Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Alexander William Adam 19/12/2008 Alan Henry Esson 19/12/2008 27 November 2024 The principal activity of the Company during the financial year continued to be that of providing property related services. SC352745 2024-05-31 SC352745 bus:Director1 2024-05-31 SC352745 bus:Director2 2024-05-31 SC352745 2023-05-31 SC352745 core:CurrentFinancialInstruments 2024-05-31 SC352745 core:CurrentFinancialInstruments 2023-05-31 SC352745 core:Non-currentFinancialInstruments 2024-05-31 SC352745 core:Non-currentFinancialInstruments 2023-05-31 SC352745 core:ShareCapital 2024-05-31 SC352745 core:ShareCapital 2023-05-31 SC352745 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC352745 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC352745 core:OtherPropertyPlantEquipment 2023-05-31 SC352745 core:OtherPropertyPlantEquipment 2024-05-31 SC352745 core:CostValuation 2023-05-31 SC352745 core:CostValuation 2024-05-31 SC352745 bus:OrdinaryShareClass1 2024-05-31 SC352745 2023-06-01 2024-05-31 SC352745 bus:FilletedAccounts 2023-06-01 2024-05-31 SC352745 bus:SmallEntities 2023-06-01 2024-05-31 SC352745 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC352745 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC352745 bus:Director1 2023-06-01 2024-05-31 SC352745 bus:Director2 2023-06-01 2024-05-31 SC352745 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-01 2024-05-31 SC352745 2022-06-01 2023-05-31 SC352745 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 SC352745 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 SC352745 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC352745 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC352745 (Scotland)

SPRINGFIELD REAL ESTATE MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

SPRINGFIELD REAL ESTATE MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

SPRINGFIELD REAL ESTATE MANAGEMENT LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
SPRINGFIELD REAL ESTATE MANAGEMENT LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 777 4,936
Investments 4 102,810 102,810
103,587 107,746
Current assets
Stocks 162,864 309,048
Debtors 5 218,785 47,100
Cash at bank and in hand 315,244 521,626
696,893 877,774
Creditors: amounts falling due within one year 6 ( 67,701) ( 205,342)
Net current assets 629,192 672,432
Total assets less current liabilities 732,779 780,178
Creditors: amounts falling due after more than one year 7 ( 10,263) ( 20,390)
Provision for liabilities 8 0 ( 1,234)
Net assets 722,516 758,554
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 721,516 757,554
Total shareholder's funds 722,516 758,554

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Springfield Real Estate Management Limited (registered number: SC352745) were approved and authorised for issue by the Board of Directors on 27 November 2024. They were signed on its behalf by:

Alexander William Adam
Director
SPRINGFIELD REAL ESTATE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
SPRINGFIELD REAL ESTATE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Springfield Real Estate Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 10 Southfield Drive, Elgin, IV30 6GR, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2023 22,492 22,492
At 31 May 2024 22,492 22,492
Accumulated depreciation
At 01 June 2023 17,556 17,556
Charge for the financial year 4,159 4,159
At 31 May 2024 21,715 21,715
Net book value
At 31 May 2024 777 777
At 31 May 2023 4,936 4,936

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 June 2023 102,810 102,810
At 31 May 2024 102,810 102,810
Carrying value at 31 May 2024 102,810 102,810
Carrying value at 31 May 2023 102,810 102,810

5. Debtors

2024 2023
£ £
Trade debtors 1,834 46,538
Other debtors 216,951 562
218,785 47,100

Included within other debtors is a £215,000 loan that is repayable within 3 months with interest being charged at a rate of 7%.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,382 10,209
Trade creditors 1,480 8,436
Taxation and social security 50,516 171,523
Other creditors 5,323 15,174
67,701 205,342

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,263 20,390

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 0 1,234

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Sales transactions entered into with other related parties 442,337 1,086,679
Amounts due from related parties 0 46,538

The above amounts due from related parties was interest free and had no fixed terms of repayment.