Springfield Property Renovations Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04404348 (England and Wales)

Springfield Property Renovations Limited

Unaudited Financial Statements For The Year Ended 31 March 2019

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D E Knight

SECRETARY:

Mrs V C Knight

REGISTERED OFFICE:

54 Hampstead Road

Brislington

Bristol

BS4 3HJ

REGISTERED NUMBER:

04404348 (England and Wales)

ACCOUNTANTS:

Allotts Business Services Ltd

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

995,000

935,000

995,000

935,000

CURRENT ASSETS

Cash at bank

22,031

33,261

CREDITORS

Amounts falling due within one year

80,700

107,765

NET CURRENT LIABILITIES

(58,669

)

(74,504

)

TOTAL ASSETS LESS CURRENT LIABILITIES

936,331

860,496

CREDITORS

Amounts falling due after more than one year

6

(419,054

)

(419,054

)

PROVISIONS FOR LIABILITIES

8

(52,323

)

(40,923

)

NET ASSETS

464,954

400,519

CAPITAL AND RESERVES

Called up share capital

9

100

100

Revaluation reserve

10

361,797

313,197

Retained earnings

103,057

87,222

SHAREHOLDERS' FUNDS

464,954

400,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 18 December 2019 and were signed by:

D E Knight - Director

1.	STATUTORY INFORMATION

Springfield Property Renovations 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.

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.

Turnover

Turnover represents rental income receivable for the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

All assets have been fully depreciated.

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.

Investment property

In accordance with FRS 102 no depreciation is provided in respect of freehold investment properties. These

properties are not held for consumption and are subject to periodic revaluation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

and 31 March 2019

7,946

DEPRECIATION

At 1 April 2018

and 31 March 2019

7,946

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

935,000

Revaluations

60,000

At 31 March 2019

995,000

NET BOOK VALUE

At 31 March 2019

995,000

At 31 March 2018

935,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

995,000

If investment property had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

580,880

580,880

Investment property was valued on an open market basis on 31 March 2019 by D E Knight, a director of the company

.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2019

2018

£

£

Repayable otherwise than by instalments

Bank loans more than 5 years not by instalments

419,054

419,054

7.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

419,054

419,054

The bank borrowings are secured by a fixed charge over the company's investment properties.

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Revaluation of investment property

52,323

40,923

Deferred

tax

£

Balance at 1 April 2018

40,923

Provided during year

11,400

Balance at 31 March 2019

52,323

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Revaluation

reserve

£

At 1 April 2018

313,197

Net surplus on revaluation in year

48,600

At 31 March 2019

361,797

11.	RELATED PARTY DISCLOSURES

As at 31 March 2019 there was a loan due to the director of £72,201 (2018: £99,168). The loan is interest free

and payable on demand.