Springfield NE Limited - Accounts to registrar (filleted) - small 18.2
Springfield NE Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the year ended |
| 31 August 2021 |
| for |
| Springfield NE Limited |
| Springfield NE Limited (Registered number: 05536663) |
| Contents of the Financial Statements |
| for the year ended 31 August 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Springfield NE Limited |
| Company Information |
| for the year ended 31 August 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Oak Tree House, Harwood Road |
| Northminster Business Park |
| Upper Poppleton |
| York |
| YO26 6QU |
| Springfield NE Limited (Registered number: 05536663) |
| Balance Sheet |
| 31 August 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Springfield NE Limited (Registered number: 05536663) |
| Balance Sheet - continued |
| 31 August 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Springfield NE Limited (Registered number: 05536663) |
| Notes to the Financial Statements |
| for the year ended 31 August 2021 |
| 1. | STATUTORY INFORMATION |
| Springfield NE Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Grants |
| Capital based grants are credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset. |
| Revenue based grants are credited to the profit and loss account on receipt. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| Springfield NE Limited (Registered number: 05536663) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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 |
| Springfield NE Limited (Registered number: 05536663) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2021 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2021 |
| DEPRECIATION |
| At 1 September 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2021 |
| NET BOOK VALUE |
| At 31 August 2021 |
| At 31 August 2020 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 September 2020 |
| and 31 August 2021 |
| DEPRECIATION |
| At 1 September 2020 |
| Charge for year |
| At 31 August 2021 |
| NET BOOK VALUE |
| At 31 August 2021 |
| At 31 August 2020 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| Springfield NE Limited (Registered number: 05536663) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2021 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 100,341 | 23,901 |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Other loans - 1-2 years | 75,748 | 35,111 |
| Other loans - 2-5 years | 13,878 | 81,926 |
| Hire purchase contracts (see note 8) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 261,700 | 237,333 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2021 | 2020 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2021 | 2020 |
| £ | £ |
| Within one year |
| Between one and five years |
| Springfield NE Limited (Registered number: 05536663) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2021 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Other loans |
| Hire purchase contracts | 349,835 | 343,218 |
| The company has two loans. |
| The first bank loan of £320,000 is repayable over 20 years at a margin of 3.75% per annum. The loan is due to mature on 13 December 2039. |
| A further loan of £158,000 is repayable over 4.5 years at a margin of 4.55% per annum. The loan is due to mature on 1 December 2024. |
| The loans are secured against Unit 49B, Avenue 4, Chilton Industrial Estate, Chilton, County Durham and its associated assets and Unit 50, Avenue 4, Chilton Industrial Estate, Chilton, County Durham and its associated assets. |
| The hire purchase debts are secured against the assets to which they relate. |
| 10. | PROVISIONS FOR LIABILITIES |
| 2021 | 2020 |
| £ | £ |
| Deferred tax | 25,994 | 37,925 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2020 |
| Provided during year | ( |
) |
| Balance at 31 August 2021 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| 'A' Ordinary | £1 | 100 | 100 |
| 'B' Ordinary | £1 | 100 | 100 |
| 200 | 200 |
| Springfield NE Limited (Registered number: 05536663) |
| Notes to the Financial Statements - continued |
| for the year ended 31 August 2021 |
| 12. | RELATED PARTY DISCLOSURES |
| 2021 | 2020 |
| £ | £ |
| Amount due to the directors | 100,341 | 23,901 |
| No interest is charged on the directors loan accounts. |