Snetterton Park Limited
Unaudited Financial Statements
For the Period ended 30 September 2022
Pages for filing with registrar
Company Registration No. 02910978 (England and Wales)
SNETTERTON PARK LIMITED
Snetterton Park Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
127,650
96,789
Investment properties
5
9,500,000
7,000,000
Investments
8
100
100
9,627,750
7,096,889
Current assets
Debtors
7
350,364
924,181
Cash at bank and in hand
226,850
577,214
924,181
Creditors: amounts falling due within one year
9
(2,396,128)
(3,044,836)
Net current liabilities
(1,818,914)
(2,120,655)
Total assets less current liabilities
7,808,836
4,976,234
Creditors: amounts falling due after more than one year
10
(2,727,244)
(2,154,454)
Provisions for liabilities
11
(1,573,877)
(431,147)
Net assets
3,507,715
2,390,633
Capital and reserves
Called up share capital
300
300
Revaluation reserve
12
39,808
39,808
Non-distributable profits reserve
13
1,205,485
Distributable profit and loss reserves
2,262,122
2,350,525
Total equity
3,507,715
2,390,633
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 Period ended 30 September 2022 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.
The members have not required the company to obtain an audit of its financial statements for the Period 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
Snetterton Park Limited
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 May 2023 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 30 SEPTEMBER 2022
2022-09-30
- 3 -
1
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2022
2021
Number
Number
Total
4
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 Unit 3f Snetterton Business Park, Harling Road, Snetterton, Norfolk, NR16 2JU.
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 amounts 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
At 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 the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
2
Accounting policies
(Continued)
- 4 -
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
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 at 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.
2.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
2
Accounting policies
(Continued)
- 5 -
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.
2.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
3
Tangible fixed assets
Plant and machinery etc
Other assets
Total
£
£
£
Cost or valuation
At 1 October 2021
31,397
170,314
201,711
Additions
6,907
78,033
84,940
At 30 September 2022
38,304
248,347
286,651
Depreciation and impairment
At 1 October 2021
12,636
92,287
104,923
Depreciation charged in the Period
6,740
47,338
54,078
At 30 September 2022
19,376
139,625
159,001
Carrying amount
At 30 September 2022
18,928
108,722
127,650
At 30 September 2021
18,761
78,028
96,789
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
- 6 -
4
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
1,142,730
231,147
5
Investment property
2022
£
Fair value
At 1 October 2021
7,000,000
Additions/transfers
624,739
Disposals
(73,000)
Revaluations
1,948,261
At 30 September 2022
9,500,000
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 provided by the directors.
6
Subsidiaries
Details of the company's subsidiary at 30 September 2022 is as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cliffsky Limited
England
Ordinary
100
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
10,612,722
3,393,884
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
323,464
198,537
Amounts owed by group undertakings
711,444
Other debtors
26,900
14,200
350,364
924,181
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
- 7 -
8
Fixed asset investments
2022
2021
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 October 2021 & 30 September 2022
100
Carrying amount
At 30 September 2022
100
At 30 September 2021
100
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
100,000
364,680
Trade creditors
68,247
130,557
Amounts owed to group undertakings
683,068
Taxation and social security
48,337
27,258
Other creditors
1,496,476
2,522,341
2,396,128
3,044,836
The bank loan is secured by a fixed and floating charge over the assets of the company.
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
2,700,000
2,095,538
Other creditors
27,244
58,916
2,727,244
2,154,454
The bank loan is secured by a fixed and floating charge over the assets of the company.
SNETTERTON PARK LIMITED
Snetterton Park Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2022
- 8 -
11
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
1,573,877
431,147
12
Revaluation reserve
2022
2021
£
£
At the beginning and end of the Period
39,808
39,808
13
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the Period
-
-
Non distributable profits in the Period
1,205,485
-
At the end of the Period
1,205,485
-