REGISTERED NUMBER: 04436728 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2024

for

Springbourne Homes Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A C Burr

REGISTERED OFFICE:

1st Floor Bosworth Marina

Carlton Road

Market Bosworth

Nuneaton

Warwickshire

CV13 6PG

REGISTERED NUMBER:

04436728 (England and Wales)

ACCOUNTANTS:

Gopsall Services Limited

First Floor

7 Marina Court

Maple Drive

Hinckley

LE10 3BF

FIXED ASSETS

Tangible assets

4

67,221

89,628

Investments

5

1,999,432

2,647,092

2,066,653

2,736,720

CURRENT ASSETS

Stocks

6

5,060,146

4,749,786

Debtors

7

858,283

905,312

Cash at bank and in hand

11,431

43,160

5,929,860

5,698,258

CREDITORS

Amounts falling due within one year

8

2,581,128

1,901,409

NET CURRENT ASSETS

3,348,732

3,796,849

TOTAL ASSETS LESS CURRENT LIABILITIES

5,415,385

6,533,569

CREDITORS

Amounts falling due after more than one year

9

2,540,315

2,489,475

NET ASSETS

2,875,070

4,044,094

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,874,970

4,043,994

2,875,070

4,044,094

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 September 2025 and were signed by:

A C Burr - Director

1.	STATUTORY INFORMATION

Springbourne Homes 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.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern

The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the approval of the financial statements.The directors have concluded that there are no material uncertainties about the company's ability to continue as a going concern and they are satisfied that the company has adequate resources to continue to meet its liabilities as they fall due and, therefore, that it remains appropriate to continue to adopt going concern basis of accounting in the preparation of the financial statements.

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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures, fittings and equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchases, transport and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments

Fixed asset investments are considered to be a collection and are recognised at the lower of cost and fair value where a reliable fair value can be established. Where a reliable fair value cannot be established, the collection is recognised at the lower of cost and cost less impairment .The value of each asset class is established by independent valuation as a collection.

Going concern

The directors assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the approval of the financial statements.

The directors have concluded that there are no material uncertainties about the company's ability to continue as a going concern and they are satisfied that the company has adequate resources to continue to meet its liabilities as they fall due and, therefore, that it remains appropriate to continue to adopt going concern basis of accounting in the preparation of the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

and

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

COST

At 1 June 2023

and 31 May 2024

17,815

9,010

130,144

156,969

DEPRECIATION

At 1 June 2023

17,815

8,513

41,013

67,341

Charge for year

-

124

22,283

22,407

At 31 May 2024

17,815

8,637

63,296

89,748

NET BOOK VALUE

At 31 May 2024

-

373

66,848

67,221

At 31 May 2023

-

497

89,131

89,628

The net book value of tangible fixed assets includes £66,568 (2023 - £88,758) in respect of fixed assets held under hire purchase contracts.

5.	FIXED ASSET INVESTMENTS

Fixed

asset

Other

investment

investments

Totals

£

£

£

COST OR VALUATION

At 1 June 2023

2,647,089

3

2,647,092

Additions

12,088

-

12,088

Disposals

(147,695

)

-

(147,695

)

Impairments

(512,053

)

-

(512,053

)

At 31 May 2024

1,999,429

3

1,999,432

NET BOOK VALUE

At 31 May 2024

1,999,429

3

1,999,432

At 31 May 2023

2,647,089

3

2,647,092

Cost or valuation at 31 May 2024 is represented by:

Fixed

asset

Other

investment

investments

Totals

£

£

£

Valuation in 2024

(601,482

)

-

(601,482

)

Cost

2,600,911

3

2,600,914

1,999,429

3

1,999,432

Tangible fixed asset investments are valued at fair value, based on the director's knowledge of the assets and their market.

The net book value of tangible fixed asset investments includes £566,261 (2023 - £357,000) in respect of investment assets held under hire purchase contracts.

Other investments relates to shares in a subsidiary undertaking, which are held at cost.

6.

STOCKS

31.5.24

31.5.23

£

£

Work-in-progress

5,060,146

4,749,786

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.24

31.5.23

£

£

Trade debtors

1,334

5,641

Amounts owed by group undertakings

549,837

721,879

Other debtors

110,000

145,000

Taxation recoverable

-

19,067

Deferred tax asset

128,915

2,141

Prepayments

68,197

11,584

858,283

905,312

Included within other debtors is £75,000 (2023: £75,000) which represents a loan to a third party, which is secured by a second charge on the freehold property belonging to the third party. In the opinion of the directors, the loan is recoverable in full.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.24

31.5.23

£

£

Other loans

1,689,044

1,345,990

Hire purchase contracts (see note 10)

177,966

63,702

Trade creditors

114,229

138,124

Tax

100

-

Social security and other taxes

22,152

13,506

VAT

7,600

2,101

Directors' current accounts

274,621

325,020

Accruals and deferred income

295,416

12,966

2,581,128

1,901,409

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.24

31.5.23

£

£

Hire purchase contracts (see note 10)

289,144

238,600

Amounts owed to participating interests

2,251,171

2,250,875

2,540,315

2,489,475

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.5.24

31.5.23

£

£

Net obligations repayable:

Within one year

177,966

63,702

Between one and five years

289,144

238,600

467,110

302,302

Non-cancellable

operating leases

31.5.24

31.5.23

£

£

Within one year

19,209

45,388

Between one and five years

-

19,209

19,209

64,597

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.24

31.5.23

£

£

Other loans

1,689,044

1,345,990

Hire purchase contracts

467,110

302,302

2,156,154

1,648,292

There are various charges held against the property and undertaking of the company, more information may be found on the companies house website.

Hire purchase contracts have been secured over assets of the company.

12.	PENSION COMMITMENTS

Pension commitments outstanding at the balance sheet date were £1,998 (2023 - £2,612).

13.	RELATED PARTY DISCLOSURES

Mr AC Burr is a director and shareholder of Springbourne Developments Limited. Included in amounts owed to participating interests is a loan due to Springbourne Developments Limited of £506,096 (2023: £506,096). No interest was charged on this loan.

Included in the amounts owed to participating interests is a loan of £905,284 (2023: £910,945) due to Mr MG Burr. Mr MG Burr is the brother of Mr AC Burr, director of the company. No interest was charged on this loan.

Also included in the amounts owed to participating interests is a loan of £833,834 (2023: £833,834) due to P.P.& B. (Hinckley) Limited. Mr MG Burr is a director and shareholder of P.P.& B. (Hinckley) Limited. No interest was charged on this loan.

Included in the amounts owed to participating interests is a loan of £5,957 (2023: £nil) due to Mrs P Burr. Mrs P Burr is the mother of Mr AC Burr, director of the company. No interest was charged on this loan.

14.	CAPITALISATION OF BORROWING COSTS

Borrowing costs that relate to property are capitalised as Work-in-Progress and released upon sale of the property. These costs amounted to £160,299 (2023 - £331,315).