Holgates Silver Ridge Limited Filleted accounts for Companies House (small and micro)

HOLGATES SILVER RIDGE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07393061

HOLGATES SILVER RIDGE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

29 February 2020

HOLGATES SILVER RIDGE LIMITED

STATEMENT OF FINANCIAL POSITION

29 February 2020

	2020		2019
Note	£	£	£	£

FIXED ASSETS

Intangible assets	5	25,000	50,000
Tangible assets	6	3,986,419	4,014,915
		------------	------------
		4,011,419	4,064,915

CURRENT ASSETS

Stocks		64,725	68,000
Debtors	7	55,157	61,803
Cash at bank and in hand		783,264	484,427
		---------	---------
		903,146	614,230

CREDITORS: amounts falling due within one year	8	4,307,357		4,042,006
		------------		------------
NET CURRENT LIABILITIES			3,404,211		3,427,776
			------------		------------
TOTAL ASSETS LESS CURRENT LIABILITIES			607,208		637,139

PROVISIONS

Taxation including deferred tax	42,860	40,052
	---------	---------
NET ASSETS	564,348	597,087
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	564,248	596,987
	---------	---------
SHAREHOLDERS FUNDS	564,348	597,087
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HOLGATES SILVER RIDGE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

29 February 2020

These financial statements were approved by the board of directors and authorised for issue on 1 October 2020 , and are signed on behalf of the board by:

R.J. Holgate	M.W. Holgate
Director	Director

Company registration number: 07393061

HOLGATES SILVER RIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 29 FEBRUARY 2020

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middlebarrow Plain, Cove Road, Silverdale, Carnforth, LA5 0SH, England.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% per annum straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% per annum straight line
Plant & Machinery	-	25% per annum reducing balance
Fixtures & Fittings	-	25% per annum reducing balance

(g) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(h) Financial instruments

Basic financial instruments are recognised at amortised cost.

(i) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 4 (2019: 2 ).

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 March 2019 and 29 February 2020	250,000
	---------
Amortisation
At 1 March 2019	200,000
Charge for the year	25,000
	---------
At 29 February 2020	225,000
	---------
Carrying amount
At 29 February 2020	25,000
	---------
At 28 February 2019	50,000
	---------

6. TANGIBLE ASSETS

	Freehold Property	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
At 1 March 2019	4,031,201	71,949	29,285	4,132,435
Additions	1,450	–	573	2,023
	------------	--------	--------	------------
At 29 February 2020	4,032,651	71,949	29,858	4,134,458
	------------	--------	--------	------------
Depreciation
At 1 March 2019	61,764	39,579	16,177	117,520
Charge for the year	19,137	8,093	3,289	30,519
	------------	--------	--------	------------
At 29 February 2020	80,901	47,672	19,466	148,039
	------------	--------	--------	------------
Carrying amount
At 29 February 2020	3,951,750	24,277	10,392	3,986,419
	------------	--------	--------	------------
At 28 February 2019	3,969,437	32,370	13,108	4,014,915
	------------	--------	--------	------------

7. DEBTORS

	2020	2019
	£	£
Trade debtors	48,507	39,049
Prepayments and accrued income	6,650	22,754
	--------	--------
	55,157	61,803
	--------	--------

8. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	40,538	51,545
Accruals and deferred income	341,815	351,265
Corporation tax	68,020	48,739
Social security and other taxes	56,590	50,003
Director loan accounts	3,800,394	3,540,454
	------------	------------
	4,307,357	4,042,006
	------------	------------

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company paid interest amounting to £137,424 (2019 : £134,646) to the directors, Mr M.W. Holgate and Mr R.J. Holgate , in respect of their current account balances. The interest was paid at normal commercial rates. The amount owing to the directors at 29 February 2020 was £3,500,394 (2019 : £3,540,454).

10. RELATED PARTY TRANSACTIONS

The company was under the control of the directors throughout the year. During the year the company paid a management charge of £30,000 to Holgates (Caravan Parks) Limited. The director, Mr M. Holgate, is a director and majority shareholder in this company. During the year the company paid dividends to the directors amounting to £300,000.