Snapdragons (Holdings) Limited - Limited company accounts 23.2

REGISTERED NUMBER: 13523586 (England and Wales)

SNAPDRAGONS (HOLDINGS) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 AUGUST 2022 TO 30 APRIL 2023

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

6

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

DIRECTORS:

Mrs J S Biddel

Mrs R A Collard

P H Collard

Miss I A Collard

M Johnson

J Collard

Miss S O Collard

REGISTERED OFFICE:

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

REGISTERED NUMBER:

13523586 (England and Wales)

AUDITORS:

Richardson Swift Audit Limited

11 Laura Place

Bath

Somerset

BA2 4BL

The directors present their strategic report for the period 1 August 2022 to 30 April 2023.

ON BEHALF OF THE BOARD:

P H Collard - Director

26 January 2024

The directors present their report with the financial statements of the company for the period 1 August 2022 to 30 April 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of other letting and operating of own or leased real estate

DIVIDENDS

The total distribution of dividends for the period ended 30 April 2023 will be £ 329,000 .

DIRECTORS

The directors who have held office during the year from 1 August 2022 to the date of this report are as follows:

Mrs J S Biddel

Mrs R A Collard

P H Collard

Miss I A Collard

M Johnson

J Collard

Miss S Collard - appointed 16 February 2023

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Richardson Swift Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P H Collard - Director

26 January 2024

Opinion

We have audited the financial statements of Snapdragons (Holdings) Limited (the 'company') for the period ended 30 April 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, or 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; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with directors and consideration of our experience of this and similar sectors.

We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102.

We determined that the most significant operational laws and regulations for the entity are safeguarding and health and safety regulations.

Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising.

We gained an understating of the entity's policy and procedures by discussion with directors and key personnel and substantive audit work, including walk through tests of key processes.

We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Edwards BSc FCA (Senior Statutory Auditor)

for and on behalf of Richardson Swift Audit Limited

11 Laura Place

Bath

Somerset

BA2 4BL

29 January 2024

TURNOVER

-

-

Administrative expenses

(187,364

)

108,820

OPERATING PROFIT/(LOSS)

4

187,364

(108,820

)

Income from shares in group undertakings

329,000

12,816,000

PROFIT BEFORE TAXATION

516,364

12,707,180

Tax on profit

5

257,154

229,858

PROFIT FOR THE FINANCIAL PERIOD

259,210

12,477,322

Retained earnings at beginning of period

12,161,322

-

Dividends

6

(329,000

)

(316,000

)

RETAINED EARNINGS AT END OF PERIOD

12,091,532

12,161,322

FIXED ASSETS

Tangible assets

7

13,556,643

14,005,684

CREDITORS

Amounts falling due within one year

8

1,034,286

1,614,359

NET CURRENT LIABILITIES

(1,034,286

)

(1,614,359

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,522,357

12,391,325

PROVISIONS FOR LIABILITIES

9

430,655

229,858

NET ASSETS

12,091,702

12,161,467

CAPITAL AND RESERVES

Called up share capital

10

170

145

Retained earnings

11

12,091,532

12,161,322

SHAREHOLDERS' FUNDS

12,091,702

12,161,467

The financial statements were approved by the Board of Directors and authorised for issue on 26 January 2024 and were signed on its behalf by:

P H Collard - Director

Cash flows from operating activities

Cash generated from operations

1

(1,902

)

(1,402

)

Net cash from operating activities

(1,902

)

(1,402

)

Cash flows from investing activities

Purchase of tangible fixed assets

21,606

(14,112,401

)

Sale of tangible fixed assets

617,400

-

Dividends received

329,000

12,816,000

Net cash from investing activities

968,006

(1,296,401

)

Cash flows from financing activities

Share issue

25

145

Intercompany

(637,129

)

1,613,658

Equity dividends paid

(329,000

)

(316,000

)

Net cash from financing activities

(966,104

)

1,297,803

Increase in cash and cash equivalents

-

-

Cash and cash equivalents at beginning of period

-

-

Cash and cash equivalents at end of period

-

-

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

1/8/22

1/5/21

to

to

30/4/23

31/7/22

£

£

Profit before taxation

516,364

12,707,180

Depreciation charges

89,127

106,717

Profit on disposal of fixed assets

(279,092

)

-

Finance income

(329,000

)

(12,816,000

)

(2,601

)

(2,103

)

Increase in trade and other creditors

699

701

Cash generated from operations

(1,902

)

(1,402

)

1.	STATUTORY INFORMATION

Snapdragons (Holdings) Limited 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets

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

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 - Straight line over 75 years

Long leasehold improvements are depreciated over the length of the lease remaining.

Land is not depreciated.

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.

3.	EMPLOYEES AND DIRECTORS

Period

Period

1/8/22

1/5/21

to

to

30/4/23

31/7/22

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

Period

Period

1/8/22

1/5/21

to

to

30/4/23

31/7/22

£

£

Depreciation - owned assets

89,127

106,717

Profit on disposal of fixed assets

(279,092

)

-

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

Period

1/8/22

1/5/21

to

to

30/4/23

31/7/22

£

£

Current tax:

UK corporation tax

56,358

-

Deferred tax

200,796

229,858

Tax on profit

257,154

229,858

6.

DIVIDENDS

Period

Period

1/8/22

1/5/21

to

to

30/4/23

31/7/22

£

£

A Ordinary shares of 1p each

Interim

72,000

86,000

B Ordinary shares of 10p each

Interim

75,000

90,000

C Ordinary shares of 1p each

Interim

148,000

140,000

D Ordinary shares of 10p each

Interim

34,000

-

329,000

316,000

7.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 August 2022

14,112,401

Additions

(21,606

)

Disposals

(342,753

)

At 30 April 2023

13,748,042

DEPRECIATION

At 1 August 2022

106,717

Charge for period

89,127

Eliminated on disposal

(4,445

)

At 30 April 2023

191,399

NET BOOK VALUE

At 30 April 2023

13,556,643

At 31 July 2022

14,005,684

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/4/23

31/7/22

£

£

Amounts owed to group undertakings

976,528

1,613,658

Tax

56,358

-

Accruals and deferred income

1,400

701

1,034,286

1,614,359

9.	PROVISIONS FOR LIABILITIES

30/4/23

31/7/22

£

£

Deferred tax

430,655

229,858

Deferred

tax

£

Balance at 1 August 2022

229,858

Provided during period

200,797

Balance at 30 April 2023

430,655

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30/4/23

31/7/22

value:

£

£

6,000

A Ordinary

1p

60

60

500

B Ordinary

10p

50

50

3,500

C Ordinary

1p

35

35

250

D Ordinary

10p

25

-

170

145

Attached to the above shares are the following rights, preferences and restrictions:

A - Full voting rights, right to receive dividends and participate in any distributions.

B - Full voting rights, right to receive dividends and participate in any distributions.

C - No voting rights, right to receive dividends and participate in any distributions.

D - Full voting rights, right to receive dividends and participate in any distributions.

11.

RESERVES

Retained

earnings

£

At 1 August 2022

12,161,322

Profit for the period

259,210

Dividends

(329,000

)

At 30 April 2023

12,091,532