Springfield Health Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04286417 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Springfield Health Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R Bennett

Mr M R Bennett

Ms L Bennett

Mrs E T Bennett

REGISTERED OFFICE:

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

REGISTERED NUMBER:

04286417 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

5a Frascati Way

Maidenhead

Berkshire

SL6 4UY

FIXED ASSETS

Intangible assets

4

24,502

40,169

Tangible assets

5

1,856,445

1,815,956

1,880,947

1,856,125

CURRENT ASSETS

Stocks

1,950

1,950

Debtors

6

699,802

395,347

Cash at bank and in hand

501,613

642,755

1,203,365

1,040,052

CREDITORS

Amounts falling due within one year

7

(548,926

)

(581,245

)

NET CURRENT ASSETS

654,439

458,807

TOTAL ASSETS LESS CURRENT LIABILITIES

2,535,386

2,314,932

CREDITORS

Amounts falling due after more than one year

8

(759,551

)

(851,780

)

PROVISIONS FOR LIABILITIES

(70,224

)

(43,795

)

NET ASSETS

1,705,611

1,419,357

CAPITAL AND RESERVES

Called up share capital

150,100

150,100

Retained earnings

1,555,511

1,269,257

SHAREHOLDERS' FUNDS

1,705,611

1,419,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2022 and were signed on its behalf by:

Mr M R Bennett - Director

1.	STATUTORY INFORMATION

Springfield Health Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future that affect the position shown in the accounts.

Turnover

The turnover shown in the profit and loss account represents fees receivable for services provided during the year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance, 10% on cost and 5% on cost

Motor vehicles

-

20% on reducing balance

Freehold buildings are depreciated to expected residual value over their estimated useful life of 30 years. Where the company applies a policy of regular maintenance to buildings where it is unlikely that technological or economic obsolescence will occur and the future residual value is unlikely to be less than the original cost, no depreciation is charged in respect of the buildings.

Tangible fixed assets are included at cost less depreciation and impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 158 (2020 - 175 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

313,345

AMORTISATION

At 1 January 2021

273,176

Charge for year

15,667

At 31 December 2021

288,843

NET BOOK VALUE

At 31 December 2021

24,502

At 31 December 2020

40,169

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

1,271,701

1,807,773

3,079,474

Additions

-

122,109

122,109

At 31 December 2021

1,271,701

1,929,882

3,201,583

DEPRECIATION

At 1 January 2021

-

1,263,518

1,263,518

Charge for year

-

81,620

81,620

At 31 December 2021

-

1,345,138

1,345,138

NET BOOK VALUE

At 31 December 2021

1,271,701

584,744

1,856,445

At 31 December 2020

1,271,701

544,255

1,815,956

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

55,400

57,246

Amounts owed by group undertakings

128,797

-

Other debtors

515,605

338,101

699,802

395,347

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts (see note 9)

91,308

90,000

Trade creditors

158,572

143,748

Taxation and social security

199,951

205,441

Other creditors

99,095

142,056

548,926

581,245

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans (see note 9)

759,551

851,780

31.12.21

31.12.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

394,319

491,779

9.

LOANS

An analysis of the maturity of loans is given below:

31.12.21

31.12.20

£

£

Amounts falling due within one year or on demand:

Bank loans

91,308

90,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

91,308

90,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

273,924

270,001

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

394,319

491,779

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.12.20

£

£

Within one year

11,826

5,256

Between one and five years

29,608

27,198

41,434

32,454

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

850,859

941,780

The bank loans are secured by a first legal mortgage over the company's freehold property and a fixed and floating charge over all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

31.12.21

31.12.20

£

£

Ms L Bennett

Balance outstanding at start of year

1,495

1,495

Amounts advanced

1,495

1,495

Amounts repaid

(1,495

)

(1,495

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,495

1,495

Mr M R Bennett

Balance outstanding at start of year

281,142

104,473

Amounts advanced

113,401

176,669

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

394,543

281,142

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr R Bennett.