2024-04-30 09473225 core:IntangibleAssetsOtherThanGoodwill 2023-05-01 2024-04-30 09473225 core:FurnitureFittings 2023-05-01 2024-04-30 09473225 core:LeaseholdImprovements 2023-05-01 2024-04-30 09473225 core:MotorVehicles 2023-05-01 2024-04-30 09473225 core:PlantMachinery 2023-05-01 2024-04-30 09473225 core:ParentEntities 2023-05-01 2024-04-30 09473225 1 2023-05-01 2024-04-30 09473225 countries:EnglandWales 2023-05-01 2024-04-30 09473225 2023-04-30 09473225 2022-05-01 2023-04-30 09473225 2023-04-30 09473225 core:RetainedEarningsAccumulatedLosses 2023-04-30 09473225 core:ShareCapital 2023-04-30 09473225 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09473225 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 09473225

Springfield Supplies & Projects Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Springfield Supplies & Projects Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Springfield Supplies & Projects Limited

(Registration number: 09473225)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

51,610

16,000

Tangible assets

5

458,216

378,812

 

509,826

394,812

Current assets

 

Stocks

220,260

374,819

Debtors

1,201,984

1,220,839

Cash at bank and in hand

 

1,579,497

1,186,155

 

3,001,741

2,781,813

Creditors: Amounts falling due within one year

6

(1,471,412)

(1,303,264)

Net current assets

 

1,530,329

1,478,549

Total assets less current liabilities

 

2,040,155

1,873,361

Creditors: Amounts falling due after more than one year

(98,417)

-

Provisions for liabilities

(75,758)

(78,762)

Net assets

 

1,865,980

1,794,599

Capital and reserves

 

Called up share capital

50,000

50,000

Profit and loss account

1,815,980

1,744,599

Total equity

 

1,865,980

1,794,599

 

Springfield Supplies & Projects Limited

(Registration number: 09473225)
Abridged Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

Mr S P Baker

Director

 

Springfield Supplies & Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Park View
Wotton Road
Rangeworthy
Bristol
BS37 7LZ

The principal place of business is:
Old Gloucester Road
Knap
Thornbury
Bristol
BS35 3UF
United Kingdom

These financial statements were authorised for issue by the Board on 11 October 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Springfield Supplies & Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

Duration of lease

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance and duration of lease

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Website and software development costs are shown at historical cost.

Website and software development costs have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Website costs

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Springfield Supplies & Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2023 - 33).

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

126,598

Additions acquired separately

43,610

At 30 April 2024

170,208

Amortisation

At 1 May 2023

110,598

Amortisation charge

8,000

At 30 April 2024

118,598

Carrying amount

At 30 April 2024

51,610

At 30 April 2023

16,000

5

Tangible assets

Total
£

Cost or valuation

At 1 May 2023

788,011

Additions

263,070

Disposals

(155,597)

At 30 April 2024

895,484

Depreciation

At 1 May 2023

409,199

Charge for the year

113,498

Eliminated on disposal

(85,429)

At 30 April 2024

437,268

Carrying amount

At 30 April 2024

458,216

At 30 April 2023

378,812

6

Creditors: amounts falling due within one year

Creditors include hire purchase contracts which are secured of £107,025 (2023 - £34,803).

 

Springfield Supplies & Projects Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

7

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £130,574 (2023 - £206,000).

8

Related party transactions

Summary of transactions with parent

Springfield Supplies and Projects Holdings Limited
 
At the end of the period the amount due from the subsidiary to the parent was £914,125 (2023 £606,199).
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Springfield Supplies & Projects Holdings Limited, incorporated in England & Wales.

 The parent's registered office address is:
Park View
Wotton Road
Rangeworthy
Bristol
BS37 7LZ