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01/01/2022
31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 23.0 - FRS102_2023
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Company registration number:
11097568
Spring Bank Development NW Ltd
Unaudited filleted financial statements
31 December 2022
Spring Bank Development NW Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Spring Bank Development NW Ltd
Directors and other information
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Directors |
M J Renwick |
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S Bridge |
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Company number |
11097568 |
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Registered office |
Office 1, Marathon House |
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The Sidings Business Park |
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Whalley |
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Lancs |
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BB7 9SE |
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Accountants |
Turner and Brown Limited |
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105 Garstang Road |
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Preston |
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Lancs |
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PR1 1LD |
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Spring Bank Development NW Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Spring Bank Development NW Ltd
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spring Bank Development NW Ltd for the year ended 31 December 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Spring Bank Development NW Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Spring Bank Development NW Ltd and state those matters that we have agreed to state to the board of directors of Spring Bank Development NW Ltd as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spring Bank Development NW Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Spring Bank Development NW Ltd 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 Spring Bank Development NW Ltd. You consider that Spring Bank Development NW Ltd 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 Spring Bank Development NW Ltd. 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.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
Spring Bank Development NW Ltd
Statement of financial position
31 December 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Stocks |
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- |
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752,096 |
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Debtors |
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5 |
1,149,874 |
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1,895,047 |
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Cash at bank and in hand |
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1,027 |
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27 |
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_______ |
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_______ |
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1,150,901 |
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2,647,170 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
1,183,822) |
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(
2,614,097) |
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_______ |
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_______ |
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Net current (liabilities)/assets |
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(
32,921) |
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33,073 |
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_______ |
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_______ |
Total assets less current liabilities |
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(
32,921) |
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33,073 |
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Creditors: amounts falling due |
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after more than one year |
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7 |
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(
38,567) |
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(
40,198) |
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_______ |
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_______ |
Net liabilities |
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(
71,488) |
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(
7,125) |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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2 |
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2 |
Profit and loss account |
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(
71,490) |
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(
7,127) |
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_______ |
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_______ |
Shareholders deficit |
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(
71,488) |
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(
7,125) |
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_______ |
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_______ |
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For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
26 February 2025
, and are signed on behalf of the board by:
M J Renwick
Director
Company registration number:
11097568
Spring Bank Development NW Ltd
Notes to the financial statements
Year ended 31 December 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Office 1, Marathon House, The Sidings Business Park, Whalley, Lancs, BB7 9SE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts at the reporting date show net liabilities of £71,488. The company required the continuing financial support of the directors which in there opinion was set to continue as long as it was required by the company. As such the accounts have been prepared on a going concern basis.
Turnover
Turnover is recognised net of any applicable Value Added Tax and represents the total which the company is legally entitled to receive within the period. This represents the value of plots which have been finalised and the sales completed by the reporting date. All deposits and amounts invoiced for plots yet to be completed are recorded as deferred income and recognised as a liability in other creditors.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Stocks
Stocks and work-in-progress comprises of costs incurred relating to plots yet to be sold at the reporting date. As set out in the Construction Contracts policy the company has looked to estimate the costs relating to the plots yet to be completed and these are retained within the stock and work in progress figures.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2021:
2
).
5.
Debtors
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2022 |
2021 |
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£ |
£ |
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Trade debtors |
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5,228 |
4,755 |
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Other debtors |
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1,144,646 |
1,890,292 |
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_______ |
_______ |
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1,149,874 |
1,895,047 |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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2022 |
2021 |
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£ |
£ |
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Bank loans and overdrafts |
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9,986 |
1,588,218 |
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Trade creditors |
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1,686 |
26,614 |
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Social security and other taxes |
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63,722 |
93,000 |
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Other creditors |
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1,108,428 |
906,265 |
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_______ |
_______ |
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1,183,822 |
2,614,097 |
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_______ |
_______ |
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7.
Creditors: amounts falling due after more than one year
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2022 |
2021 |
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£ |
£ |
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Bank loans and overdrafts |
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38,567 |
40,198 |
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_______ |
_______ |
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