| REGISTERED NUMBER: |
| Springfields (Enterprises) Limited |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| 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: |
| Secretary: |
| Registered office: |
| Registered number: |
| Senior statutory auditor: |
| Auditors: |
| 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 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities |
| Net assets |
| Capital and reserves |
| Called up share capital | 8 |
| Share premium | 9 |
| Retained earnings | 9 |
| Shareholders' funds |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 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 |
| 5. | Tangible fixed assets |
| Fixtures |
| Long | and |
| leasehold | fittings | Totals |
| £ | £ | £ |
| Cost |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| Depreciation |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| Net book value |
| At 31 December 2024 |
| At 31 December 2023 |
| 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 |
| VAT |
| Prepayments |
| 7. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Accruals and deferred income |
| 8. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary Shares | £1 | 100 | 100 |
| 9. | Reserves |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1 January 2024 | 90,452 |
| Profit for the year |
| Gift Aid paid to Springfields |
| Horticultural Society Ltd | ( |
) | ( |
) |
| At 31 December 2024 | 90,712 |
| 10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
| The Report of the auditors was unqualified. |
| for and on behalf of |
| 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. |