REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Springform Technology Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 September 2020 |
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for |
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Springform Technology Limited |
Springform Technology Limited (Registered number: 02785492) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Springform Technology Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
50 Osmaston Road |
Derby |
DE1 2HU |
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SOLICITORS: |
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Cumberland Court |
80 Mount Street |
Nottingham |
NG1 6HH |
Springform Technology Limited (Registered number: 02785492) |
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Balance Sheet |
30 September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital redemption reserve | 10 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
Springform Technology Limited (Registered number: 02785492) |
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Balance Sheet - continued |
30 September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Springform Technology Limited (Registered number: 02785492) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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Springform Technology Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
At 30th September 2020 the company had net liabilities of £1,308,405 (2019: £806,854). The company is supported by a loan from Wade Properties Investments Limited of £1 million but there is no formal agreement in place to confirm that this support will continue. Following the year end, the directors have restructured the business to significantly reduce the cost base and focus on the parts sale which is expected to be cash neutral or better. |
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As a result, whilst there is a significant uncertainty whether the company will continue as a going concern, the directors are of the opinion that there is a reasonable chance that the company will be successful as a restructured business and have therefore prepared the financial statements on a going concern basis. |
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Accordingly, no adjustments have been made to the financial statements relating to the recoverability and classification of the asset carrying amounts or the amount and classification of liabilities that might be necessary should the company not continue as a going concern. At this time, the directors are of the opinion that no asset is likely to be realised for an amount less than the amount at which it is recorded in the financial statements at 30th September 2020. |
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Turnover |
The Company`s turnover represents the value, excluding Value Added Tax, of goods supplied to customers during the year and is attributable to the principal activity. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Springform Technology Limited (Registered number: 02785492) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
Stock and work in progress have been valued at the lower of cost and net realisable value in respect of work in progress and finished goods costs includes a relevant proportion of overheads according to the stage of manufacture. Net realisable value is the estimated or actual selling price less all further costs to be incurred to completion and disposal. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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. |
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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. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
Springform Technology Limited (Registered number: 02785492) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | STOCKS |
2020 | 2019 |
£ | £ |
Work-in-progress |
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Springform Technology Limited (Registered number: 02785492) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Pension | 393 | 298 |
Other creditors | 1,645,000 | 1,442,000 |
Accruals and deferred income |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 40,000 | 40,000 |
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10. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2019 | ( |
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(846,854 | ) |
Deficit for the year | ( |
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At 30 September 2020 | ( |
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(1,348,405 | ) |
Springform Technology Limited (Registered number: 02785492) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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11. | RELATED PARTY DISCLOSURES |
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Wade Group Limited |
At the date of approval of these financial statements there is no individual controlling interest in the equity capital of Wade Group Limited, with members of the Wade family now collectively holding controlling interests in the company. |
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Loans to the value of £203,000 was advanced during the year (2019: £372,000 advanced). Interest of £6,235 (2019: £6,273) was charged on the outstanding loan balance during the year. |
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Amount due to Wade Group Limited at the balance sheet date was £ 645,000 (2019: £442,000) |
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Wade Properties Investments Limited |
At the date of approval of these financial statements there is no individual controlling interest in the equity capital of Wade Properties Investments Limited, with members of the Wade family now collectively holding controlling interests in the company. |
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Amount due to Wade Properties Investments Limited at the balance sheet date was £1,000,000 (2019: £ 1,000,000 ). Interest of £70,192 (2019: £70,000) was charged on the outstanding loan balance during the year. |