REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Sanctum On The Green Ltd |
REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Sanctum On The Green Ltd |
Sanctum On The Green Ltd (Registered number: 07115900) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
Sanctum On The Green Ltd |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Sanctum On The Green Ltd (Registered number: 07115900) |
Report of the Director |
for the Year Ended 31 December 2022 |
The director presents his report with the financial statements of the company for the year ended 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a hotel and restaurant. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2022. |
DIRECTORS |
Other changes in directors holding office are as follows: |
ON BEHALF OF THE BOARD: |
Sanctum On The Green Ltd (Registered number: 07115900) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
5 |
Cash at bank | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Sanctum On The Green Ltd (Registered number: 07115900) |
Balance Sheet - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Sanctum On The Green Ltd (Registered number: 07115900) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Sanctum On The Green Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. |
Government grants are recognised using the accrual model and the performance model. |
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. |
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Sanctum On The Green Ltd (Registered number: 07115900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Where investments in a non-derivative financial instrument that is equity of the issuer is publicly traded or the fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. |
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Sanctum On The Green Ltd (Registered number: 07115900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Going concern |
The company depends on the continuing financial support of its parent, associated companies and a director of the parent company who has confirmed their financial support of the company and their ability to do so for the foreseeable future. For this reason the financial statements have been prepared on a going concern basis. |
Debtors and creditors |
Short term debtors, classified as receivable in one year, are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Short term creditors, classified as payable in one year, are measured at the transaction price. Other financial liabilities including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Sanctum On The Green Ltd (Registered number: 07115900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CASH AT BANK |
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 under current liabilities. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr | 29,167 | 34,167 |
2021 comparative figure restated. |
Sanctum On The Green Ltd (Registered number: 07115900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Concept Venues Ltd | 2,929,075 | 2,919,185 |
The following debenture existed at the year end: |
04/04/2013 |
Concept Venues Ltd |
All monies due or to become due from the company. |
Fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. |
10. | RELATED PARTY DISCLOSURES |
The parent company. |
During the year the parent company gave the company general funding of £9,890 (2021: £NIL) and Concept Venues Ltd made recharges to the company of £NIL (2021: £500). At the balance sheet date the company owes the parent company £2,929,075 (2021: £2,919,185). The amount is classified as a current creditor and is repayable on demand, no interest is charged. |
A fellow subsidiary. |
During the year the company gave net funding to the fellow subsidiary of £NIL (2021: £5,425). The fellow subsidiary repaid Sanctum On The Green Ltd £3,025 (2021: £NIL). At the balance sheet date the company is owed by the fellow subsidiary £NIL (2021 £3,025). The amounts was classified as a current debtor and was repayable on demand, no interest was charged. |
A subsidiary. |
During the year the subsidiary provided funding to the Sanctum On The Green Ltd of £NIL (2021: £17,245) and during the year the Sanctum On the Green Ltd repaid £11,433 (2021: £NIL). At the balance sheet date Sanctum On The Green Ltd owed £NIL (2021 £11,433) to the subsidiary.The amount was classified as a current creditor and was repayable on demand, no interest was charged. |
Sanctum On The Green Ltd (Registered number: 07115900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
11. | ULTIMATE CONTROLLING PARTY |
The entity's parent is Concept Venues Ltd, a company registered in England & Wales. (Registered Office Address: 20 Warwick Street, London, W1B 5NF). |
The Ultimate Controlling Parties are A J Taylor and M N J Fuller through their control of the parent company Concept Venues Ltd (a company registered in England & Wales). |