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REGISTERED NUMBER: 02874075 (England and Wales)














Springfields (Enterprises) Limited

Financial Statements

for the Year Ended 31 December 2024






Springfields (Enterprises) Limited (Registered number: 02874075)

Contents of the Financial Statements
for the Year Ended 31 December 2024










Page

Company information 1

Chairman's statement 2

Statement of financial position 3

Notes to the financial statements 4 to 8


Springfields (Enterprises) Limited

Company Information
for the Year Ended 31 December 2024







Directors: R Harman
A M Jansen
D E Reynolds
P A Ruysen



Secretary: M A Durose



Registered office: Springfields Festival Gardens
Camel Gate
Spalding
Lincolnshire
PE12 6EU



Registered number: 02874075 (England and Wales)



Senior statutory auditor: Heather Bright (FCA)



Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Springfields (Enterprises) Limited (Registered number: 02874075)

Chairman's Statement
for the Year Ended 31 December 2024


Turnover for the year, including all income from Springfields Events & Conference Centre, was £457,789 (2023 - £414,273), a year-on-year increase of 10.5%. After making the agreed accounting provisions related to capital allowances, the Directors are therefore able to approve a Gift-Aid payment of £47,000 to the parent charity (£15,517 provided in 2023). The business trading position for 2024 shows a small profit of £260 therefore resulting in the company's reserves increasing from £90,452 at 2023 to £90,712.

The Directors are committed to continue to support the Society's ambitions for Springfields Events & Conference Centre to maintain its position as one of the most popular venues in the area for hosting charity balls, fund-raising events, trade shows, conferences, business seminars and local community events.

The Directors would like to record their appreciation to the management and staff for their contribution throughout the year. It is expected that both they, and the business, will be able to continue in their efforts of making the best of the future opportunities that come along by continuing to provide professional and competitive event and hospitality services to all current and prospective customers.

Presented on behalf of the Directors of Springfields (Enterprises) Limited.




Adrian Jansen
Chairman

10 July 2025

Springfields (Enterprises) Limited (Registered number: 02874075)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 79,360 91,542

Current assets
Stocks 163 163
Debtors 6 26,071 28,358
Cash at bank and in hand 145,921 105,456
172,155 133,977
Creditors
Amounts falling due within one year 7 149,073 121,960
Net current assets 23,082 12,017
Total assets less current liabilities 102,442 103,559

Provisions for liabilities 11,630 13,007
Net assets 90,812 90,552

Capital and reserves
Called up share capital 8 100 100
Share premium 9 53,889 53,889
Retained earnings 9 36,823 36,563
Shareholders' funds 90,812 90,552

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:





A M Jansen - Director


Springfields (Enterprises) Limited (Registered number: 02874075)

Notes to the Financial Statements
for the Year Ended 31 December 2024


1. Statutory information

Springfields (Enterprises) 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparation
The financial statements have been prepared on the historical costs basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed 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.

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.

Springfields (Enterprises) Limited (Registered number: 02874075)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


3. Accounting policies - continued

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Defined contributions 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 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.

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:

Leasehold Property - 15% reducing balance/15% straight line
Fixtures & Fittings - 15% reducing balance

Springfields (Enterprises) Limited (Registered number: 02874075)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


3. Accounting policies - continued

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.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employees and directors

The average number of employees during the year was 3 (2023 - 6 ) .

5. Tangible fixed assets
Fixtures
Long and
leasehold fittings Totals
£    £    £   
Cost
At 1 January 2024 53,702 138,844 192,546
Additions - 2,065 2,065
At 31 December 2024 53,702 140,909 194,611
Depreciation
At 1 January 2024 13,612 87,392 101,004
Charge for year 6,426 7,821 14,247
At 31 December 2024 20,038 95,213 115,251
Net book value
At 31 December 2024 33,664 45,696 79,360
At 31 December 2023 40,090 51,452 91,542

Springfields (Enterprises) Limited (Registered number: 02874075)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 18,325 17,874
VAT 6,246 7,893
Prepayments 1,500 2,591
26,071 28,358

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 35,724 35,006
Amounts owed to group undertakings 73,921 30,063
Corporation tax 1,434 -
Accruals and deferred income 37,994 56,891
149,073 121,960

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary Shares £1 100 100

9. Reserves
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 36,563 53,889 90,452
Profit for the year 47,260 47,260
Gift Aid paid to Springfields
Horticultural Society Ltd (47,000 ) (47,000 )
At 31 December 2024 36,823 53,889 90,712

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Heather Bright (FCA) (Senior Statutory Auditor)
for and on behalf of Moore Thompson

11. Related party transactions

During the year £47,000 in Gift Aid donations were made to the parent charitable company (2023: £15,517).

All transactions undertaken between the group entities are done so on a commercial basis.

Springfields (Enterprises) Limited (Registered number: 02874075)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024


12. Ultimate controlling party

The company is a wholly owned subsidiary of Springfields Horticultural Society Limited, a company registered in England and Wales, with its registered office at Springfields Festival Gardens, Camel Gate, Spalding, England, PE12 6EU.