Spring Properties (Sidcup) Limited


FINANCIAL STATEMENTS


for the year ended 5th April 2024



Spring Properties (Sidcup) Limited

CONTENTS

for the year ended 5th April 2024







The Accounts are comprised of the following:

Statement of Financial Position

Notes to the Accounts



Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.

Spring Properties (Sidcup) Limited

Company No. 03338706

STATEMENT OF FINANCIAL POSITION

as at 5th April 2024

20242023
Note£££
FIXED ASSETS
Property, plant and equipment415820711664488
15820711664488
CURRENT ASSETS
Debtors5800800
Cash at bank and in hand28332721442
28412722242
CURRENT LIABILITIES
Creditors: amounts falling due
within one year65255832074
NET CURRENT ASSETS/(LIABILITIES)231569(9832)
TOTAL ASSETS LESS CURRENT LIABILITIES18136401654656
 
Creditors: amounts falling due
after more than one year72602226022
 
NET ASSETS17876181628634
 
CAPITAL AND RESERVES
Called up share capital100100
Revaluation reserve705713705713
Retained earnings1081805922821
SHAREHOLDERS FUNDS17876181628634

The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies which are subject to the small companies' regime. The Income Statement has not been delivered to the Registrar of Companies.

For the year ended 5th April 2024 the Company is entitled to the exemption from the requirement to obtain an audit conferred by section 477 of the Companies Act 2006 and 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.

Approved by the Board on 21 October 2024


J P Spring

Director

Company Number 03338706 (England)

Spring Properties (Sidcup) Limited

NOTES TO THE ACCOUNTS

for the year ended 5th April 2024


1   Statutory information

Spring Properties (Sidcup) Limited is a private company limited by shares and registered under company number 03338706 in England. Its registered office address is 15 Rowanwood Avenue, Sidcup, Kent. DA15 8WL.

These financial statements are presented in Sterling, which is the functional currency of the company.

2   Accounting policies

Basis of preparation of financial statements

The accounts have been prepared under the historical cost convention in accordance with the accounting policies set out below, and in accordance with Financial Reporting Standard 102 Section 1A and the Companies Act 2006.

Income Recognition

Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Depreciation

Depreciation is provided on all property, plant and equipment, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant, machinery and vehicles15% reducing balance

Leasing

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

3   Employee information

The average number of employees during the accounting period was 2 (2023 - 2).

4   Property, plant and equipment
 
Plant
Land andand
BuildingsMachineryTotal
£££
Cost
At 6th April 2023 1640000910021731002
Additions-6855068550
Disposals144845-(144845)
At 5th April 202414951551595521654707
 
Depreciation
At 6th April 2023 -6651466514
Charge for year-61226122
At 5th April 2024-7263672636
 
Net Book Value
At 5th April 20241495155869161582071
At 5th April 20231640000244881664488

If the freehold land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

Freehold and Long leasehold land and buildings:20242023
££
 
Historical cost12701551415000
Cumulative depreciation based on historical cost--
Net Book Value12701551415000

The freehold land and buildings were revalued to £1495155 by the Directors on 5th April 2024, on an open market basis. The directors are not aware of any material change in value since the date of the valuation.


5   Debtors20242023
££
 
Trade Debtors800800
800800

6   Creditors: amounts falling due within one year20242023
££
 
Corporation tax340368072
Other creditors1852224002
5255832074

7   Creditors: amounts falling due after one year20242023
££
 
Other creditors2602226022
2602226022

8   Transactions with Directors

There were no transactions with Directors except as reflected in the Director's loan account for each Director. The closing balances of each account are as detailed below. Credit balances are shown without brackets. These balances are included in the figure for "Creditors and Accruals" in the accounts. Overdrawn balances are included in the figure for "Other Debtors".

20242023
££
 
J P Spring73407820
73407820

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