SCP Newbury Manor Limited - Period Ending 2022-12-31

SCP Newbury Manor Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 6

SCP Newbury Manor Limited

(Registration number: 08988417)
Balance Sheet as at 31 December 2022

	Note	2022 £	2021 £
Fixed assets
Intangible assets	4	-	-
Tangible assets	5	2,623,104	2,623,104
Current assets
Debtors	6	27,660	11,920
Cash at bank and in hand		6,640	2,334
		34,300	14,254
Creditors: Amounts falling due within one year	7	(5,727,492)	(5,642,844)
Net current liabilities		(5,693,192)	(5,628,590)
Net liabilities		(3,070,088)	(3,005,486)
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		(3,070,089)	(3,005,487)
Shareholders' deficit		(3,070,088)	(3,005,486)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 August 2023
 

......................................... A P Bradshaw Director

SCP Newbury Manor Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Beaumont Mews
First Floor
London
W1G 6EN
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency of the company is the pound sterling rounded to the nearest pound.

Going concern

As at 31 December 2022, the Company had net liabilities of £3,070,088. The directors anticipate future funding being obtained from the Parent Company, Mudlark Hotels Limited, in order for the Company to meet its debts as they fall due. The Parent Company has indicated that it is willing to provide the Company with such funding as is necessary in order for the Company to meet its debts as they fall due for the forseeable future, being at least one year from the date of approval of the financial statements.

The Parent Company, Mudlark Hotels Limited, has confirmed, in writing, that it will not call in its intercompany loan within 12 months from the date of approval of the financial statements unless there are sufficient funds to be able to do so.

On this basis, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future and continue to adopt the going concern basis in preparing the financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 4 September 2023 was Dean Blunden BFP FCA, who signed for and on behalf of UHY Ross Brooke.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

SCP Newbury Manor Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

SCP Newbury Manor Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Assets under construction	Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

SCP Newbury Manor Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2022	275,003	275,003
At 31 December 2022	275,003	275,003
Amortisation
At 1 January 2022	275,003	275,003
At 31 December 2022	275,003	275,003
Carrying amount
At 31 December 2022	-	-

5	Tangible assets

	Assets under development £	Total £
Cost or valuation
At 1 January 2022	2,623,104	2,623,104
At 31 December 2022	2,623,104	2,623,104
Depreciation
Carrying amount
At 31 December 2022	2,623,104	2,623,104
At 31 December 2021	2,623,104	2,623,104

6

Debtors

	2022 £	2021 £
Prepayments	27,660	8,881
Other debtors	-	3,039
	27,660	11,920

SCP Newbury Manor Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	15,532	31,152
Amounts owed to group undertakings	5,630,815	5,553,777
Taxation and social security	76	-
Other creditors	81,069	57,915
	5,727,492	5,642,844

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,500 (2021 - £7,500).

10	Related party transactions

Summary of transactions with other related parties

CCO Cygnet Limited

At the year end, SCP Newbury Manor Limited owed £3,924 (2021: £924) to CCO Cygnet Limited, a company related by virtue of common control and directors in common.

Rare Bird Hotels Limited

SCP Newbury Manor Limited owed £2,520 (2021: £2,520) to Rare Bird Hotels Limited at the year end, a company related by virtue of common control and directors in common.

11	Parent and ultimate parent undertaking

The company's immediate parent is Mudlark Hotels Limited, incorporated in England and Wales.

 The ultimate parent is Xercise 2 Limited, incorporated in England and Wales.

 The ultimate controlling party is H Osmond.