Spring Distribution (Scotland) Limited Filleted accounts for Companies House (small and micro)

SPRING DISTRIBUTION (SCOTLAND) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC466064

Spring Distribution (Scotland) Limited

Filleted Unaudited Financial Statements

For the year ended

30 April 2021

Spring Distribution (Scotland) Limited

Financial Statements

Year ended 30 April 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Spring Distribution (Scotland) Limited

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		5,596,734	5,638,300

Current assets

Debtors	6	325,876	280,650
Cash at bank and in hand		906,901	784,476
		------------	------------
		1,232,777	1,065,126

Creditors: amounts falling due within one year	7	390,469		378,128
		------------		------------
Net current assets			842,308	686,998
			------------	------------
Total assets less current liabilities			6,439,042	6,325,298

Creditors: amounts falling due after more than one year	8		1,670,000	1,670,000

Provisions	790,325	758,957
	------------	------------
Net assets	3,978,717	3,896,341
	------------	------------

Spring Distribution (Scotland) Limited

Statement of Financial Position (continued)

30 April 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Other reserves	3,547,790	3,547,790
Profit and loss account	430,827	348,451
	------------	------------
Shareholders funds	3,978,717	3,896,341
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 18 October 2021 , and are signed on behalf of the board by:

Mrs L S Ward

Director

Company registration number: SC466064

Spring Distribution (Scotland) Limited

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 34 Inchmuir Road, Whitehill Industrial Estate, Bathgate, EH48 2EP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The current situation with the Coronavirus (COVID-19) pandemic could have an impact on the business in 2021. Impact could range from reduced turnover caused by restrictions to trade to increases in credit, liquidity and price risk. The directors will take all necessary steps to mitigate the additional risks this situation poses.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Investment properties Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. No depreciation is charged on investment properties.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Freehold Property	-	1% reducing balance
Plant & machinery	-	15% reducing balance
Fixtures & fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

Government grants

Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised

Defined contribution pension plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2020: 18 ).

5. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Investment property	Total
	£	£	£	£	£	£
Cost
At 1 May 2020	4,179,366	241,715	85,405	62,550	1,360,000	5,929,036
Additions	–	7,566	3,994	–	–	11,560
Disposals	–	( 1,200)	( 249)	( 9,700)	–	( 11,149)
	------------	---------	--------	--------	------------	------------
At 30 Apr 2021	4,179,366	248,081	89,150	52,850	1,360,000	5,929,447
	------------	---------	--------	--------	------------	------------
Depreciation
At 1 May 2020	113,558	111,297	37,582	28,299	–	290,736
Charge for the year	13,980	19,899	10,297	7,071	–	51,247
Disposals	–	( 824)	( 128)	( 8,318)	–	( 9,270)
	------------	---------	--------	--------	------------	------------
At 30 Apr 2021	127,538	130,372	47,751	27,052	–	332,713
	------------	---------	--------	--------	------------	------------
Carrying amount
At 30 Apr 2021	4,051,828	117,709	41,399	25,798	1,360,000	5,596,734
	------------	---------	--------	--------	------------	------------
At 30 Apr 2020	4,065,808	130,418	47,823	34,251	1,360,000	5,638,300
	------------	---------	--------	--------	------------	------------

Tangible assets held at valuation

Freehold land and buildings were professionally valued by Graham & Sibbald, an independent valuer, to fair value at 25th September 2018.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 30 April 2021
Aggregate cost	1,310,249
Aggregate depreciation	(127,538)
	------------
Carrying value	1,182,711
	------------

At 30 April 2020
Aggregate cost	1,310,249
Aggregate depreciation	(113,558)
	------------
Carrying value	1,196,691
	------------

6. Debtors

	2021	2020
	£	£
Trade debtors	288,706	227,095
Other debtors	37,170	53,555
	---------	---------
	325,876	280,650
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	68,142	33,675
Corporation tax	39,062	40,244
Social security and other taxes	88,041	95,629
Other creditors	195,224	208,580
	---------	---------
	390,469	378,128
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Other creditors	1,670,000	1,670,000
	------------	------------

9. Directors' advances, credits and guarantees

Mr Grant Garden, a Director of the company has an overdrawn loan account with the company. As at 30th April 2021 the balance on this loan account was £5,600 (2020 - £7,600). Interest at a commercial rate is being charged on the outstanding balance and arrangements are in place to repay this loan.

10. Related party transactions

The company was under the control of the directors throughout the current year and previous period. The company owes £1.67M (2020 - £1.67M) to Mr John Ward who is a director of the Company. The loan is secured on company assets and is shown in creditors due after more than one year. The interest charge for the year was £54,330 (2020 - £54,275). A final Dividend of £2,000 was voted to each shareholder for the year ended 30th April 2021. Four of the Directors are also shareholders of the company.