Registered number |
Registered number: | ||||||||||||
Balance Sheet | ||||||||||||
as at |
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Notes | 2024 | 2023 | ||||||||||
£ | £ | |||||||||||
Fixed assets | ||||||||||||
Intangible assets | 5 | |||||||||||
Tangible assets | 6 | |||||||||||
Current assets | ||||||||||||
Debtors | 7 | |||||||||||
Cash at bank and in hand | ||||||||||||
Creditors: amounts falling due within one year | 8 | ( |
( |
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Net current assets | ||||||||||||
Total assets less current liabilities | ||||||||||||
Creditors: amounts falling due after more than one year | 9 | ( |
- | |||||||||
Net assets | ||||||||||||
Capital and reserves | ||||||||||||
Called up share capital | ||||||||||||
Profit and loss account | ( |
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Shareholder's funds | ||||||||||||
The financial statements were approved by the board of directors and authorised for issue on |
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A Bloom | ||||||||||||
Director | ||||||||||||
Company Registration No. | 03709012 | |||||||||||
Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. | ||||||||
Going concern | ||||||||
In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. The parent company Spring Finance Group Limited has provided assurance to the directors that it has the ability and willingness to provide the necessary financial support for the company for a period of at least 12 months from the date of approval of the financial statements. As such the financial statements have been prepared on the going concern basis. | ||||||||
Turnover | ||||||||
Intangible fixed assets | ||||||||
Tangible fixed assets | ||||||||
Leasehold land and buildings | 20% per annum | |||||||
Motor vehicles | 15% per annum | |||||||
Fixtures, fittings, and equipment | 33 % per annum | |||||||
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. | ||||||||
Fixed asset Investments | ||||||||
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. | ||||||||
Impairment of fixed assets | ||||||||
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. | ||||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | ||||||||
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 statement of financial position 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. | ||||||||
Classification of financial liabilities | ||||||||
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. | ||||||||
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 price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. | ||||||||
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. | ||||||||
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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. | ||||||||
Borrowings | ||||||||
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. | ||||||||
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. | ||||||||
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. | ||||||||
Trade creditors | ||||||||
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price and subsequently measured at amoritsed costs using the effective interest method. |
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Equity instruments | ||||||||
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. | ||||||||
Employee benefits | ||||||||
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
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Taxation | ||||||||
Foreign currency translation | ||||||||
Leased assets | ||||||||
Retirement benefits | ||||||||
2 | Judgements and key sources of estimation uncertainty | |||||||
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. | ||||||||
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. | ||||||||
3 | Audit information | |||||||
Senior statutory auditor: | ||||||||
Firm: | ||||||||
Date of audit report: | ||||||||
4 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons (including directors) employed by the company | ||||||||
5 | Intangible fixed assets | £ | ||||||
Computer software: | ||||||||
Cost | ||||||||
At 1 July 2023 | ||||||||
Additions | ||||||||
At 30 June 2024 | ||||||||
Amortisation | ||||||||
At 1 July 2023 | ||||||||
Provided during the year | ||||||||
At 30 June 2024 | ||||||||
Net book value | ||||||||
At 30 June 2024 | ||||||||
At 30 June 2023 | ||||||||
Computer software is being written off in equal annual instalments over its estimated economic life of 5 years. | ||||||||
6 | Tangible fixed assets | |||||||
Land and buildings | Motor vehicles | Fixtures, fittings and equipment | Total | |||||
£ | £ | |||||||
Cost | ||||||||
At 1 July 2023 | - | - | ||||||
Additions | 12,238 | 112,468 | ||||||
At 30 June 2024 | 12,238 | 112,468 | ||||||
Depreciation | ||||||||
At 1 July 2023 | - | - | ||||||
Charge for the year - owned assets | 1,836 | - | ||||||
Charge for the year - leased assets | - | 5,931 | - | 5,931 | ||||
At 30 June 2024 | 1,836 | 5,931 | ||||||
Net book value | ||||||||
At 30 June 2024 | 10,402 | 106,537 | ||||||
At 30 June 2023 | - | - | ||||||
7 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Amounts owed by group undertakings | ||||||||
Deferred tax asset | - | |||||||
Other debtors | ||||||||
Amounts due after more than one year included above | - | |||||||
8 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Obligations under finance lease and hire purchase contracts | - | |||||||
Trade creditors | ||||||||
Amounts owed to group undertakings | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
9 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Obligations under finance lease and hire purchase contracts | - | |||||||
- | ||||||||
10 | Obligations under finance leases and hire purchase | 2024 | 2023 | |||||
contracts | £ | £ | ||||||
Minimum lease payments under hire purchase fall due as follows: | ||||||||
Within one year | 24,696 | - | ||||||
Within 1-2 years | 24,696 | - | ||||||
Within 2-5 years | 41,160 | - | ||||||
90,552 | - | |||||||
Hire purchase and finance leases are secured over the assets to which they relate. | ||||||||
11 | Pension commitments | |||||||
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £96,134 (2023 - £66,114). Contributions totalling £Nil (2023 - £9,947) were payable to the fund at the balance sheet date. | ||||||||
12 | Other financial commitments | 2024 | 2023 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases falling due: | ||||||||
within one year | 97,169 | 62,605 | ||||||
Within 1-2 years | 34,913 | 6,480 | ||||||
Within 2-5 years | - | 838 | ||||||
132,082 | 69,923 | |||||||
13 | Contingent liabilities | |||||||
14 | Related party transactions | |||||||
Included in other debtors are amounts due from Helix Loans Limited of £1,446,294. Included in turnover is interest receivable from Helix Loans Limited of £53,564 and amounts receivable under a servicing agreement with Helix Loans Limited of £318,796. A Bloom is a director of Helix Loans Limited. | ||||||||
15 | Related party exemption | |||||||
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. | ||||||||
16 | Parent company | |||||||
17 | Other information | |||||||
Spring Finance Limited is a private company limited by shares and incorporated in England. Its registered office is: | ||||||||
3 Theobald Court | ||||||||
Theobald Street | ||||||||
Borehamwood | ||||||||
Herts | ||||||||
WD6 4RN |