29 false false false false false false false false false false true false false false false false true No description of principal activity 2023-08-31 Sage Accounts Production Advanced 2024 - FRS102_2024 xbrli:pure xbrli:shares iso4217:GBP NI003360 2023-08-31 2024-08-30 NI003360 2024-08-30 NI003360 2023-08-30 NI003360 2022-08-31 2023-08-30 NI003360 2023-08-30 NI003360 2022-08-30 NI003360 core:LandBuildings core:LongLeaseholdAssets 2023-08-31 2024-08-30 NI003360 core:PlantMachinery 2023-08-31 2024-08-30 NI003360 core:FurnitureFittings 2023-08-31 2024-08-30 NI003360 core:MotorVehicles 2023-08-31 2024-08-30 NI003360 bus:RegisteredOffice 2023-08-31 2024-08-30 NI003360 bus:OrdinaryShareClass1 2023-08-31 2024-08-30 NI003360 bus:LeadAgentIfApplicable 2023-08-31 2024-08-30 NI003360 bus:Director6 2023-08-31 2024-08-30 NI003360 bus:Director8 2023-08-31 2024-08-30 NI003360 bus:Director9 2023-08-31 2024-08-30 NI003360 bus:CompanySecretary1 2023-08-31 2024-08-30 NI003360 core:WithinOneYear 2024-08-30 NI003360 core:WithinOneYear 2023-08-30 NI003360 core:LandBuildings 2023-08-30 NI003360 core:PlantMachinery 2023-08-30 NI003360 core:FurnitureFittings 2023-08-30 NI003360 core:MotorVehicles 2023-08-30 NI003360 core:LandBuildings 2024-08-30 NI003360 core:PlantMachinery 2024-08-30 NI003360 core:FurnitureFittings 2024-08-30 NI003360 core:MotorVehicles 2024-08-30 NI003360 core:LandBuildings 2023-08-31 2024-08-30 NI003360 core:AfterOneYear 2024-08-30 NI003360 core:AfterOneYear 2023-08-30 NI003360 core:ShareCapital 2024-08-30 NI003360 core:ShareCapital 2023-08-30 NI003360 core:RetainedEarningsAccumulatedLosses 2024-08-30 NI003360 core:RetainedEarningsAccumulatedLosses 2023-08-30 NI003360 core:BetweenOneFiveYears 2024-08-30 NI003360 core:BetweenOneFiveYears 2023-08-30 NI003360 core:AcceleratedTaxDepreciationDeferredTax 2024-08-30 NI003360 core:AcceleratedTaxDepreciationDeferredTax 2023-08-30 NI003360 core:LandBuildings 2023-08-30 NI003360 core:PlantMachinery 2023-08-30 NI003360 core:FurnitureFittings 2023-08-30 NI003360 core:MotorVehicles 2023-08-30 NI003360 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-08-30 NI003360 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-08-30 NI003360 core:DeferredTaxation 2023-08-30 NI003360 core:DeferredTaxation 2024-08-30 NI003360 bus:Director1 2023-08-31 2024-08-30 NI003360 bus:SmallEntities 2023-08-31 2024-08-30 NI003360 bus:AuditExemptWithAccountantsReport 2023-08-31 2024-08-30 NI003360 bus:SmallCompaniesRegimeForAccounts 2023-08-31 2024-08-30 NI003360 bus:PrivateLimitedCompanyLtd 2023-08-31 2024-08-30 NI003360 bus:FullAccounts 2023-08-31 2024-08-30 NI003360 bus:OrdinaryShareClass1 2024-08-30 NI003360 bus:OrdinaryShareClass1 2023-08-30
COMPANY REGISTRATION NUMBER: NI003360
Springco (N.I.) Limited
Filleted Unaudited Financial Statements
30 August 2024
Springco (N.I.) Limited
Financial Statements
Year ended 30 August 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Springco (N.I.) Limited
Officers and Professional Advisers
The board of directors
Mr K Kent
Mr C Jordan
Ms U Magee
Company secretary
Mr K Kent
Registered office
21 Carn Road
Carn Industrial Estate
Portadown
Northern Ireland
BT63 5WG
Accountants
FEB Chartered Accountants
Chartered accountants
Linenhall Exchange
1st Floor,
26 Linenhall Street
Belfast
Northern Ireland
BT2 8BG
Bankers
Bank of Ireland
13 Market Street
Lurgan
BT66 6AR
Solicitors
MKB Law
11-18 Great Victoria Street
Belfast
BT2 7BA
Springco (N.I.) Limited
Statement of Financial Position
30 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
645,060
709,433
Current assets
Stocks
6
1,602,671
1,529,345
Debtors
7
2,173,335
2,020,480
Cash at bank and in hand
180,889
84,150
------------
------------
3,956,895
3,633,975
Creditors: amounts falling due within one year
8
943,667
611,801
------------
------------
Net current assets
3,013,228
3,022,174
------------
------------
Total assets less current liabilities
3,658,288
3,731,607
Creditors: amounts falling due after more than one year
9
104,971
148,864
Provisions
Taxation including deferred tax
11
135,116
135,116
Other provisions
11
19,160
---------
---------
135,116
154,276
------------
------------
Net assets
3,418,201
3,428,467
------------
------------
Capital and reserves
Called up share capital
15
100,000
100,000
Profit and loss account
16
3,318,201
3,328,467
------------
------------
Shareholders funds
3,418,201
3,428,467
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Springco (N.I.) Limited
Statement of Financial Position (continued)
30 August 2024
These financial statements were approved by the board of directors and authorised for issue on 14 April 2025 , and are signed on behalf of the board by:
Mr K Kent
Director
Company registration number: NI003360
Springco (N.I.) Limited
Notes to the Financial Statements
Year ended 30 August 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 21 Carn Road, Carn Industrial Estate, Portadown, BT63 5WG, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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
-
7% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Computer equipment
-
33 % straight line
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.
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. Work in progress Work in progress is valued on the basis of direct costs based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 24 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 31 Aug 2023
41,844
1,980,450
45,898
10,195
198,769
2,277,156
Additions
746
51,364
2,473
8,164
62,747
--------
------------
--------
--------
---------
------------
At 30 Aug 2024
42,590
2,031,814
48,371
10,195
206,933
2,339,903
--------
------------
--------
--------
---------
------------
Depreciation
At 31 Aug 2023
34,453
1,315,017
35,483
4,650
178,120
1,567,723
Charge for the year
752
112,195
1,442
1,386
11,345
127,120
--------
------------
--------
--------
---------
------------
At 30 Aug 2024
35,205
1,427,212
36,925
6,036
189,465
1,694,843
--------
------------
--------
--------
---------
------------
Carrying amount
At 30 Aug 2024
7,385
604,602
11,446
4,159
17,468
645,060
--------
------------
--------
--------
---------
------------
At 30 Aug 2023
7,391
665,433
10,415
5,545
20,649
709,433
--------
------------
--------
--------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 August 2024
444,936
---------
At 30 August 2023
523,413
---------
6. Stocks
2024
2023
£
£
Raw materials and consumables
963,847
1,138,452
Work in progress
142,700
171,842
Finished goods and goods for resale
496,124
219,051
------------
------------
1,602,671
1,529,345
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
355,734
295,114
Amounts owed by group undertakings
1,745,135
1,633,390
Amounts owed by undertakings in which the company has a participating interest
27,122
21,122
Prepayments and accrued income
23,940
17,632
Other debtors
21,404
53,222
------------
------------
2,173,335
2,020,480
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
267,365
267,071
Trade creditors
435,302
89,644
Amounts owed to group undertakings
27,000
27,000
Accruals and deferred income
26,790
26,764
Corporation tax
86,912
69,513
Social security and other taxes
66,718
58,028
Obligations under finance leases and hire purchase contracts
33,580
73,781
---------
---------
943,667
611,801
---------
---------
Bank loans, overdrafts and debtor financing facilities are secured by charges over the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,907
18,220
Obligations under finance leases and hire purchase contracts
97,064
130,644
---------
---------
104,971
148,864
---------
---------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
33,580
73,781
Later than 1 year and not later than 5 years
97,064
130,644
---------
---------
130,644
204,425
---------
---------
11. Provisions
Deferred tax (note 12)
User defined class 1
Total
£
£
£
At 31 August 2023
135,116
19,160
154,276
Charge against provision
( 19,160)
( 19,160)
---------
--------
---------
At 30 August 2024
135,116
135,116
---------
--------
---------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
135,116
135,116
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
135,116
135,116
---------
---------
13. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 27,137 (2023: £ 21,119 ).
14. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants recognised directly in income
19,160
19,160
--------
--------
15. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
---------
---------
---------
---------
16. Reserves
The profit and loss account reserve records retained earnings and accumulated losses.
17. Contingencies
Government grants Under the terms of an Invest Northern Ireland letter of offer, there is a contingent liability to repay a portion of capital and revenue grants on the occurrence of certain events. Bank guarantee The company has guaranteed borrowings of the parent company Technical Metals Limited and fellow subsidiary Abbicoil Springs Limited, which are supported by fixed and floating charges over the assets of the company. At 31 August 2024, the total amount of bank loans and overdrafts, which were subject to this arrangement was £356,144 (2023: £380,511).
18. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Technical Metals Limited
111,745
110,567
1,745,135
1,633,390
Abbicoil Springs Limited
( 27,000)
( 27,000)
Coric Developments Limited
6,000
27,122
21,122
---------
---------
------------
------------
The above companies are related by virtue of the same directors and same ultimate shareholder.
19. Controlling party
The company is a wholly owned subsidiary of Technical Metals Limited, a company incorporated in Northern Ireland. The ultimate controlling party is Mrs AM Callaghan who is a director and sole shareholder of the parent company, Technical Metals Limited.