Company registration number 07731478 (England and Wales)
SF11 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
SF11 LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SF11 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
3
24,521,053
26,464,536
Debtors falling due within one year
3
1,105,141
1,028,890
Cash at bank and in hand
300,999
1,154,159
25,927,193
28,647,585
Creditors: amounts falling due within one year
4
(8,826,327)
(8,776,280)
Net current assets
17,100,866
19,871,305
Creditors: amounts falling due after more than one year
5
(16,220,000)
(18,451,667)
Net assets
880,866
1,419,638
Capital and reserves
Called up share capital
500,100
500,100
Profit and loss reserves
380,766
919,538
Total equity
880,866
1,419,638
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2023 and are signed on its behalf by:
A Bloom
Director
Company Registration No. 07731478
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
SF11 Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Theobald Court, Theobald Street, Borehamwood, Herts, WD6 4RN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Interest, fees and similar income
Interest income represents interest receivable on loans to customers.
Interest income is recognised in the statement of income for all amounts receivable from customers and is measured at amortised costs using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or to the amortised cost of the financial liability. The effective interest rate is applied to the gross carrying amount of non-credit impaired customer receivables, the interest income is calculated by applying the effective interest rate to the amortised cost of the receivable.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade debtors
Trade debtors are amounts due from customers for term loans secured by legal charges over land and buildings made in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price and subsequently measured at amoritsed costs using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,051,592
1,015,015
Corporation tax recoverable
40,489
Other debtors
13,060
13,875
1,105,141
1,028,890
2022
2021
Amounts falling due after more than one year:
£
£
Trade debtors
24,521,053
26,464,536
Total debtors
25,626,194
27,493,426
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
8,333
Amounts owed to group undertakings
8,740,042
8,627,898
Corporation tax
40,489
Other creditors
86,285
99,560
8,826,327
8,776,280
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
16,220,000
18,451,667
Bank loans and overdrafts includes a
bank loan of
£16,220,000 (2021 -
£18,410,000
) which
is secured by fixed and floating charges over the assets of the company and Spring Finance Limited, its parent.
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Berish Hoffman FCA
Statutory Auditor:
Landau Morley LLP
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
7
Events after the reporting date
Subsequent to the year end, the group of which the company is part undertook a reorganisation such that the company became a subsidiary of Spring Finance Group Limited.
8
Parent company
The company is under the control of Spring Finance Limited, its parent company registered in England and Wales. Its registered office address is
3 Theobald Court
, Theobald Street,
Borehamwood,
Herts, WD6
4RN
. Spring Finance Limited is the largest and smallest group to consolidate the company's financial statements. The group financial statements are available at Companies House, Cardiff.