REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
CONEY ISLAND LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
CONEY ISLAND LIMITED |
CONEY ISLAND LIMITED (REGISTERED NUMBER: 00950345) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
CONEY ISLAND LIMITED |
COMPANY INFORMATION |
for the year ended 31 October 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Business Advisors, Accountants and |
Statutory Auditors |
Q Court |
3 Quality Street |
Edinburgh |
EH4 5BP |
CONEY ISLAND LIMITED (REGISTERED NUMBER: 00950345) |
BALANCE SHEET |
31 October 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 Board of Directors and authorised for issue on |
CONEY ISLAND LIMITED (REGISTERED NUMBER: 00950345) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2022 |
1. | STATUTORY INFORMATION |
Coney Island Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
As at 31 October 2022 the company had net assets of £3,496,716 (2021 - £3,078,023). The company made a profit of £418,693 during the financial year (2021 - £466,338). |
The directors have assessed, based on current projections, that the company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. |
Thus, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. |
TURNOVER |
Turnover from the club is recognised on a daily basis directly in relation to food and beverage products sold that day. |
Membership fees are recognised in the accounting period to which they relate. To the extent that income is received in advance, it is deferred and recognised in the relevant period to which the membership relates. |
TANGIBLE FIXED ASSETS |
Long leasehold | - |
Fixtures and fittings | - |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
GOVERNMENT GRANTS |
Income from government grants is recognised at fair value when there is reasonable assurance that the company will comply with the conditions attached to them and the grants will be received. Income from government grants is in relation to the Job Retention Scheme and Business Closure Grants, and is treated as other operating income. |
STOCKS |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price. Cost is based on the cost of purchase on a first in, first out basis. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price. The impairment loss is recognised immediately in profit or loss. |
CONEY ISLAND LIMITED (REGISTERED NUMBER: 00950345) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2022 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset, carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
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. |
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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSIONS |
The company operates a defined contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in an independently administered fund. |
GROUP TREASURY FACILITY |
The company operates as a subsidiary within the Caledonian Heritable group. The parent company acts as treasury manager for the group, managing financing, borrowing facilities and cash on a group wide basis. |
As a result, excess cash generated by the company can be used within the wider group to manage the group financing as required or cash requirements in excess of cash generated is provided by the wider group. |
CONEY ISLAND LIMITED (REGISTERED NUMBER: 00950345) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 November 2021 |
Additions |
At 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for year |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
5. | STOCKS |
2022 | 2021 |
£ | £ |
Finished goods |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Accruals and deferred income |
CONEY ISLAND LIMITED (REGISTERED NUMBER: 00950345) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2022 |
8. | DEFERRED TAX |
£ |
Balance at 1 November 2021 | ( |
) |
Charge to Statement of Income and Retained Earnings during year |
Balance at 31 October 2022 | ( |
) |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 120 | 120 |
All shares rank pari passu. |
10. | RESERVES |
The company's capital and reserves are as follows: |
Called up share capital |
Called up share capital represents the nominal value of the shares issued. |
Profit and loss account |
The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £18,526 (2021 - £17,719). Contributions totalling £1,820 (2021 - £1,820) were payable to the fund at the reporting date and are included in creditors. |
13. | CONTINGENT LIABILITIES |
The company (together with other members of the group) has granted a debenture (incorporating a floating charge on all of the assets and undertakings of the company) and provided cross guarantees to secure banking facilities granted to the group. The contingent liability at the balance sheet date amounted to £Nil (2021 - £Nil). |
CONEY ISLAND LIMITED (REGISTERED NUMBER: 00950345) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2022 |
14. | COMMITMENTS UNDER OPERATING LEASES |
As at 31 October 2022, the company had future minimum lease payments under non-cancellable operating leases as follows: |
2022 | 2021 |
£ | £ |
Not later than 1 year | 340,000 | 340,000 |
Later than 1 year and not later than 5 years | 1,360,000 | 1,360,000 |
Later than 5 years | 4,760,000 | 5,100,000 |
6,460,000 | 6,800,000 |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
16. | ULTIMATE CONTROLLING PARTY |
The parent undertaking of the largest and smallest group for which consolidated financial statements are prepared is Caledonian Heritable Limited. Consolidated financial statements for Caledonian Heritable Limited are available from Companies House, 139 Fountainbridge, Edinburgh, EH3 9FF. |
Caledonian Heritable is ultimately controlled by K.H.M Doyle. |