St Martin's Management (Isles Of Scilly) - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08512961 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

St Martin's Management ("Isles Of

Scilly") Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G M Knowles

R F Laycock

REGISTERED OFFICE:

Karma Salford Hall

Abbots Salford

Evesham

WR11 8UT

REGISTERED NUMBER:

08512961 (England and Wales)

SENIOR STATUTORY AUDITOR:

Julian Wyncoll ACA

AUDITORS:

Tile & Co

Warden House

37 Manor Road

Colchester

Essex

CO3 3LX

FIXED ASSETS

Tangible assets

4

128,334

124,424

CURRENT ASSETS

Stocks

48,931

56,910

Debtors

5

399,082

470,269

Cash at bank and in hand

41,747

21,345

489,760

548,524

CREDITORS

Amounts falling due within one year

6

3,195,529

2,358,907

NET CURRENT LIABILITIES

(2,705,769

)

(1,810,383

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,577,435

)

(1,685,959

)

CREDITORS

Amounts falling due after more than one year

7

24,167

34,167

NET LIABILITIES

(2,601,602

)

(1,720,126

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(2,601,702

)

(1,720,226

)

SHAREHOLDERS' FUNDS

(2,601,602

)

(1,720,126

)

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 by the Board of Directors and authorised for issue on 16 November 2023 and were signed on its behalf by:

R F Laycock - Director

1.	STATUTORY INFORMATION

St Martin's Management ("Isles Of Scilly") Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Related party exemption

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.

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

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

Plant and machinery etc

-

25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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

Having assessed the principal risks, the directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements. The company has the continued support of its parent and other group companies and will be able to meet its debts as they fall due.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2021 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

730,106

Additions

45,144

At 31 December 2022

775,250

DEPRECIATION

At 1 January 2022

605,682

Charge for year

41,234

At 31 December 2022

646,916

NET BOOK VALUE

At 31 December 2022

128,334

At 31 December 2021

124,424

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

75,787

60,499

Amounts owed by participating interests

254,429

344,262

Other debtors

68,866

65,508

399,082

470,269

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

385,617

203,482

Amounts owed to associates

2,239,540

1,805,173

Taxation and social security

365,791

87,290

Other creditors

194,581

252,962

3,195,529

2,358,907

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

24,167

34,167

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

The auditor's report for the year ended 31 December 2022 was qualified.

Basis for qualified opinion

No independent stock taking procedures were undertaken at 31 December 2021. We have not been able to determine the value or quantity of stocks held at 31 December 2021 by other audit procedures, we are therefore unable to determine whether any adjustment is necessary.

Material uncertainty relating to going concern

We draw your attention to note 2 regarding going concern. As at 31 December 2021 the company's current liabilities exceeded its total assets by £2,577,435. This matter indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. The Directors believe it is appropriate to prepare the financial statements on a going concern basis as the company expects to continue to receive financial support from its parent company and the ultimate holding company of the group. Our report is not qualified in respect of this matter.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

Arising solely from the limitation on the scope of our work related to stock, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit;

- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made.

Julian Wyncoll ACA (Senior Statutory Auditor) for and on behalf of Tile & Co.

9.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the total commitment to future minimum lease payments under non-cancellable operating leases was £690,250 (2021 £1,459,750)

10.	RELATED PARTY DISCLOSURES

The Parent company who draws up consolidated financial statements is :

Name : IVO (Europe) Pte. Ltd.

Address: 160 Robinson Road #18-07 Singapore Business Federation Center, Singapore, 068914

The Company has a debenture with Nat West Bank plc as guarantor to Karma Holdings (UK) Ltd, another group company, in the sum of £700,000.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Karma Resorts Pte Limited.

The ultimate controlling party is Mr J A Spence.