Company Registration No. 14137713 (England and Wales)
Springstate Limited
Unaudited accounts
for the year ended 31 March 2024
Springstate Limited
Unaudited accounts
Contents
Springstate Limited
Company Information
for the year ended 31 March 2024
Company Number
14137713 (England and Wales)
Registered Office
THE DOWNSHIRE, 71 BALDWINS LANE
CROXLEY GREEN
RICKMANSWORTH
HERTS
WD3 3LT
UNITED KINGDOM
Accountants
Dempsey & Co
The Downshire
71 Baldwins Lane Croxley Green
Rickmansworth
Herts
WD3 3LT
Springstate Limited
Statement of financial position
as at 31 March 2024
Tangible assets
2,274,864
1,649,418
Investment property
850,000
850,000
Cash at bank and in hand
2,299,288
2,370,685
Creditors: amounts falling due within one year
(760,505)
(355,310)
Net current assets
1,684,800
2,147,670
Total assets less current liabilities
4,809,664
4,647,088
Provisions for liabilities
Deferred tax
(49,221)
(3,162)
Net assets
4,760,443
4,643,926
Called up share capital
10,000
10,000
Share premium
4,576,632
4,576,632
Profit and loss account
173,811
57,294
Shareholders' funds
4,760,443
4,643,926
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 October 2024 and were signed on its behalf by
Mr R. Harris
Director
Company Registration No. 14137713
Springstate Limited
Notes to the Accounts
for the year ended 31 March 2024
Springstate Limited is a private company, limited by shares, registered in England and Wales, registration number 14137713. The registered office is THE DOWNSHIRE, 71 BALDWINS LANE, CROXLEY GREEN, RICKMANSWORTH, HERTS, WD3 3LT, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents net takings exclusive of VAT, during the year.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
1% straight line
Plant & machinery
25% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
In accordance with the SSAP 19, no depreciation is provided on investment properties,
and they are included in the Balance Sheet at their open market value. This policy is contrary
to the Companies Act 2006 but has been applied in order to give a true and fair view.
Any aggregate surplus or deficit arising on revaluation is transferred to the investment revaluation
reserve. Deficits on individual investment properties that are expected to be permanent are
charged to the profit and loss account.
Stock is valued at the lower of cost and net realisable value.
Stock is calculated using the first in first out method and consisting of material and
direct labour cost, together with an appropriate proportion of production overheads.
Springstate Limited
Notes to the Accounts
for the year ended 31 March 2024
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
These financial statements have been prepared on a going concern basis.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
1,827,062
1,344,534
22,190
3,193,786
Additions
557,138
197,257
-
754,395
At 31 March 2024
2,384,200
1,541,791
22,190
3,948,181
At 1 April 2023
344,888
1,193,932
5,548
1,544,368
Charge for the year
23,508
99,894
5,547
128,949
At 31 March 2024
368,396
1,293,826
11,095
1,673,317
At 31 March 2024
2,015,804
247,965
11,095
2,274,864
At 31 March 2023
1,482,174
150,602
16,642
1,649,418
Fair value at 1 April 2023
850,000
Amounts falling due within one year
Other debtors
83,750
93,750
Springstate Limited
Notes to the Accounts
for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
43,161
114,320
Taxes and social security
117,998
119,007
Other creditors
33,977
69,803
Loans from directors
565,369
52,180
Allotted, called up and fully paid:
10,000 Ordinary shares of £1 each
10,000
10,000
9
Transactions with related parties
The company was under the control of R. Harris Esq.
10
Average number of employees
During the year the average number of employees was 37 (2023: 37).