Company Registration No. 13450502 (England and Wales)
SPRING CAPITAL GROUP HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
SPRING CAPITAL GROUP HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
SPRING CAPITAL GROUP HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
13,162,106
13,162,106
Current assets
Debtors
5
1
1
Cash at bank and in hand
2,253
9,699
2,254
9,700
Creditors: amounts falling due within one year
6
(8,937,157)
(8,856,207)
Net current liabilities
(8,934,903)
(8,846,507)
Total assets less current liabilities
4,227,203
4,315,599
Capital and reserves
Called up share capital
100,000
100,000
Share premium account
4,924,553
4,924,553
Profit and loss reserves
(797,350)
(708,954)
Total equity
4,227,203
4,315,599
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 April 2025 and are signed on its behalf by:
M I C Arthur
Director
Company Registration No. 13450502
SPRING CAPITAL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Spring Capital Group Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Basildon House, 7 Moorgate, London, United Kingdom, EC2R 6AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
SPRING CAPITAL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
13,162,106
13,162,106
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2023 & 31 July 2024
13,162,106
Carrying amount
At 31 July 2024
13,162,106
At 31 July 2023
13,162,106
4
Subsidiaries
Details of the company's subsidiaries at 31 July 2024 are as follows:
SPRING CAPITAL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
4
Subsidiaries
(Continued)
- 4 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Kashmir Holdings Limited
Anson Court La Route des Camps St Martin Guernsey GY4
6AD
Ordinary
100.00
-
Spring Capital Partners Limited
Basildon House 7 Moorgate London England EC2R 6AF
Ordinary
-
100.00
Spring Capital Partners GmbH
Opernplatz 14 60313 Frankfurt a. Main Germany
Ordinary
100.00
-
Spring Capital Partners AB
Strandvägen 7A 114 56 Stockholm Sweden
Ordinary
100.00
-
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1
1
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
720
Amounts owed to group undertakings
8,577,537
7,822,537
Other creditors
358,900
1,033,670
8,937,157
8,856,207
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Russell Nathan.
The auditor was HW Fisher Audit.
8
Related party transactions
Included in creditors falling due within one year is an amount of £350,000 (2023: £350,000) owed to a director.