| REGISTERED NUMBER: 09495542 (England and Wales) |
| Group Strategic Report, |
| Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Springfield Holdings Limited |
| REGISTERED NUMBER: 09495542 (England and Wales) |
| Group Strategic Report, |
| Report of the Director and |
| Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Springfield Holdings Limited |
| Springfield Holdings Limited (Registered number: 09495542) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 5 |
| Report of the Independent Auditors | 6 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Statement of Financial Position | 11 |
| Company Statement of Financial Position | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Notes to the Consolidated Financial Statements | 15 |
| Springfield Holdings Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Certified Accountants |
| Registered Auditors |
| 962 Eastern Avenue |
| Newbury Park |
| Ilford |
| Essex |
| IG2 7JD |
| BANKERS: | Barclays Bank |
| Southend-On-Sea |
| Lecicestershire |
| Leicestershire |
| LE87 2BB |
| Springfield Holdings Limited (Registered number: 09495542) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| The director presents his strategic report of the company and the group for the year ended 31 August 2024. |
| REVIEW OF BUSINESS |
| Springfield Holdings Limited (the Company) is a holding company within a collection of its wholly owned subsidiaries named Springfields Limited, Fernbrook Care Homes Limited and Boscombe Care Homes Limited. The group operates within the health and social care sector markets with its focus on providing elderly care. Funding is raised through local authorities and private funders. The subsidiaries of Springfield Holdings Limited hold and operate the trade, assets and central support functions. |
| Springfield Holdings Limited continued its upward momentum during the year, increasing overall turnover from £4.9 million to £5.6 million. The group-which encompasses Springfields Limited, Fernbrook Care Homes Limited, and Boscombe Care Homes Limited-benefited from solid occupancy levels, a stable blend of local authority and private funding, and consistent delivery of high-quality care. Management pursued a resident-focused approach by implementing targeted training, continuous professional development, and clear performance benchmarks. These efforts translated into positive resident feedback, strong staff morale, and an enhanced reputation in local communities. |
| FINANCIAL BUSINESS REVIEW |
| Financially, the group demonstrated a healthy performance underpinned by strategic cost management and prudent operational spending. Highlights include: |
| Turnover and Margin: Turnover rose by approximately 14%, reflecting both higher occupancy and effective fee structures. The gross profit margin, which increased to 38.2% (PY: 36.9%), underscores the success of optimised procurement and efficient staffing models. |
| Investment in Growth: With rising revenue, Springfield Holdings Limited continued to reinvest in both workforce development and facility enhancements. This approach ensures that, even as operating costs are carefully managed, funds are allocated to initiatives that drive quality improvements and long-term service sustainability. |
| Liquidity and Capital Structure: The group maintained adequate working capital, proactively monitoring debt levels and covenants to preserve a balanced financial position. Steady cash flow enabled Springfield Holdings Limited to explore strategic opportunities, including potential collaborations and expansions. |
| Forward Momentum: By focusing on quality care, staff retention, and operational excellence, the group is well positioned for ongoing financial resilience. Any surplus is strategically deployed to upgrade facilities, introduce new technologies, and support comprehensive training programmes, thereby fostering future growth. |
| Springfield Holdings Limited (Registered number: 09495542) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Staffing and Retention |
| Securing qualified professionals remains a priority in a competitive labour market. Springfield Holdings Limited addresses this by offering structured career pathways, continuing professional development, and competitive compensation. |
| Occupancy and Competition |
| The company's ability to maintain strong occupancy rates in each home is closely tied to its reputation, quality standards, and local networking. Targeted marketing efforts and ongoing improvements to resident experience help the group stay ahead of regional competitors. |
| Regulatory Compliance and Governance |
| All homes operate in accordance with the Care Quality Commission (CQC) framework. Rigorous internal monitoring and board-level oversight ensure full compliance. Corporate governance adheres to the Companies Act 2006, with directors fulfilling their fiduciary and statutory duties through regular reporting, conflict-of-interest checks, and transparent decision-making. |
| Financial Management |
| The board frequently reviews liquidity, credit arrangements, and loan covenants, ensuring the group's financial standing remains robust. This vigilance allows Springfield Holdings Limited to capitalise on new opportunities and adjust to changing market conditions without compromising financial stability. |
| Springfield Holdings Limited (Registered number: 09495542) |
| Group Strategic Report |
| for the Year Ended 31 August 2024 |
| FUTURE DEVELOPMENTS |
| The Board has identified several avenues for sustained advancement over the coming year: |
| Selective Service Expansion |
| Management will investigate opportunities for measured growth, potentially through acquisitions or collaborations with complementary care providers. Any expansion will remain aligned with Springfield Holdings Limited's commitment to delivering excellent resident outcomes. |
| Staff Empowerment |
| The group intends to further refine staff training programmes, enhancing skills in specialist care areas and leadership development. These efforts strengthen employee engagement and underpin the consistently high service standards residents have come to expect. |
| Innovation and Quality Improvement |
| Ongoing investment in modern care technologies-such as digital documentation systems and resident engagement platforms-will help streamline internal processes. By embracing evidence-based best practices, the group anticipates further enhancements to both care quality and operational efficiency. |
| Facility Upgrades |
| Plans are in place to allocate capital towards refurbishing communal spaces, updating clinical equipment, and improving IT infrastructure. These upgrades aim to enrich the resident experience, facilitate staff productivity, and maintain regulatory excellence. |
| Through this blend of prudent financial stewardship, staff-focused initiatives, and resident-centred care, Springfield Holdings Limited is poised for continued success. The group remains committed to building on its solid foundations, expanding services responsibly, and upholding the high standards that distinguish it within the health and social care sector. |
| ON BEHALF OF THE BOARD: |
| Springfield Holdings Limited (Registered number: 09495542) |
| Report of the Director |
| for the Year Ended 31 August 2024 |
| The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the provision of health and social care services to private clients and local authorities, focused on the continued development of residential care services. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 August 2024. |
| DIRECTOR |
| DONATIONS AND EXPENDITURE |
| Charitable donations during the year amounted to £691.80 (2023: £390.72) |
| STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Alderton Accountancy Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Springfield Holdings Limited |
| Opinion |
| We have audited the financial statements of Springfield Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Springfield Holdings Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| - Enquiry of management around actual and potential litigation and claims, and any know instances of non-compliance; |
| - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and |
| - Reviewing our work throughout the audit file for evidence of non-compliance. |
| Due to factors such as the use of judgement, sample testing and the inherent limitations of internal control, these procedures are capable of obtaining reasonable, but not absolute, assurance that irregularities have been detected. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Springfield Holdings Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Certified Accountants |
| Registered Auditors |
| 962 Eastern Avenue |
| Newbury Park |
| Ilford |
| Essex |
| IG2 7JD |
| Springfield Holdings Limited (Registered number: 09495542) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 5,631,570 | 4,984,027 |
| Cost of sales | 3,476,841 | 3,140,634 |
| GROSS PROFIT | 2,154,729 | 1,843,393 |
| Administrative expenses | 625,072 | 878,033 |
| 1,529,657 | 965,360 |
| Other operating income | 22,919 | 18,580 |
| OPERATING PROFIT | 4 | 1,552,576 | 983,940 |
| Interest payable and similar expenses | 5 | 1,350,524 | 940,865 |
| PROFIT BEFORE TAXATION | 202,052 | 43,075 |
| Tax on profit | 6 | 46,441 | 7,557 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 155,611 | 35,518 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 155,611 | 35,518 |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of properties |
| Income tax relating to other comprehensive income |
- |
(137,457 |
) |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(137,457 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
155,611 |
(101,939 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | 155,611 | (101,939 | ) |
| Springfield Holdings Limited (Registered number: 09495542) |
| Consolidated Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 | 3,711,186 | 3,711,186 |
| Tangible assets | 9 | 5,545,196 | 5,552,529 |
| Investments | 10 | - | - |
| 9,256,382 | 9,263,715 |
| CURRENT ASSETS |
| Debtors | 11 | 135,553 | 289,727 |
| Cash at bank and in hand | 635,315 | 765,822 |
| 770,868 | 1,055,549 |
| CREDITORS |
| Amounts falling due within one year | 12 | 1,521,085 | 882,194 |
| NET CURRENT (LIABILITIES)/ASSETS | (750,217 | ) | 173,355 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
8,506,165 |
9,437,070 |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
(6,550,153 |
) |
(7,636,669 |
) |
| PROVISIONS FOR LIABILITIES | 16 | (593,258 | ) | (593,258 | ) |
| NET ASSETS | 1,362,754 | 1,207,143 |
| CAPITAL AND RESERVES |
| Called up share capital | 17 | 12,000 | 12,000 |
| Revaluation reserve | 18 | 344,499 | 344,499 |
| Retained earnings | 18 | 1,006,255 | 850,644 |
| SHAREHOLDERS' FUNDS | 1,362,754 | 1,207,143 |
| The financial statements were approved by the director and authorised for issue on 8 April 2025 and were signed by: |
| M A Raja - Director |
| Springfield Holdings Limited (Registered number: 09495542) |
| Company Statement of Financial Position |
| 31 August 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 8 |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 11 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Revaluation reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| Company's profit/(loss) for the financial year |
84,938 |
(30,845 |
) |
| The financial statements were approved by the director and authorised for issue on |
| Springfield Holdings Limited (Registered number: 09495542) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 | 12,000 | 815,126 | 481,956 | 1,309,082 |
| Changes in equity |
| Total comprehensive income | - | 35,518 | (137,457 | ) | (101,939 | ) |
| Balance at 31 August 2023 | 12,000 | 850,644 | 344,499 | 1,207,143 |
| Changes in equity |
| Total comprehensive income | - | 155,611 | - | 155,611 |
| Balance at 31 August 2024 | 12,000 | 1,006,255 | 344,499 | 1,362,754 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 August 2024 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 September 2022 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) | ( |
) |
| Balance at 31 August 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 August 2024 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Springfield Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Significant judgements and estimates |
| In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| A full year's depreciation is charged in the year an asset is purchased, and no depreciation is charged in the year of its disposal. |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. |
| All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 2,507,381 | 2,399,590 |
| Social security costs | 203,041 | 189,535 |
| Other pension costs | 47,318 | 41,621 |
| 2,757,740 | 2,630,746 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Average Number of employees |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration | - | - |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets | 7,333 | 7,737 |
| Goodwill amortisation | - | 226,000 |
| Auditors' remuneration | 31,154 | 17,400 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest | 316,772 | 269,926 |
| Interest on loan - RBR | 917,352 | 567,352 |
| Interest on loan - RBR2 | 116,400 | 97,600 |
| Interest on overdue tax | - | 5,987 |
| 1,350,524 | 940,865 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 46,441 | 7,557 |
| Tax on profit | 46,441 | 7,557 |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 31 August 2024. |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of properties | - | (137,457 | ) | (137,457 | ) |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 | 4,481,186 |
| AMORTISATION |
| At 1 September 2023 |
| and 31 August 2024 | 770,000 |
| NET BOOK VALUE |
| At 31 August 2024 | 3,711,186 |
| At 31 August 2023 | 3,711,186 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 September 2023 |
| and 31 August 2024 | 5,535,679 | 198,385 | 5,734,064 |
| DEPRECIATION |
| At 1 September 2023 | - | 181,535 | 181,535 |
| Charge for year | - | 7,333 | 7,333 |
| At 31 August 2024 | - | 188,868 | 188,868 |
| NET BOOK VALUE |
| At 31 August 2024 | 5,535,679 | 9,517 | 5,545,196 |
| At 31 August 2023 | 5,535,679 | 16,850 | 5,552,529 |
| Included in cost or valuation of land and buildings is freehold land of £2,700,000 (2023 - £2,700,000) which is not depreciated. |
| Cost or valuation at 31 August 2024 is represented by: |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| Valuation in 2022 | 932,833 | - | 932,833 |
| Cost | 4,602,846 | 198,385 | 4,801,231 |
| 5,535,679 | 198,385 | 5,734,064 |
| Freehold land and buildings were valued on an open market basis on 31 August 2022 by Director . |
| The Director is of the opinion that the carrying amount of freehold land and buildings reflect their fair value. |
| Company |
| Freehold |
| property |
| £ |
| COST OR VALUATION |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Included in cost or valuation of land and buildings is freehold land of £ 600,000 (2023 - £ 600,000 ) which is not depreciated. |
| Cost or valuation at 31 August 2024 is represented by: |
| Freehold |
| property |
| £ |
| Valuation in 2022 | 685,250 |
| Cost | 814,750 |
| 1,500,000 |
| Freehold land and buildings were valued on an open market basis on 31 August 2022 by the Director . |
| The Director is of the opinion that the carrying amount of freehold land and buildings reflect their fair value. |
| 10. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: 20 Lodwick, Shoeburyness, Essex, SS3 9HW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit/(loss) for the year | ( |
) |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 20 Lodwick, Shoeburyness, Essex, SS3 9HW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit/(loss) for the year | ( |
) |
| Registered office: 20 Lodwick, Shoeburyness, Essex, SS3 9HW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| The above represents investment in Springfields Limited, Boscombe Care Homes Limited and Fernbrook Care Homes Limited. All the companies are incorporated in England and Wales. Springfield Holdings Limited acquired 1,960 shares of Springfields Limited, 100 shares of Bosecombe Care Homes Limited and 100 shares of Fernbrook Care Homes Limited. |
| The value of investments in the financial statements are stated at cost. |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 83,320 | 253,962 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 33,266 | 14,366 |
| Payment on account to supplie | 18,967 | 21,399 | - | - |
| 135,553 | 289,727 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 14) | 34,376 | 34,376 |
| Payments on account | 24,475 | 24,459 |
| Trade creditors | 146,706 | 84,006 |
| Amounts owed to group undertakings | - | - |
| Tax | 152,194 | 105,753 |
| Social security and other taxes | 115,851 | 124,391 |
| Other creditors | 301,055 | 295,042 |
| Wages and salaries control | 87,692 | 86,748 | 3,555 | 3,429 |
| Directors' current accounts | - | 380 | - | - |
| Accrued expenses | 658,736 | 127,039 |
| 1,521,085 | 882,194 |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 14) | 3,718,343 | 3,874,324 |
| Other loans (see note 14) | 2,831,810 | 3,762,345 |
| 6,550,153 | 7,636,669 |
| 14. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or | on demand: |
| Bank loans | 34,376 | 34,376 |
| Amounts falling due between one and | two years: |
| Bank loans - 1-2 years | 183,465 | 183,465 |
| Amounts falling due between two and | five years: |
| Bank loans - 2-5 years | 3,534,878 | 3,690,859 |
| Other loans - 2-5 years | 256,200 | 248,000 |
| 3,791,078 | 3,938,859 |
| Amounts falling due in more than five | years: |
| Repayable otherwise than by instalments |
| Other loans more 5yrs non-inst | 2,575,610 | 3,514,345 | 2,575,610 | 3,514,345 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 14. | LOANS - continued |
| The Group obtained a loan from the Bank in June 2022. As of the year-end, the outstanding balance was £3,752,720 (2023: £3,908,701.00). The loan carries an interest rate of 8.2% per annum and is repayable over 25 years. |
| The Group borrowed a loan from RBR Property Investments Limited, a company connected with the Director. The balance of this loan outstanding as at the year end was £2,575,610 (2023: £3,514,345). This loan carries an interest rate of 5% per annum and is repayable by year 2030. |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Company |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 16. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 593,258 | 593,258 | 171,313 | 171,313 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 | 593,258 |
| Revaluation of properties |
| Balance at 31 August 2024 | 593,258 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2023 |
| Balance at 31 August 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1 | 12,000 | 12,000 |
| Springfield Holdings Limited (Registered number: 09495542) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 18. | RESERVES |
| Group |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2023 | 850,644 | 344,499 | 1,195,143 |
| Profit for the year | 155,611 | 155,611 |
| At 31 August 2024 | 1,006,255 | 344,499 | 1,350,754 |
| Company |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 September 2023 | 1,455,145 |
| Profit for the year |
| At 31 August 2024 | 1,540,083 |
| 19. | RELATED PARTY DISCLOSURES |
| Top Care Homes Limited: a company under common Directorship |
| 2024 | 2023 |
| £ | £ |
| Amount due to related party | - | 248,000 |