Springtime Developments Limited Filleted accounts for Companies House (small and micro)

SPRINGTIME DEVELOPMENTS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 Update 1 - FRS 7,174,729 7,174,729 7,174,729 xbrli:pure xbrli:shares iso4217:GBP 09740607 2017-04-01 2018-03-31 09740607 2018-03-31 09740607 2017-03-31 09740607 bus:Director1 2017-04-01 2018-03-31 09740607 core:WithinOneYear 2018-03-31 09740607 core:WithinOneYear 2017-03-31 09740607 core:ShareCapital 2018-03-31 09740607 core:ShareCapital 2017-03-31 09740607 core:RetainedEarningsAccumulatedLosses 2018-03-31 09740607 core:RetainedEarningsAccumulatedLosses 2017-03-31 09740607 core:LandBuildings 2018-03-31 09740607 core:LandBuildings 2017-03-31 09740607 bus:SmallEntities 2017-04-01 2018-03-31 09740607 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 09740607 bus:FullAccounts 2017-04-01 2018-03-31 09740607 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 09740607 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31

COMPANY REGISTRATION NUMBER: 09740607

SPRINGTIME DEVELOPMENTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

SPRINGTIME DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		7,174,729	7,174,729

Current assets

Debtors	5	2,822	17,165
Cash at bank and in hand		484,096	256,539
		----------	----------
		486,918	273,704

Creditors: amounts falling due within one year	6	7,257,789		7,272,532
		-------------		-------------
Net current liabilities			6,770,871	6,998,828
			-------------	-------------
Total assets less current liabilities			403,858	175,901
			----------	----------
Net assets			403,858	175,901
			----------	----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	403,758	175,801
	----------	----------
Shareholder funds	403,858	175,901
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SPRINGTIME DEVELOPMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 7 January 2019 , and are signed on behalf of the board by:

Mr S A H Al Rais

Director

Company registration number: 09740607

SPRINGTIME DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, BN3 2DL, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. No material uncertainties related to conditions that may cast doubt about the ability of the company to continue as a going concern have been identified by the director.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: -investment property valuations

Revenue recognition

Turnover represents amounts invoiced, net of value added tax, derived from the company's principal activity. Rental income is recognised over the term of the lease on a straight-line basis. The aggregate costs of incentives is deducted from the rental income and allocated to the profit and loss account over the lease term or to the next review date, whichever is shorter. Sales income and asset management fees are recognised when the financial risks and rewards are transferred.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 April 2017 and 31 March 2018	7,174,729
	-------------
Depreciation
At 1 April 2017 and 31 March 2018	–
	-------------
Carrying amount
At 31 March 2018	7,174,729
	-------------
At 31 March 2017	7,174,729
	-------------

On 31 March 2018 the directors valued the investment property on an open market value basis.

5. Debtors

	2018	2017
	£	£
Other debtors	2,822	17,165
	-------	---------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7,117,856	7,117,856
Corporation tax	53,471	44,000
Social security and other taxes	4,500	4,500
Other creditors	81,962	106,176
	-------------	-------------
	7,257,789	7,272,532
	-------------	-------------

7. Directors' advances, credits and guarantees

At the year end the company owed the director £37,448 (2017 - £37,448).

8. Controlling party

The parent company is Saadiyat Holdings Limited, a company incorporated in the British Virgin Islands.