Registered number
08125570
Spring Garden Bristol Ltd
Unaudited Filleted Accounts
31 March 2024
Spring Garden Bristol Ltd
Registered number: 08125570
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 7,623,914 7,623,914
Current assets
Debtors 4 46,146 28,692
Cash at bank and in hand 171,220 146,208
217,366 174,900
Creditors: amounts falling due within one year 5 (1,478,867) (4,347,153)
Net current liabilities (1,261,501) (4,172,253)
Total assets less current liabilities 6,362,413 3,451,661
Creditors: amounts falling due after more than one year 6 (4,250,119) (1,406,997)
Provisions for liabilities (61,337) (61,337)
Net assets 2,050,957 1,983,327
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 295,819 295,819
Profit and loss account 1,755,038 1,687,408
Shareholders' funds 2,050,957 1,983,327
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Toussimanesh
Director
Approved by the board on 16 September 2024
Spring Garden Bristol Ltd
Notes to the Accounts
for the period from 1 August 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 August 2023 10 7,623,904 7,623,914
At 31 March 2024 10 7,623,904 7,623,914
4 Debtors 2024 2023
£ £
Other debtors 46,146 28,692
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 2,369,812
Trade creditors 939 2,183
Amounts owed to related parties - see note 9 1,412,548 1,912,548
Taxation and social security costs 59,000 38,000
Other creditors 6,380 24,610
1,478,867 4,347,153
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,250,119 1,406,997
7 Revaluation reserve 2024 2023
£ £
At 1 August 2023 295,819 -
Gain on revaluation of land and buildings - 295,819
At 31 March 2024 295,819 295,819
8 Other information
Spring Garden Bristol Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5-6 Clifton Down Road
Clifton
Bristol
BS8 4AG
9 Related party creditors
Parent Subsidiary Total
£ £ £
At 31 July 2023 1,912,538 10 1,912,548
Advanced - - -
Repaid 500,000 - 500,000
At 31 March 2024 1,412,538 10 1,412,548
At 31 July 2022 1,912,538 10 1,912,548
Advanced - - -
Repaid - - -
At 31 July 2023 1,912,538 10 1,912,548
Terms of loans with related parties
All loans with related parties are repayable on demand and are interest free.
10 Parent and ultimate parent undertaking
The company's immediate parent is 2C Homes Limited, incorporated in England and Wales.
The company's financial statements are available on request from 5-6 Clifton Down Road,
BS8 4AG
11 Investments in subsidiaries
2024 2023
£ £
Investments in subsidiaries 10 10
£
Cost or valuation
At 1 August 2022 10
At 1 August 2023 10 10
At 31 March 2024 10
Carrying amount
At 1 August 2022 10
At 1 August 2023 10 10
At 31 March 2024 10
The subsidiary undertaking is Charlton Park House Management Bristol Ltd.
It was incorporated in England and Wales, and its registered office is 5-6 Clifton Down Road.
The investment comprises 100% of the voting rights and shares of the subsidiary.
The subsidiary is currently dormant.
12 Loans and borrowings
2024 2023
£ £
Current loans and borrowings
Bank borrowings - 56,514
Non-current loans and borrowings
Bank borrowings 4,250,119 3,773,012
Bank loans are denominated in British pound Sterling with nominal interest rate between 2.78%
and 5.00%. The carrying amount of all bank loans is £4,250,119 (2023- £3,829,526). The bank
has fixed and floating charges over all of the company's assets.
Spring Garden Bristol Ltd 08125570 false 2023-08-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 B Toussimanesh No description of principal activity 08125570 2022-08-01 2023-07-31 08125570 core:RevaluationReserve core:LandBuildings 2022-08-01 2023-07-31 08125570 core:WithinOneYear 2023-07-31 08125570 core:AfterOneYear 2023-07-31 08125570 core:ShareCapital 2023-07-31 08125570 core:OtherReservesSubtotal 2023-07-31 08125570 core:RetainedEarningsAccumulatedLosses 2023-07-31 08125570 core:RevaluationReserve 2022-07-31 08125570 2023-08-01 2024-03-31 08125570 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-03-31 08125570 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-03-31 08125570 bus:Director40 2023-08-01 2024-03-31 08125570 1 2023-08-01 2024-03-31 08125570 2 2023-08-01 2024-03-31 08125570 core:RevaluationReserve core:LandBuildings 2023-08-01 2024-03-31 08125570 countries:England 2023-08-01 2024-03-31 08125570 bus:FRS102 2023-08-01 2024-03-31 08125570 bus:FilletedAccounts 2023-08-01 2024-03-31 08125570 2024-03-31 08125570 core:WithinOneYear 2024-03-31 08125570 core:AfterOneYear 2024-03-31 08125570 core:ShareCapital 2024-03-31 08125570 core:OtherReservesSubtotal 2024-03-31 08125570 core:RetainedEarningsAccumulatedLosses 2024-03-31 08125570 core:RevaluationReserve 2024-03-31 08125570 2023-07-31 08125570 core:RevaluationReserve 2023-07-31 iso4217:GBP xbrli:pure