Springfield Property Renovations Limited - Accounts to registrar (filleted) - small 17.3

Springfield Property Renovations Limited - Accounts to registrar (filleted) - small 17.3


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REGISTERED NUMBER: 04404348 (England and Wales)















Springfield Property Renovations Limited

Unaudited Financial Statements For The Year Ended 31 March 2017






Springfield Property Renovations Limited (Registered number: 04404348)






Contents of the Financial Statements
For The Year Ended 31 March 2017




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Springfield Property Renovations Limited

Company Information
For The Year Ended 31 March 2017







DIRECTOR: D E Knight





SECRETARY: Mrs V C Knight





REGISTERED OFFICE: 54 Hampstead Road
Brislington
Bristol
BS4 3HJ





REGISTERED NUMBER: 04404348 (England and Wales)





ACCOUNTANTS: Allotts Business Services Ltd
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU

Springfield Property Renovations Limited (Registered number: 04404348)

Abridged Balance Sheet
31 March 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 875,000 600,000
875,000 600,000

CURRENT ASSETS
Cash at bank 11,654 1,836

CREDITORS
Amounts falling due within one year 100,616 102,599
NET CURRENT LIABILITIES (88,962 ) (100,763 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

786,038

499,237

CREDITORS
Amounts falling due after more than one
year

6

(419,054

)

(181,308

)

PROVISIONS FOR LIABILITIES 8 (33,835 ) (29,918 )
NET ASSETS 333,149 288,011

CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 260,285 217,372
Retained earnings 72,764 70,539
SHAREHOLDERS' FUNDS 333,149 288,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director on 28 December 2017 and were signed by:



D E Knight - Director


Springfield Property Renovations Limited (Registered number: 04404348)

Notes to the Financial Statements
For The Year Ended 31 March 2017

1. STATUTORY INFORMATION

Springfield Property Renovations 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 31 March 2017 are the first that are prepared in accordance with
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date
of transition to FRS 102 Section 1A is 1 April 2015.

Turnover
Turnover represents rental income receivable for the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

All assets have been fully depreciated.

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.

Investment property
In accordance with FRS 102 no depreciation is provided in respect of freehold investment properties. These
properties are not held for consumption and are subject to periodic revaluation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

Springfield Property Renovations Limited (Registered number: 04404348)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2017

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2016
and 31 March 2017 7,946
DEPRECIATION
At 1 April 2016
and 31 March 2017 7,946
NET BOOK VALUE
At 31 March 2017 -
At 31 March 2016 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2016 600,000
Additions 228,170
Revaluations 46,830
At 31 March 2017 875,000
NET BOOK VALUE
At 31 March 2017 875,000
At 31 March 2016 600,000

Fair value at 31 March 2017 is represented by:

£   
Valuation in 2017 875,000

If investment property had not been revalued it would have been included at the following historical cost:

2017 2016
£    £   
Cost 580,880 352,710

Investment property was valued on an open market basis on 31 March 2017 by D E Knight, a director of the company
.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2017 2016
£    £   
Repayable by instalments
Bank loans more than 5 years by
instalments

419,054

126,525

7. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank loans 419,054 193,379

The bank borrowings are secured by a fixed charge over the company's investment properties.

Springfield Property Renovations Limited (Registered number: 04404348)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2017

8. PROVISIONS FOR LIABILITIES
2017 2016
£    £   
Deferred tax
Revaluation of investment property 33,835 29,918

Deferred
tax
£   
Balance at 1 April 2016 29,918
Charge to Income Statement during year 3,917
Balance at 31 March 2017 33,835

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2017 2016
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Revaluation
reserve
£   
At 1 April 2016 217,372
Net surplus on revaluation in year 42,913

At 31 March 2017 260,285

11. RELATED PARTY DISCLOSURES

As at 31 March 2017 there was a loan due to the director of £95,793 (2016: £84,805). The loan is interest free
and payable on demand.