Company registration number 13875610 (England and Wales)
SPRINGFIELD ASSETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SPRINGFIELD ASSETS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPRINGFIELD ASSETS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Investment property
4
1,896,500
1,879,500
Current assets
Debtors
5
1,422,268
1,420,568
Cash at bank and in hand
65,915
43,855
1,488,183
1,464,423
Creditors: amounts falling due within one year
6
(254,406)
(268,244)
Net current assets
1,233,777
1,196,179
Total assets less current liabilities
3,130,277
3,075,679
Creditors: amounts falling due after more than one year
7
(2,929,037)
(2,988,144)
Net assets
201,240
87,535
Capital and reserves
Called up share capital
100
100
Revaluation reserve
17,000
-
0
Profit and loss reserves
184,140
87,435
Total equity
201,240
87,535
SPRINGFIELD ASSETS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2025
30 September 2025
- 2 -

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

The financial statements were approved by the board of directors and authorised for issue on 4 June 2026 and are signed on its behalf by:
Dr S Jaiprakash
Director
Company registration number 13875610 (England and Wales)
SPRINGFIELD ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
1
Accounting policies
Company information

Springfield Assets Limited is a private company limited by shares incorporated in England and Wales. The registered office is Courtyard Cottage Pig Leg Lane, Bridestowe, Devon, United Kingdom, EX20 4ER.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SPRINGFIELD ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SPRINGFIELD ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
SPRINGFIELD ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
4
Investment property
2025
£
Fair value
At 1 October 2024
1,879,500
Revaluations
17,000
At 30 September 2025
1,896,500

Investment property comprises the purchase of the Bungalows and Cottage of Springfields Residential Home Pig Leg Lane, Bridestowe, Okehampton, Devon. The fair value of the investment property has been arrived at on the basis of a directors assessment of the current market value.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,422,168
1,420,468
Other debtors
100
100
1,422,268
1,420,568
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
210,834
234,791
Trade creditors
8,000
-
0
Taxation and social security
32,235
29,229
Other creditors
3,337
4,224
254,406
268,244
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,611,570
1,774,077
Other creditors
1,317,467
1,214,067
2,929,037
2,988,144

Barclays Security Trustee Limited hold a fixed change against the long-term loan secured by Springfield Assets Limited for purchase of Springfields Residential Home, Pig Leg Lane, Bridestowe, Okehampton, Devon, EX20 4ER.

SPRINGFIELD ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
8
Related party transactions

Included within other debtors is a loan owing from Neels Assets Ltd. This is a company that Dr Arul Neel is a director of. The loan at 30 September 2025 totaled £718,668 (2024: £716,968). There is no interest being charged and there are no terms for repayment.

Also included in other debtors as at 30 September 2025 is a loan owing from Avi Assets Limited totaling £703,500 (2024: £703,500). This is a company that Dr S Jaiprakash is a director of.

As at 30 September 2025, loans owed to TLC Care (UK) Limited totaled £1,214,067 (2024: £1,214,067).This is a company that both Dr A Neel and Dr S Jaiprakash are directors of.

As at 30 September 2025, loans owed to ACJP Limited totaled £100,000 (2024: £Nil). This is a company that Dr A Neel is a director of.

As at 30 September 2025, loans owed to Springfield Residential Home Ltd totaled £3,400 (2024: £3,400). This is a company that both Dr A Neel and Dr S Jaiprakash are directors of.

During the year the company received rent from Springfield Residential Home Ltd totalling £360,000 (2024 - £390,000). This is a company that both Dr A Neel and Dr S Jaiprakash are directors of.

During the year management charges were paid to Neels Assets Ltd totaling £48,000 (2024: £60,000) This is a company that Dr A Neel is a director of.

During the year management charges were paid to Avi Assets Ltd totaling £48,000 (2024: £60,000).This is a company that Dr S Jaiprakash is a director of.

9
Directors' transactions

Dividends totalling £0 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

Included within other creditors is a directors loan account owed to Dr S Jaiprakash of £436 (2024: £1,824). The movements on the loan during the year were advanced £382 and withdrawn £Nil.

Included within other creditors is a directors loan account owed to Dr A Neel of £312 (2024: £Nil). The movements on the loan during the year were advanced £312 and withdrawn £Nil

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