SNETTERTON PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 02910978 (England and Wales)
SNETTERTON PARK LIMITED
COMPANY INFORMATION
Directors
J Read
P Downing
(Appointed 11 September 2018)
Company number
02910978
Registered office
18 Langton Place
Bury St Edmunds
Suffolk
IP33 1NE
SNETTERTON PARK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SNETTERTON PARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
57,418
60,175
Investment properties
4
5,951,789
5,285,814
Investments
5
100
100
6,009,307
5,346,089
Current assets
Debtors
7
109,537
78,039
Cash at bank and in hand
96,744
18,515
206,281
96,554
Creditors: amounts falling due within one year
8
(2,410,674)
(290,268)
Net current liabilities
(2,204,393)
(193,714)
Total assets less current liabilities
3,804,914
5,152,375
Creditors: amounts falling due after more than one year
9
(306,383)
(1,625,623)
Provisions for liabilities
(450,000)
(450,000)
Net assets
3,048,531
3,076,752
Capital and reserves
Called up share capital
11
300
300
Revaluation reserve
12
39,808
39,808
Profit and loss reserves
3,008,423
3,036,644
Total equity
3,048,531
3,076,752
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SNETTERTON PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2019 and are signed on its behalf by:
J Read
Director
Company Registration No. 02910978
SNETTERTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Snetterton Park Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
18 Langton Place, Bury St Edmunds, Suffolk, IP33 1NE.
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, 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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
These accounts have been prepared on the going concern basis. This is on the basis that the directors and shareholders continue to provide financial support to the company to allow the company to meet its debts as they fall due for a period of 12 months from the date of these accounts.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Fixtures, fittings & equipment
20% Straight Line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
SNETTERTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
Cash at bank and in hand
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.
1.7
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 balance sheet 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2018 - 4).
SNETTERTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
3
Tangible fixed assets
Plant and machinery etc
Other assets
Total
£
£
£
Cost or valuation
At 1 April 2018
-
72,075
72,075
Additions
2,160
12,413
14,573
At 31 March 2019
2,160
84,488
86,648
Depreciation and impairment
At 1 April 2018
-
11,900
11,900
Depreciation charged in the year
432
16,898
17,330
At 31 March 2019
432
28,798
29,230
Carrying amount
At 31 March 2019
1,728
55,690
57,418
At 31 March 2018
-
60,175
60,175
The revaluation surplus is disclosed in note 12.
4
Investment property
2019
£
Fair value
At 1 April 2018
5,285,814
Additions/transfers
665,975
At 31 March 2019
5,951,789
Investment property comprises land and buildings at Snetterton, Norfolk. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors.
5
Fixed asset investments
2019
2018
£
£
Investments
100
100
SNETTERTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2018 & 31 March 2019
100
Carrying amount
At 31 March 2019
100
At 31 March 2018
100
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2019 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Cliffsky Limited
England
Retailing
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Cliffsky Limited
2
7
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
59,544
28,241
Amounts owed by group undertakings
7,194
13,586
Other debtors
42,799
36,212
109,537
78,039
SNETTERTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
8
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Convertible loans
93,617
-
Other loans
2,095,623
113,479
Trade creditors
68,895
151,570
Deferred income
49,042
-
Accruals and deferred income
103,497
25,219
2,410,674
290,268
9
Creditors: amounts falling due after more than one year
2019
2018
£
£
Convertible loans
306,383
400,000
Other loans
-
1,225,623
306,383
1,625,623
Amounts included above which fall due after five years are as follows:
Convertible loans
-
400,000
Directors Loan
-
100,000
Other Loans
-
745,623
-
1,245,623
Interest is payable at 6% per year. Interest is payable on the convertible loan notes on 30 June annually and on the other loans on 31 March annually.
10
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
450,000
450,000
SNETTERTON PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 8 -
11
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary of £1 each
300
300
12
Revaluation reserve
2019
2018
£
£
At the beginning and end of the year
39,808
39,808
13
Events after the reporting date
On 6 August 2019 the holding company, Snetterton Commercial Properties Limited, acquired the A Ordinary Shares resulting in Snetterton Park Limited becoming a wholly owned subsidiary. As part of the transaction the loan capital is being repaid over an agreed period.