Company Registration No. 07731478 (England and Wales)
SF11 LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2021
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 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
3
26,464,536
31,030,045
Debtors falling due within one year
3
1,028,890
1,077,662
Cash at bank and in hand
1,154,159
1,153,894
28,647,585
33,261,601
Creditors: amounts falling due within one year
4
(8,776,280)
(8,937,166)
Net current assets
19,871,305
24,324,435
Creditors: amounts falling due after more than one year
5
(18,451,667)
(23,113,333)
Net assets
1,419,638
1,211,102
Capital and reserves
Called up share capital
500,100
500,100
Profit and loss reserves
919,538
711,002
Total equity
1,419,638
1,211,102
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 22 December 2021 and are signed on its behalf by:
M Chesler
Director
Company Registration No. 07731478
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
1
Accounting policies
Company information
SF11 Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Kinetic Business Centre, Theobald Street, Borehamwood, Herts, WD6 4PJ.
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 £.
In the year ending 30 June 2021, the presentation of the Income statement was amended to accurately reflect the trading activity of the business and classification of costs. The figures relating to interest and charges on loans taken out to finance consumer lending, in the previous year have been reclassified as direct costs.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 3 -
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.
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
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:
2021
2020
Number
Number
Total
2
3
3
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,015,015
1,071,348
Other debtors
13,875
6,314
1,028,890
1,077,662
2021
2020
Amounts falling due after more than one year:
£
£
Trade debtors
26,464,536
31,030,045
Total debtors
27,493,426
32,107,707
SF11 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
4
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
8,333
Amounts owed to group undertakings
8,627,898
8,842,122
Corporation tax
40,489
Other creditors
99,560
95,044
8,776,280
8,937,166
5
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
18,451,667
23,113,333
A bank loan of £18,410,000 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.
The senior statutory auditor was Berish Hoffman ACA and the auditor was Landau Morley LLP.
7
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 Kinetic Business Centre, Theobald Street,
Borehamwood,
Herts, WD6 4PJ. 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.