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COMPANY REGISTRATION NUMBER: 12181118
Spring Yard Ltd
Filleted Unaudited Financial Statements
31 August 2024
Spring Yard Ltd
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
87,784
94,417
Current assets
Stocks
6,000
6,000
Debtors
6
65,959
6,428
Cash at bank and in hand
3,470
32,473
-------
-------
75,429
44,901
Creditors: amounts falling due within one year
7
110,569
68,889
---------
-------
Net current liabilities
35,140
23,988
-------
-------
Total assets less current liabilities
52,644
70,429
Creditors: amounts falling due after more than one year
8
11,696
18,214
-------
-------
Net assets
40,948
52,215
-------
-------
Capital and reserves
Called up share capital
9
3
3
Profit and loss account
40,945
52,212
-------
-------
Shareholders funds
40,948
52,215
-------
-------
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.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Spring Yard Ltd
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 22 April 2025 , and are signed on behalf of the board by:
Mr JR Roberts
Mr BS Smith
Director
Director
Company registration number: 12181118
Spring Yard Ltd
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Tap & Barrel, 42 Waingate, Sheffield, S3 8LB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 September 2023
5,530
148,983
6,495
161,008
Additions
11,696
11,696
------
---------
-------
---------
At 31 August 2024
5,530
148,983
18,191
172,704
------
---------
-------
---------
Depreciation
At 1 September 2023
2,133
59,425
5,033
66,591
Charge for the year
509
13,434
4,386
18,329
------
---------
-------
---------
At 31 August 2024
2,642
72,859
9,419
84,920
------
---------
-------
---------
Carrying amount
At 31 August 2024
2,888
76,124
8,772
87,784
------
---------
-------
---------
At 31 August 2023
3,397
89,558
1,462
94,417
------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
59,288
1,033
Other debtors
6,671
5,395
-------
------
65,959
6,428
-------
------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
52,077
10,056
Trade creditors
36,147
17,941
Social security and other taxes
5,247
5,544
Loan - Freedom Brewery
5,113
5,113
Other creditors
11,985
30,235
---------
-------
110,569
68,889
---------
-------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,696
18,214
-------
-------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
----
----
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