Springfield NE Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05536663 (England and Wales)

Unaudited Financial Statements

for the year ended

31 August 2018

for

Springfield NE Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C G Milsom

M Milsom

SECRETARY:

M Milsom

REGISTERED OFFICE:

Unit 49B

Avenue 4

Chilton Industrial Estate

Chilton

Co. Durham

DL17 0SQ

REGISTERED NUMBER:

05536663 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

Oak Tree House, Harwood Road

Northminster Business Park

Upper Poppleton

York

YO26 6QU

FIXED ASSETS

Tangible assets

4

190,100

155,918

CURRENT ASSETS

Stocks

160,510

265,735

Debtors

5

407,604

297,423

Cash at bank and in hand

176,905

21,600

745,019

584,758

CREDITORS

Amounts falling due within one year

6

315,221

269,148

NET CURRENT ASSETS

429,798

315,610

TOTAL ASSETS LESS CURRENT LIABILITIES

619,898

471,528

CREDITORS

Amounts falling due after more than one year

7

(74,450

)

(17,588

)

PROVISIONS FOR LIABILITIES

10

(31,355

)

-

NET ASSETS

514,093

453,940

CAPITAL AND RESERVES

Called up share capital

11

200

200

Retained earnings

513,893

453,740

SHAREHOLDERS' FUNDS

514,093

453,940

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 4 October 2018 and were signed on its behalf by:

C G Milsom - Director

1.	STATUTORY INFORMATION

Springfield NE 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.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% straight line and 20% straight line

Fixtures and fittings

-

15% straight line

Motor vehicles

-

25% straight line

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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.

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 16 (2017 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 September 2017

410,716

73,453

54,020

538,189

Additions

162,761

3,806

-

166,567

Disposals

(46,900

)

(1,450

)

-

(48,350

)

At 31 August 2018

526,577

75,809

54,020

656,406

DEPRECIATION

At 1 September 2017

277,135

51,116

54,020

382,271

Charge for year

86,555

8,476

-

95,031

Eliminated on disposal

(10,162

)

(834

)

-

(10,996

)

At 31 August 2018

353,528

58,758

54,020

466,306

NET BOOK VALUE

At 31 August 2018

173,049

17,051

-

190,100

At 31 August 2017

133,581

22,337

-

155,918

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 September 2017

124,900

Additions

148,800

Disposals

(46,900

)

At 31 August 2018

226,800

DEPRECIATION

At 1 September 2017

52,535

Charge for year

54,568

Eliminated on disposal

(10,162

)

At 31 August 2018

96,941

NET BOOK VALUE

At 31 August 2018

129,859

At 31 August 2017

72,365

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/18

31/8/17

£

£

Trade debtors

374,197

253,845

Other debtors

-

12,168

Prepayments and accrued income

33,407

31,410

407,604

297,423

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/8/18

31/8/17

£

£

Hire purchase contracts (see note 8)

56,051

35,195

Trade creditors

143,860

142,164

Tax

13

-

Social security and other taxes

56,736

40,520

Directors' current accounts

45,221

46,673

Accrued expenses

13,340

4,596

315,221

269,148

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/8/18

31/8/17

£

£

Hire purchase contracts (see note 8)

74,450

17,588

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31/8/18

31/8/17

£

£

Net obligations repayable:

Within one year

56,051

35,195

Between one and five years

74,450

17,588

130,501

52,783

Non-cancellable operating

leases

31/8/18

31/8/17

£

£

Within one year

65,760

65,760

Between one and five years

173,319

239,079

239,079

304,839

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/8/18

31/8/17

£

£

Hire purchase contracts

130,501

52,783

10.	PROVISIONS FOR LIABILITIES

31/8/18

31/8/17

£

£

Deferred tax

31,355

-

Deferred

tax

£

Provided during year

31,355

Balance at 31 August 2018

31,355

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/8/18

31/8/17

value:

£

£

100

'A' Ordinary

£1

100

100

100

'B' Ordinary

£1

100

100

200

200

12.	RELATED PARTY DISCLOSURES

31/8/18

31/8/17

£

£

Amount due to the directors

45,221

46,673

No interest is charged on the directors loan accounts.