Spring Personal Loans Limited - Period Ending 2022-06-30
Spring Personal Loans Limited - Period Ending 2022-06-30
Registration number:
Spring Personal Loans Limited
for the Year Ended 30 June 2022
Spring Personal Loans Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Spring Personal Loans Limited
Company Information
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Director |
J H Margolis |
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Registered office |
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Accountants |
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Spring Personal Loans Limited
(Registration number: 04614812)
Balance Sheet as at 30 June 2022
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Note |
2022 |
(As restated) |
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Fixed assets |
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Tangible assets |
- |
- |
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- |
- |
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Current assets |
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Debtors due within one year |
824,665 |
1,036,417 |
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Debtors due after more than one year |
396,888 |
521,246 |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Spring Personal Loans Limited
(Registration number: 04614812)
Balance Sheet as at 30 June 2022
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
J H Margolis
Director
Spring Personal Loans Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
3 Theobald Court
Theobald Street
Borehamwood
Hertfordshire
WD6 4RN
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.
Going concern
The financial statements have been prepared on a going concern basis.
The company has net liabilities of the amount shown on the balance sheet. However Fiscal Financing Limited, a company incorporated in the British Virgin Islands, has given assurances that it will continue to support the company for the foreseeable future. On this basis the directors consider that it is appropriate to prepare the accounts on a going concern basis. The accounts do not include any adjustments that would result from a withdrawal of this support.
Spring Personal Loans Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Judgements
In the application of the Company's accounting policies, which are described below, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates. |
Estimates and any underlying assumptions used are reviewed on a continuing 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 the current period and subsequent periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received and receivable for interest received on repayments of loans advanced in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Cost of sales represents interest paid and payable on funders' loans together with direct costs.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Spring Personal Loans Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and fittings |
25% straight line |
Depreciation is not charged on a tangible fixed asset until it is brought into use.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for secured loans advanced in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are recorded initially at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Spring Personal Loans Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Spring Personal Loans Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2021 |
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At 30 June 2022 |
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Depreciation |
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At 1 July 2021 |
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At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
- |
- |
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At 30 June 2021 |
- |
- |
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Debtors |
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2022 |
(As restated) |
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Trade debtors |
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Other debtors |
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Less non-current portion |
( |
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Trade debtors are the amounts due from borrowers and are secured by legal charges held over land and buildings, in respect of which the company had received professional valuations. Trade debtors are shown net of bad debt provisions of £253,219 (2021 - £761,722).
Details of non-current trade and other debtors
£396,888 (2021 -£521,246) of Trade debtors is classified as non current.
Spring Personal Loans Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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Creditors |
Creditors: amounts falling due within one year
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Note |
2022 |
2021 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The aggregate amount of creditors for which security has been given amounted to £11,650,774 (2021 - £10,966,811).
Other creditors comprise a loan from Fiscal Financing Limited, a company incorporated in the British Virgin Islands. The loan facility is for a maximum of £30,000,000. Interest is payable six months in arrears. Fiscal Financing Limited holds a fixed and floating charge over the assets of the company.
Creditors: amounts falling due after more than one year
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Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2022 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Reserves |
Opening total shareholder's funds were originally showing net liabilities of £9,418,410 before making a prior year adjustment to reclassify amounts included within debtors. After making the adjustment the opening total of shareholder's funds remained unchanged. The reclassification adjustment has been made to correct an error with regard to debtors and provisions for bad debts, transferring £828,256 debtors net of bad debt provisions from other debtors to trade debtors.
Spring Personal Loans Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022
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Loans and borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Other borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Other borrowings |
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Dividends |
The directors are proposing no final dividend. No dividend has been accrued in the Balance Sheet.
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Related party transactions |
Other related party transactions
During the year the company made the following related party transactions:
J H Margolis, a director of the company, is also a director of Clermont Consultants (UK) Limited. During the year the company incurred fees amounting to £6,132 (2021 - £7,574) for accountancy and bookkeeping services performed by Clermont Consultants (UK) Limited.
The estate of N C Epstein, a former director of the company, has a loan account from the company for the sum of Nil (2021 - £33,071). This balance is included within other debtors. Interest was charged in respect of the loan in the amount of £Nil (2021 - £Nil) until the date of his death. Repayments were made during the year amounting to £31,631 (2021 - £Nil) and a balance of £1,440 (2021 - £Nil) was written off during the year as irrecoverable.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is