REGISTERED NUMBER: |
SPRINGCHURCH LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 |
REGISTERED NUMBER: |
SPRINGCHURCH LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 |
SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 7 |
SPRINGCHURCH LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants and Tax Advisors |
Batchworth Lock House |
99 Church Street, Rickmansworth |
WD3 1JJ |
SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615) |
BALANCE SHEET |
28 FEBRUARY 2024 |
28.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Springchurch Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Critical judgements in applying the company's accounting policies |
The following is the critical judgement, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Investment property |
Investment property is held at a directors' valuation based on current market values. It is the directors' opinion that the valuation represents an achievable market value for the property concerned. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and other revenue taxes. |
Revenue includes rental income from investment property. |
Rental income from operating leases is recognised on a straight-line basis over the lease term. When the company provides incentives to its tenants, the cost of incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
3. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property consists of residential property held for long-term rental yields or for capital appreciation or both, and not held for the social benefit or for use in the business. Investment property is measured at cost, including related transaction costs, on initial recognition and subsequently at fair value as at the year end, with changes in fair value recognised in profit and loss. Subsequent expenditure is capitalised to the asset's carrying value only when it is probable that future economic benefits associated with the expenditure will flow to the company. All other repairs and maintenance costs are expensed when incurred. Fair value is determined by either independent professional third party valuers or company officers, such as the directors. Depreciation is not provided in respect of the investment property. Fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price. Loans from third parties where 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Cash at bank |
Cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Cash and bank balances are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: |
- | the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- | any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
Investment property was valued on an informal open market basis on 28 February 2024 by the directors. |
At the reporting date, the carrying value of investment property was considered by the directors to be in line with open market expectations. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Bank loan |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loan |
Other loans |
SPRINGCHURCH LIMITED (REGISTERED NUMBER: 11219615) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.24 | 28.2.23 |
£ | £ |
Bank loan | 180,000 | 180,000 |
The amount due to the bank is secured by way of a registered legal mortgage over the property concerned and by way of a fixed charge over all the assets of the company, both present and future. |
10. | RELATED PARTY DISCLOSURES |
At the reporting date, loans from the shareholders were £133,150 (2023: £120,100). The loans are unsecured, attract no interest, have no fixed terms of repayment and considered repayable on demand. The directors consider the loans to be long term in nature. The loans are subordinated in favour of the bank loan. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SPRINGCHURCH LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Springchurch Limited for the year ended 28 February 2024 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Springchurch Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Springchurch Limited and state those matters that we have agreed to state to the Board of Directors of Springchurch Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Springchurch Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Springchurch Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Springchurch Limited. You consider that Springchurch Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Springchurch Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants and Tax Advisors |
Batchworth Lock House |
99 Church Street, Rickmansworth |
WD3 1JJ |