Registration number: 10136230

Foundspring Ltd

(Registration number: 10136230)

Balance Sheet as at 30 April 2025

	Note	2025 £	As restated 2024 £
Fixed assets
Tangible assets	3	39,594	52,792
Investment properties	4	512,000	512,000
Other financial assets	5	82	82
		551,676	564,874
Current assets
Debtors	6	982,710	1,053,280
Cash at bank and in hand		2,706	4,091
		985,416	1,057,371
Creditors: Amounts falling due within one year	7	(1,093,251)	(1,136,624)
Net current liabilities		(107,835)	(79,253)
Total assets less current liabilities		443,841	485,621
Creditors: Amounts falling due after more than one year	7	(159,138)	(180,104)
Provisions for liabilities		(47,189)	-
Net assets		237,514	305,517
Capital and reserves
Called up share capital		100	100
Fair value reserve		111,870	163,384
Retained earnings		125,544	142,033
Shareholders' funds		237,514	305,517

For the financial year ending 30 April 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

Foundspring Ltd

(Registration number: 10136230)

Balance Sheet as at 30 April 2025 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 27 April 2026 and signed on its behalf by:
 

.........................................

R Burns

Director

Foundspring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025

1	Accounting policies

Statutory information

Foundspring Ltd is a private company, limited by shares, domiciled in England and Wales, company number 10136230. The registered office is at C/O BRM, Third Floor, Steel City House, West Street, Sheffield, S1 2GQ.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Reclassification of comparative amounts

The prior year accounts have been restated to include in the profit and loss account the gain of £17,501 on the revaluation of the investment properties. Previously the gain of £17,501 was excluded from the profit and loss account and shown only on the face of the statement of changes in equity.
In the current period, investment properties have been presented separately on the face of the balance sheet. The comparative figure of £512,000 was previously presented in tangible fixed assets.

Revenue recognition

Turnover comprises rents receivable. Revenue is recognised on a straight line basis over the lease terms.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Foundspring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

1	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% straight line

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Foundspring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)

1	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of income and retained earnings.

2	Staff numbers

The average number of persons employed by the company during the year, was 1 (2024 - 1).

3	Tangible assets

	Motor vehicles  £
Cost
At 1 May 2024	65,990
At 30 April 2025	65,990
Depreciation
At 1 May 2024	13,198
Charge for the year	13,198
At 30 April 2025	26,396
Carrying amount
At 30 April 2025	39,594
At 30 April 2024	52,792