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Registered number: 10960734
SPRINGSIDE (GENERAL PARTNER) LIMITED
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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SPRINGSIDE (GENERAL PARTNER) LIMITED
COMPANY INFORMATION
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Wendy Jane Patterson (resigned 30 September 2020)
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Simon Derwood Auston Drewett (appointed 30 September 2020)
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SPRINGSIDE (GENERAL PARTNER) LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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SPRINGSIDE (GENERAL PARTNER) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The Directors present their report and the financial statements for the year ended 31 December 2019.
The Company was incorporated on 13 September 2017 under the Companies Act 2006 with a registration number of 10960734. The registered office is 8 Sackville Street, London, W1S 3DG. The principal activity of the Company is to act as the General Partner to Springside Limited Partnership (the "Partnership") for which the principal activity is property inverstement and development.
The loss for the year, after taxation, amounted to £14,517 (2018 - loss £14,827).
The results for the year are set out on page 5. The Directors do not recommend the payment of a dividend for the year.
The directors who served during the year were:
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Wendy Jane Patterson (resigned 30 September 2020)
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 23 December 2020 and signed on its behalf.
Paul Justin Windsor
Director
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SPRINGSIDE (GENERAL PARTNER) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 to 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.
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SPRINGSIDE (GENERAL PARTNER) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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Loss for the financial year
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Other comprehensive income for the year
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Total comprehensive income for the year
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SPRINGSIDE (GENERAL PARTNER) LIMITED
REGISTERED NUMBER: 10960734
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
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Trade and other receivables
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Total assets less current liabilities
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The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2020.
The notes on pages 6 to 8 form part of these financial statements.
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SPRINGSIDE (GENERAL PARTNER) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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Balance at 1 January 2019
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Balance at 31 December 2019
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31 DECEMBER 2018
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Balance at 1 January 2018
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Balance at 31 December 2018
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The notes on pages 6 to 8 form part of these financial statements.
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SPRINGSIDE (GENERAL PARTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Although the Company made a loss during the year, it has sufficient funds, or access to sufficient funds, to meet its working capital for the foreseeable future. The Company has the financial support of its legal parent entity Springside Property Company Limited. The Directors therefore believe the Company's financial statements should be prepared on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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SPRINGSIDE (GENERAL PARTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Debtors (continued)
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Authorised, allotted, called up and fully paid
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1 (2018 - 1) Ordinary share of £1.00
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Related party transactions
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As at year end Springside Property Company Limited, the immediate parent entity, owed a total of £1 (2018:£1) to the Company. At the year end the Company owed £24,613 (2018:£11,479) to Springside Property Company Limited. Interest accrues on this balance at a rate of 8% per annum. Interest of £1,424 (2018:£427) has been charged to the Statement of Comprehensive Income during the year, £1,851 (2018: £427) of which is outstanding at the year end. None of the Directors recieved remuneration from the Company for their services during the year.
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Post balance sheet events
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As at 31 December 2019, a limited number of cases of an unknown virus had been reported to the World Health Organisation ("WHO"). Following the subsequent spread of the virus, on March 11, 2020 the WHO declared COVID-19 outbreak to be a pandemic. The identification of the virus post 31 December 2019 as a new coronavirus, and its subsequent spread, is considered a non-adjusting event. The fair value of investments as at 31 December 2019 reflects conditions known as at that date and do not factor in the effect of COVID-19 on those valuations. As at the date of this report, it is not possible to reliably estimate the financial effect (if any) of the virus on the Entity's Operations or Fair value of its Investments.
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SPRINGSIDE (GENERAL PARTNER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The immediate controlling party is Springside Property Company Limited. Although the Springside Trust is the ultimate legal holding party, there is no ultimate controlling party or parent undertaking as the Trustees of the Trust have control of the day to day financial and operational policies of the Trust but receive no economic benefit as this sits with the Beneficiery.
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