Sail Lofts - St Ives Limited - Accounts to registrar (filleted) - small 22.3

SAIL LOFTS - ST IVES LIMITED - Company Information

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REGISTERED NUMBER: 07163707 (England and Wales)

Sail Lofts - St Ives Limited

Financial Statements

for the Period 4th January 2021 to 2nd January 2022

Page

Company Information

Statement of Financial Position

Notes to the Financial Statements

DIRECTORS:

Mrs E H Davies

R J Clark

P J D Hodgson FCA

REGISTERED OFFICE:

7 Sail Lofts

Porthmeor Road

St Ives

Cornwall

TR26 1GB

REGISTERED NUMBER:

07163707 (England and Wales)

AUDITORS:

Bishop Fleming LLP

Chartered Accountants and Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP

FIXED ASSETS

Tangible assets

2,456,476

3,256,915

Investments

2,456,477

3,256,916

CURRENT ASSETS

Stocks

2,607

2,589

Debtors

1,426,472

799,797

Cash at bank and in hand

80,532

83,518

1,509,611

885,904

CREDITORS

Amounts falling due within one year

(347,724

)

(313,374

)

NET CURRENT ASSETS

1,161,887

572,530

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,618,364

3,829,446

CREDITORS

Amounts falling due after more than one
year

(622,311

)

(1,627,296

)

PROVISIONS FOR LIABILITIES

(8,827

)

(10,556

)

NET ASSETS

2,987,226

2,191,594

CAPITAL AND RESERVES

Called up share capital

100,001

Share premium

1,485,340

Retained earnings

1,401,885

606,253

SHAREHOLDERS' FUNDS

2,987,226

2,191,594

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 3rd February 2023 and were signed on its behalf by:

R J Clark - Director

1.	STATUTORY INFORMATION

Sail Lofts - St Ives Limited is a private company, limited by shares, registered in England and Wales, registered number is 07163707. The registered office is 7 Sail Lofts, Porthmeor Road, Cornwall TR26 1GB.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

Freehold property impairment review

The Directors assess annually the carrying value of freehold property comparing this to the higher of its deemed value in use and its fair value. The Directors have considered the evidence of profit generated by the sale of one unit in the period, interest in a potential unit sale post year end and the ongoing forecast performance of the company to confirm the fair value of freehold property remains in excess of the carrying value held in the financial statements.

Intercompany debt provision

The Directors have reviewed the balance sheet of its fellow subsidiary company and consider that sufficient assets are held by the subsidiary to enable repayment of the debt in full. On that basis, no provision has been recorded in respect of this debt.

Turnover

Turnover represents invoiced sales of goods and services, excluding value added tax. Turnover is recognised when the service is provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

Nil

Plant and machinery

20% on cost and 6.67% on cost

Website

25% on cost

Computer equipment

33% on cost

FRS 102 requires freehold properties to be depreciated over their estimated useful economic life. In the opinion of the directors the depreciation charge and accumulated depreciation charge is immaterial to the financial statements and the directors believe that complying with the accounting standard will not give the financial statements a true and fair view.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

The cost formula used in measuing stock is FIFO.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

The company has generated a profit of £795,632 in the current year (Prior year: £38,146 profit). At the year-end date, the company had net current assets of £1.162m (Prior year: £0.573m assets) and net assets of £2.987m (Prior year: £2.192m).

Management have prepared group cash flow projections to 12 months from the approval of the financial statements which demonstrate that they expect sufficient cash will be available to the group to continue to operate. The projections prepared include key judgements, in particular regarding the ongoing expected trading performance of the inn and restaurant sites held by a subsidiary company within the group and the Directors assessment is reliant on the sites achieving certain levels of forecast trade performance.

Based on the review undertaken, the Directors are of the opinion that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 14 (2021 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Computer

property

machinery

Website

equipment

Totals

COST

At 4th January 2021

3,115,503

611,702

23,137

8,590

3,758,932

Additions

2,190

1,482

1,423

5,095

Disposals

(760,750

)

(5,186

)

(765,936

)

At 2nd January 2022

2,356,943

607,998

23,137

10,013

2,998,091

DEPRECIATION

At 4th January 2021

472,765

22,248

7,004

502,017

Charge for period

42,768

447

1,052

44,267

Eliminated on disposal

(4,669

)

(4,669

)

At 2nd January 2022

510,864

22,695

8,056

541,615

NET BOOK VALUE

At 2nd January 2022

2,356,943

97,134

442

1,957

2,456,476

At 3rd January 2021

3,115,503

138,937

889

1,586

3,256,915

5.	FIXED ASSET INVESTMENTS

Other

investments

COST

At 4th January 2021

and 2nd January 2022

NET BOOK VALUE

At 2nd January 2022

At 3rd January 2021

STOCKS

2022

2021

Stocks

2,607

2,589

DEBTORS

2022

2021

Amounts falling due within one year:

Trade debtors

3,302

4,184

Amounts owed by group undertakings

2,629

2,497

Other debtors

3,218

Prepayments

10,113

3,062

16,044

12,961

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,410,428

786,836

Aggregate amounts

1,426,472

799,797

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

Trade creditors

13,650

10,700

Tax

4,225

Social security and other taxes

1,418

940

VAT

15,070

7,308

Other creditors

43,869

Directors' current accounts

75,000

Accruals and deferred income

198,717

215,201

347,724

313,374

Accruals and deferred income includes deposits in advance for holidays of £190,005 (3rd January 2021: £209,149)

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2022

2021

Directors' loan accounts

622,311

1,627,296

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Connor FCA (Senior Statutory Auditor)

for and on behalf of Bishop Fleming LLP

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption under the terms of Financial Reporting Standard '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.

12.	ULTIMATE PARENT COMPANY

The ultimate parent company is Porthmeor Holdings Ltd, a company registered in England and Wales. The registered office of Porthmeor Holdings Ltd is 7 Sail lofts, Porthmeor Road, St Ives, Cornwall, TR26 1GB.

The financial statements of the ultimate parent company may be obtained from Companies House.