Registration number:
Springslade Lodge Ltd
for the Period from 13 November 2015 to 30 November 2016
Chartered Certified Accountants
Spear House
Cobbett Road
Burntwood
Staffordshire
WS7 3GL
Springslade Lodge Ltd
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Notes to the Financial Statements |
Springslade Lodge Ltd
Company Information
Directors |
KI Le Page RM Le Page |
Registered office |
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Accountants |
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Page 1 |
Springslade Lodge Ltd
Directors' Report for the Period from 13 November 2015 to 30 November 2016
The directors present their report and the financial statements for the period from 13 November 2015 to 30 November 2016.
Incorporation
The company was incorporated on
Directors of the company
The directors who held office during the period were as follows:
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the Board on
.........................................
KI Le Page
Director
.........................................
RM Le Page
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Springslade Lodge Ltd
for the Period Ended 30 November 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Springslade Lodge Ltd for the period ended 30 November 2016 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Springslade Lodge Ltd, as a body, in accordance with the terms of our engagement letter dated 14 June 2017. Our work has been undertaken solely to prepare for your approval the accounts of Springslade Lodge Ltd and state those matters that we have agreed to state to the Board of Directors of Springslade Lodge Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Springslade Lodge Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Springslade Lodge Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Springslade Lodge Ltd. You consider that Springslade Lodge Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Springslade Lodge Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Certified Accountants
Cobbett Road
Burntwood
Staffordshire
WS7 3GL
Page 3 |
Springslade Lodge Ltd
Profit and Loss Account for the Period from 13 November 2015 to 30 November 2016
Note |
Total |
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Turnover |
|
|
Cost of sales |
( |
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Gross profit |
|
|
Administrative expenses |
( |
|
Operating profit |
|
|
Other interest receivable and similar income |
|
|
4 |
||
Profit before tax |
|
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Taxation |
( |
|
Profit for the financial period |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Page 4 |
Springslade Lodge Ltd
Statement of Comprehensive Income for the Period from 13 November 2015 to 30 November 2016
Note |
2016 |
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Profit for the period |
|
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Total comprehensive income for the period |
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Page 5 |
Springslade Lodge Ltd
(Registration number: 09871504)
Balance Sheet as at 30 November 2016
Note |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
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||
Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Page 6 |
Springslade Lodge Ltd
(Registration number: 09871504)
Balance Sheet as at 30 November 2016
Approved and authorised by the
.........................................
KI Le Page
Director
.........................................
RM Le Page
Director
Page 7 |
Springslade Lodge Ltd
Notes to the Financial Statements for the Period from 13 November 2015 to 30 November 2016
General information |
The company is a private company limited by share capital incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 8 |
Springslade Lodge Ltd
Notes to the Financial Statements for the Period from 13 November 2015 to 30 November 2016
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
25% on cost |
Furniture & fittings |
20% on cost |
Motor vehicles |
20% on cost |
Office equipment |
33% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed 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.
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 of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Revenue |
The analysis of the company's revenue for the period from continuing operations is as follows:
2016 |
|
Sale of goods |
|
Page 9 |
Springslade Lodge Ltd
Notes to the Financial Statements for the Period from 13 November 2015 to 30 November 2016
Operating profit |
Arrived at after charging/(crediting)
2016 |
|
Depreciation expense |
|
Other interest receivable and similar income |
2016 |
|
Interest income on bank deposits |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2016 |
|
Wages and salaries |
|
Social security costs |
|
|
The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
2016 |
|
Administration and support |
|
Directors' remuneration |
The directors' remuneration for the period was as follows:
2016 |
|
Remuneration |
|
Taxation |
Tax charged/(credited) in the income statement
2016 |
|
Current taxation |
|
UK corporation tax |
|
Page 10 |
Springslade Lodge Ltd
Notes to the Financial Statements for the Period from 13 November 2015 to 30 November 2016
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
|||
Additions |
|
|
|
At 30 November 2016 |
|
|
|
Depreciation |
|||
Charge for the |
- |
|
|
At 30 November 2016 |
- |
|
|
Carrying amount |
|||
At 30 November 2016 |
|
|
|
Included within the net book value of land and buildings above is £103,172 in respect of freehold land and buildings.
Debtors |
2016 |
|
Trade debtors |
|
Other debtors |
|
Prepayments |
|
Total current trade and other debtors |
|
Cash and cash equivalents |
2016 |
|
Cash at bank |
|
Creditors |
Page 11 |
Springslade Lodge Ltd
Notes to the Financial Statements for the Period from 13 November 2015 to 30 November 2016
Note |
2016 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts due to related parties |
|
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Other payables |
|
|
Accrued expenses |
|
|
Income tax liability |
12,182 |
|
|
Share capital |
Allotted, called up and fully paid shares
2016 |
||
No. |
£ |
|
|
|
100 |
|
|
50 |
|
|
Dividends |
2016 |
|
£ |
|
Interim dividend of £
|
25,000 |
Page 12 |
Springslade Lodge Ltd
Detailed Profit and Loss Account for the Period from 13 November 2015 to 30 November 2016
2016 |
|
Turnover (analysed below) |
188,042 |
Cost of sales (analysed below) |
(44,990) |
Gross profit |
143,052 |
Gross profit (%) |
76.07% |
Administrative expenses |
|
Employment costs (analysed below) |
(61,165) |
Establishment costs (analysed below) |
(12,933) |
General administrative expenses (analysed below) |
(6,359) |
Finance charges (analysed below) |
(1,378) |
Depreciation costs (analysed below) |
(10) |
(81,845) |
|
Operating profit |
61,207 |
Other interest receivable and similar income (analysed below) |
4 |
Profit before tax |
61,211 |
Page 13 |
Springslade Lodge Ltd
Detailed Profit and Loss Account for the Period from 13 November 2015 to 30 November 2016
2016 |
Turnover |
|
Sale of goods, UK |
188,042 |
Cost of sales |
|
Purchases |
44,990 |
Employment costs |
|
Wages and salaries |
(48,670) |
Staff NIC (Employers) |
(578) |
Directors remuneration |
(11,917) |
(61,165) |
Establishment costs |
|
Rent |
(765) |
Light, heat and power |
(3,726) |
Insurance |
(2,179) |
Repairs and renewals |
(6,263) |
(12,933) |
General administrative expenses |
|
Telephone and fax |
(367) |
Computer software and maintenance costs |
(430) |
Printing, postage and stationery |
(159) |
Sundry expenses |
(463) |
Cleaning |
(2,899) |
Motor expenses |
(541) |
Advertising |
(513) |
Customer entertaining (disallowable for tax) |
(12) |
Accountancy fees |
(975) |
(6,359) |
Finance charges |
|
Bank charges |
(302) |
Credit card charges |
(1,076) |
(1,378) |
Depreciation costs |
|
Depreciation of office equipment (owned) |
(10) |
Other interest receivable and similar income |
|
Bank interest receivable |
4 |
Page 14 |