Snetterton Park Limited
Unaudited Financial Statements
For the year ended 31 March 2020
Pages for filing with registrar
Company Registration No. 02910978 (England and Wales)
SNETTERTON PARK LIMITED
Snetterton Park Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SNETTERTON PARK LIMITED
Snetterton Park Limited
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
99,663
57,418
Investment properties
4
5,360,000
5,951,789
Investments
5
100
100
5,459,763
6,009,307
Current assets
Debtors
6
1,074,820
109,537
Cash at bank and in hand
528,005
96,744
1,602,825
206,281
Creditors: amounts falling due within one year
8
(3,142,266)
(2,410,674)
Net current liabilities
(1,539,441)
(2,204,393)
Total assets less current liabilities
3,920,322
3,804,914
Creditors: amounts falling due after more than one year
9
(2,227,302)
(306,383)
Provisions for liabilities
(200,000)
(450,000)
Net assets
1,493,020
3,048,531
Capital and reserves
Called up share capital
300
300
Revaluation reserve
11
39,808
39,808
Profit and loss reserves
1,452,912
3,008,423
Total equity
1,493,020
3,048,531
SNETTERTON PARK LIMITED
Snetterton Park Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
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 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 22 February 2021 and are signed on its behalf by:
J Read
Director
Company Registration No. 02910978
SNETTERTON PARK LIMITED
Snetterton Park Limited
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 3 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
4
2
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.
2.1
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
.
Going concern
A
t the time of approving
the directors, with the continued support of creditors, have
a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
At the date of signing the accounts, the directors do not believe the current lockdown situation caused by
Covid-19 will have a long-term impact on the company.
2.2
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.
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
2
Accounting policies
(Continued)
- 4 -
2.3
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
2.4
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.
Changes in fair value are recognised in profit or loss.
2.5
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.
2.6
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.
2.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
2
Accounting policies
(Continued)
- 5 -
2.8
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 profit and loss account 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.
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 profit and loss account, 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.
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
Other assets
Total
£
£
£
Cost or valuation
At 1 April 2019
2,160
84,488
86,648
Additions
3,839
90,405
94,244
Disposals
-
(38,450)
(38,450)
At 31 March 2020
5,999
136,443
142,442
Depreciation and impairment
At 1 April 2019
432
28,798
29,230
Depreciation charged in the year
1,200
27,289
28,489
Eliminated in respect of disposals
-
(14,940)
(14,940)
At 31 March 2020
1,632
41,147
42,779
Carrying amount
At 31 March 2020
4,367
95,296
99,663
At 31 March 2019
1,728
55,690
57,418
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
4
Investment property
2020
£
Fair value
At 1 April 2019
5,951,789
Additions/transfers
804,119
Disposals
(460,979)
Revaluations
(934,929)
At 31 March 2020
5,360,000
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 by professional valuers at the year end subsequently amended by the directors for the value of additional land not included in the initial valuation.
5
Fixed asset investments
2020
2019
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019 & 31 March 2020
100
Carrying amount
At 31 March 2020
100
At 31 March 2019
100
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
165,331
59,544
Amounts owed by group undertakings
894,471
7,194
Other debtors
15,018
42,799
1,074,820
109,537
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
7
Subsidiaries
Details of the company's subsidiary at 31 March 2020 is as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cliffsky Limited
England
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Cliffsky Limited
(2,569)
(2,571)
8
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans
93,750
-
Convertible loans
-
93,617
Trade creditors
128,878
68,895
Other creditors
2,919,638
2,248,162
3,142,266
2,410,674
9
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
1,406,250
-
Convertible loans
-
306,383
Other creditors
821,052
-
2,227,302
306,383
10
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
200,000
450,000
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
11
Revaluation reserve
2020
2019
£
£
At the beginning and end of the year
39,808
39,808
12
Events after the reporting date
2019 Accounts
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 consideration for the share capital and loan capital is being repaid over an agreed period.
2020 Accounts
At the date of signing the accounts, the directors do not believe the current lockdown situation caused by
Covid-19 will have a long-term impact on the company.