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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: M A Raja



REGISTERED OFFICE: 20 Lodwick
Shoeburyness
Essex
SS3 9HW



REGISTERED NUMBER: 09495542 (England and Wales)



AUDITORS: Alderton Accountancy Limited, Statutory Auditor
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:





M A Raja - Director


8 April 2025

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
M A Raja held office during the whole of the period from 1 September 2023 to the date of this report.

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:





M A Raja - Director


8 April 2025

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.




Jamil Raja (Senior Statutory Auditor)
for and on behalf of Alderton Accountancy Limited, Statutory Auditor
Chartered Certified Accountants
Registered Auditors
962 Eastern Avenue
Newbury Park
Ilford
Essex
IG2 7JD

8 April 2025

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 155,611 35,518
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 1,500,000 1,500,000
Investments 10 7,930,759 7,930,759
9,430,759 9,430,759

CURRENT ASSETS
Debtors 11 115,453 423,165
Cash at bank 355,856 227,161
471,309 650,326
CREDITORS
Amounts falling due within one year 12 1,628,519 805,958
NET CURRENT LIABILITIES (1,157,210 ) (155,632 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,273,549

9,275,127

CREDITORS
Amounts falling due after more than one
year

13

(6,550,153

)

(7,636,669

)

PROVISIONS FOR LIABILITIES 16 (171,313 ) (171,313 )
NET ASSETS 1,552,083 1,467,145

CAPITAL AND RESERVES
Called up share capital 17 12,000 12,000
Revaluation reserve 18 513,938 513,938
Retained earnings 18 1,026,145 941,207
SHAREHOLDERS' FUNDS 1,552,083 1,467,145

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 8 April 2025 and were signed by:





M A Raja - Director


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 12,000 972,052 555,053 1,539,105

Changes in equity
Total comprehensive income - (30,845 ) (41,115 ) (71,960 )
Balance at 31 August 2023 12,000 941,207 513,938 1,467,145

Changes in equity
Total comprehensive income - 84,938 - 84,938
Balance at 31 August 2024 12,000 1,026,145 513,938 1,552,083

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 50 years based on cost/revalued amount
Fixtures and fittings - 25% on reducing balance, 15% on reducing balance and 10% on cost

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 145 118

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 1,500,000
NET BOOK VALUE
At 31 August 2024 1,500,000
At 31 August 2023 1,500,000

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 7,930,759
NET BOOK VALUE
At 31 August 2024 7,930,759
At 31 August 2023 7,930,759

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Springfields Limited
Registered office: 20 Lodwick, Shoeburyness, Essex, SS3 9HW
Nature of business: Provision of health and social care services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,154,535 2,311,687
Profit/(loss) for the year 134,373 (41,469 )

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

Boscombe Care Homes Limited
Registered office: 20 Lodwick, Shoeburyness, Essex, SS3 9HW
Nature of business: Provision of health and social care services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (191,541 ) (295,807 )
Profit/(loss) for the year 104,266 (50,639 )

Fernbrook Care Homes Limited
Registered office: 20 Lodwick, Shoeburyness, Essex, SS3 9HW
Nature of business: Provision of health and social care services
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,912,109 1,907,013
Profit for the year 256,788 158,472


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 - - 115,453 423,165
Other debtors 33,266 14,366 - -
Payment on account to supplie 18,967 21,399 - -
135,553 289,727 115,453 423,165

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 34,376 34,376
Payments on account 24,475 24,459 - -
Trade creditors 146,706 84,006 12,151 662
Amounts owed to group undertakings - - 689,497 543,217
Tax 152,194 105,753 53,434 51,835
Social security and other taxes 115,851 124,391 51,431 30,993
Other creditors 301,055 295,042 176,875 130,000
Wages and salaries control 87,692 86,748 3,555 3,429
Directors' current accounts - 380 - -
Accrued expenses 658,736 127,039 607,200 11,446
1,521,085 882,194 1,628,519 805,958

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 3,718,343 3,874,324
Other loans (see note 14) 2,831,810 3,762,345 2,831,810 3,762,345
6,550,153 7,636,669 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 34,376 34,376
Amounts falling due between one and two years:
Bank loans - 1-2 years 183,465 183,465 183,465 183,465
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,534,878 3,690,859 3,534,878 3,690,859
Other loans - 2-5 years 256,200 248,000 256,200 248,000
3,791,078 3,938,859 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 3,752,719 3,908,700

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 171,313
Balance at 31 August 2024 171,313

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
12,000 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 941,207 513,938 1,455,145
Profit for the year 84,938 84,938
At 31 August 2024 1,026,145 513,938 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