Spring Capital Partners Limited - Period Ending 2018-07-31

Registration number: 06310222

Spring Capital Partners Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

Spring Capital Partners Limited

Contents

Company Information	1
Statement of Directors' Responsibilities	2
Balance Sheet	3
Notes to the Financial Statements	4 to 8

Spring Capital Partners Limited

Company Information

Directors

Mr Richard Gerald Thompson Mr Malcolm Arthur

Company secretary

Michaelides Warner & Co Limited

Registered office

Suite 3A 17-20 Ironmonger Lane London EC2V 8EP

Accountants

Michaelides Warner & Co 102 Fulham Palace Road London W6 9PL

Page 1

Spring Capital Partners Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2

Spring Capital Partners Limited

(Registration number: 06310222)
Balance Sheet as at 31 July 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	35,495	55,571
Current assets
Debtors	5	1,146,877	456,073
Cash at bank and in hand		407,701	108,132
		1,554,578	564,205
Creditors: Amounts falling due within one year	6	(875,681)	(456,362)
Net current assets		678,897	107,843
Net assets		714,392	163,414
Capital and reserves
Called up share capital	7	90	90
Profit and loss account		714,302	163,324
Total equity		714,392	163,414

For the financial year ending 31 July 2018 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 prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 April 2019 and signed on its behalf by:
 

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

Mr Richard Gerald Thompson
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Spring Capital Partners Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite 3A 17-20
Ironmonger Lane
London
EC2V 8EP

2	Accounting policies

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.

Judgements in applying accounting policies and key sources of estimatation uncertainty and estimates

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

Page 4

Spring Capital Partners Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	20% straight line
Office equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Page 5

Spring Capital Partners Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

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

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2017 - 5).

Page 6

Spring Capital Partners Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 August 2017	75,262	38,651	113,913
Additions	-	958	958
At 31 July 2018	75,262	39,609	114,871
Depreciation
At 1 August 2017	38,435	19,907	58,342
Charge for the year	12,276	8,758	21,034
At 31 July 2018	50,711	28,665	79,376
Carrying amount
At 31 July 2018	24,551	10,944	35,495
At 31 July 2017	36,827	18,744	55,571

Included within the net book value of land and buildings above is £24,551 (2017 - £36,827) in respect of short leasehold land and buildings.
 

Page 7

Spring Capital Partners Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

5

Debtors

	2018 £	2017 £
Trade debtors	249,500	371,247
Prepayments	37,057	42,957
Other debtors	860,320	41,869
	1,146,877	456,073

6

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	7,429	7,655
Taxation and social security	20,249	15,589
Accruals and deferred income	617,020	342,175
Other creditors	230,983	90,943
	875,681	456,362

7	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	90	90	90	90

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