Spring House (Kentish Town) Limited Filleted accounts for Companies House (small and micro)
Spring House (Kentish Town) Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
0582687
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FOR THE YEAR ENDED |
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FINANCIAL STATEMENTS |
YEAR ENDED 30 JUNE 2020
Contents |
Page |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
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STATEMENT OF FINANCIAL POSITION |
2020 |
2019 |
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Note |
£ |
£ |
£ |
£ |
FIXED ASSETS
Tangible assets |
5 |
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CURRENT ASSETS
Debtors |
6 |
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Cash at bank and in hand |
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CREDITORS: Amounts falling due within one year |
7 |
(
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(
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES
Called up share capital |
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Other reserves |
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Profit and loss account |
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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STATEMENT OF FINANCIAL POSITION (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
5 February 2021
, and are signed on behalf of the board by:
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Director |
Company registration number:
0582687
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 30 JUNE 2020
1.
General information
The company is a private company limited by shares, registered in Endland & Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2019:
2
).
5.
Tangible assets
Land and buildings |
Fixtures and fittings |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 July 2019 and 30 June 2020 |
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Depreciation |
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At 1 July 2019 |
– |
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Charge for the year |
– |
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At 30 June 2020 |
– |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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In the directors opinion the open market value of the company's investment property is not materially different to the carrying value in the financial statements.
6.
Debtors
2020 |
2019 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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7.
Creditors:
Amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Securities held with the bank are as follows: A debenture dated 16 February 2004, and a cross guarantee between all group company's dated 16 February 2004.
8.
Directors' advances, credits and guarantees
Mrs J Parsons is considered to be the ultimate controlling party by virtue of having the controlling voting power in the parent company, The Silverman Group Limited. During the year the company rented property from Spring House (Freehold) Limited, a fellow group company, for £4,000. At the balance sheet date the company owed Spring House (Freehold) Limited £10,394 (2019: £10,394). The loan is unsecured, interest free and is repayable on demand. At the balance sheet date the company owed £823,198 (2019: £823,198) to Mortmay Estates Limited, a felow group company. The loan is unsecured, interest free and is repayable on demand. At the balance sheet date the company was owed £233,764 (2019: £233,764) by Lattimore House Limited, a fellow group company.The loan is unsecured, interest free and is repayable on demand. At the balance sheet date the company was owed £82,000 (2019: £82,000) by Millmead Property Co. Limited, a fellow group company. The loan is unsecured, interest free and is repayable on demand. At the balance sheet date the company was owed £450,039 (2019: £555,039) by The Silverman Group Limited, its ultimate parent company. The loan is unsecured, interest free and is repayable on demand. At the balance sheet date the company was owed £5,000 (2018: £5,000) by Avencombe Estates, a trust in which Dr V Freir and Mr G Silverman are beneficiaries. The loan is unsecured, interest free and is repayable on demand.
9.
Controlling party
At the year end the directors consider the ultimate holding company to be The Silverman Group Limited, a company registered in England and Wales.