Springfield Court Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 02351770 (England and Wales)

SPRINGFIELD COURT LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr C D Wilkinson

Mrs W M Wilkinson

Mr R Pollitt

Mrs M Pollitt

Mrs L G Burrows

SECRETARY:

Mr C D Wilkinson

REGISTERED OFFICE:

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

REGISTERED NUMBER:

02351770 (England and Wales)

ACCOUNTANTS:

Rushtons

Shorrock House

1 Faraday Court

Fulwood

Preston

Lancashire

PR2 9NB

BANKERS:

National Westminster Bank plc

35 King William Street

Blackburn

Lancashire

BB1 7DL

FIXED ASSETS

Tangible assets

2

2,161,433

2,161,265

Investment property

3

155,000

2,316,433

2,316,265

CURRENT ASSETS

Stocks

1,750

Debtors

182,339

198,197

Cash at bank and in hand

181,267

49,071

365,356

249,018

CREDITORS

Amounts falling due within one year

4

1,418,342

325,134

NET CURRENT LIABILITIES

(1,052,986

)

(76,116

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,263,447

2,240,149

CREDITORS

Amounts falling due after more than
one year

4

(142,200

)

(1,214,927

)

PROVISIONS FOR LIABILITIES

(34,042

)

(36,223

)

NET ASSETS

1,087,205

988,999

CAPITAL AND RESERVES

Called up share capital

5

285,720

Profit and loss account

801,485

703,279

SHAREHOLDERS' FUNDS

1,087,205

988,999

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 April 2016 and were
signed on its behalf by:

Mr C D Wilkinson - Director

Mrs M Pollitt - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention modified

by the revaluation of certain asset and in accordance with the Financial Reporting Standard

for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced value of services supplied, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

Nil

Computer equipment

-

33% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

15% on reducing balance

In the opinion of the directors the residual value of the property is at least equal to its book

value. Having regard to this, it is the opinion of the directors that depreciation of the property

as required by the Companies Act 2006 and Financial Reporting Standards for Smaller

Entities is not necessary.

Investment property

In accordance with the FRSSE paragraph 2.3, investment properties are revalued annually

and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is

provided in respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this

requirement conflicts with the generally accepted accounting principle set out in the FRSSE

paragraph 2.3. The directors consider that, because these properties are not held for

consumption, but for their investment potential, to depreciate them would not give a true and

fair view and that it is necessary to adopt the FRSSE paragraph 2.3 in order to give a true

and fair view.

If this departure from the Act had not been made, the profit for the financial year would have

been reduced by depreciation. However, the amount of depreciation cannot reasonably be

quantified, because depreciation is only one of many factors reflected in the annual valuation

and the amount which might otherwise have been shown cannot be separately identified or

quantified.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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 items of

income and expenditure in taxation computations in periods different from those in which

they are included in financial statements.

Deferred tax is not recognised when fixed assets are revalued unless, by the balance sheet

date, there is a binding agreement to sell the revalued assets and the gain or loss expected

to arise on sale has been recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods

in which the timing differences are expected to reverse, based on tax rates and laws that

have been enacted or substantially enacted at the balance sheet date. Deferred tax is

measured on a non discounted basis.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which

they relate.

Government grants

Grants receivable in respect of tangible fixed assets are credited to the profit and loss

account over the expected useful economic lives of the relevant assets to which they relate.

Grants received but not yet released to the profit and loss account are included as deferred

income in the balance sheet.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 December 2014

2,534,242

Additions

20,142

At 30 November 2015

2,554,384

DEPRECIATION

At 1 December 2014

372,977

Charge for year

19,974

At 30 November 2015

392,951

NET BOOK VALUE

At 30 November 2015

2,161,433

At 30 November 2014

2,161,265

3.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 December 2014

and 30 November 2015

155,000

NET BOOK VALUE

At 30 November 2015

155,000

At 30 November 2014

155,000

4.

CREDITORS

Creditors include an amount of £ 1,210,696 (2014 - £ 1,257,878 ) for which security has

been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

285,720

Ordinary

£1

285,720