Summer Isles Enterprises Limited - Accounts to registrar (filleted) - small 18.2
Summer Isles Enterprises Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Period 1 April 2019 to 30 June 2020 |
| for |
| Summer Isles Enterprises Limited |
| Summer Isles Enterprises Limited (Registered number: 07210121) |
| Contents of the Financial Statements |
| for the Period 1 April 2019 to 30 June 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Summer Isles Enterprises Limited |
| Company Information |
| for the Period 1 April 2019 to 30 June 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Summer Isles Enterprises Limited (Registered number: 07210121) |
| Balance Sheet |
| 30 June 2020 |
| 2020 | 2019 |
| (Unaudited) |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Summer Isles Enterprises Limited (Registered number: 07210121) |
| Notes to the Financial Statements |
| for the Period 1 April 2019 to 30 June 2020 |
| 1. | STATUTORY INFORMATION |
| Summer Isles Enterprises Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These accounts are prepared for the 15 month period 1 April 2019 to 30 June 2020 due to a change in the accounting year end. Comparative figures are for the 12 month period 1 April 2018 to 31 March 2019 and are therefore not entirely comparable. |
| Going Concern |
| For the period ended 30 June 2020 the Company incurred a loss before exceptional items of £6,173,666 (2019: £2,531,980). As at 30 June 2020 the Company had net assets of £20,396,160 (2019: net liabilities £3,663,839). The management of the Company have assessed its ability to continue as a going concern and deems that the going concern assertion is appropriate. |
| The Company has the continued support of its parent company who are able to provide funds to the Company as necessary. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs. |
| Depreciation and residual values |
| Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows: |
| Freehold property - 2% on straight line basis |
| Improvements to property - 2% on straight line basis |
| Plant and machinery - 12.5% on straight line basis |
| Fixtures and fittings - 12.5% on straight line basis |
| Motor vehicles - 25% on straight line basis |
| Computer equipment - 33% on straight line basis |
| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively. |
| Assets still under construction are not depreciated until they have been brought into a working condition. At which point they are transferred to the relevant category and depreciated accordingly. |
| Repairs and maintenance costs are expensed as incurred. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Summer Isles Enterprises Limited (Registered number: 07210121) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2019 to 30 June 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are classified by the directors as basic or advanced following conditions in FRS 102 Section 11. |
| Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow |
| group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing |
| transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| Summer Isles Enterprises Limited (Registered number: 07210121) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2019 to 30 June 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Assets | Improvements |
| Freehold | under | to | Plant and |
| property | construction | property | machinery |
| £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for period |
| Eliminated on disposal | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 31 March 2019 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for period |
| Eliminated on disposal | ( |
) |
| At 30 June 2020 |
| NET BOOK VALUE |
| At 30 June 2020 |
| At 31 March 2019 |
| Included in cost of Freehold property is freehold land of £1,944,044 (2019 - £1,860,051) which is not |
| depreciated. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| (Unaudited) |
| £ | £ |
| Trade debtors |
| Other debtors |
| Summer Isles Enterprises Limited (Registered number: 07210121) |
| Notes to the Financial Statements - continued |
| for the Period 1 April 2019 to 30 June 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| (Unaudited) |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 8. | 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. |
| During the period funds of £17,626,970 (2019: £9,395,378) were provided by a director for the continued investment activity of the company. During the period the company issued shares at a premium which were off set against part of the amounts owed to the director. The remaining balance of £9,859,009 was written off and waived by the director and is included in other income. At year end £nil was due to the director (2019: £12,654,405). |
| 9. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate parent company and controlling party is The Jagclif Charitable Trust, a charity registered in the UK, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of The Jagclif Charitable Trust consolidated accounts can be obtained from The Jagclif Charitable Trust, George House, 131 Sloane Street, London, SW1X 9AT. |