ACCOUNTS - Final Accounts preparation

ST MARTIN'S MANAGEMENT ("ISLES OF SCILLY") LTD - Company Information

08512961 2015-01-01 false true 2015-12-312015-12-31group companygroup companygroup companygroup companygroup companygroup company 08512961 2015-01-01 2015-12-31 08512961 2015-12-31 08512961 2014-12-31 08512961 c:MotorVehicles 2015-01-01 2015-12-31 08512961 c:FixturesFittingsToolsEquipment 2015-01-01 2015-12-31 08512961 d:OrdinaryShareClass1 2015-12-31 08512961 d:OrdinaryShareClass1 2014-12-31 08512961 d:OrdinaryShareClass1 2015-01-01 2015-12-31 08512961 d:Director3 2015-01-01 2015-12-31 08512961 c:ComputerEquipment 2015-01-01 2015-12-31 08512961 c:OfficeEquipment 2015-01-01 2015-12-31 08512961 c:PlantMachinery 2015-01-01 2015-12-31 08512961 c:OtherTangibleFixedAssets 2015-01-01 2015-12-31 xbrli:shares iso4217:GBP

Registered number: 08512961

ST MARTIN'S MANAGEMENT ("ISLES OF SCILLY") LIMITED

UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

ST MARTIN'S MANAGEMENT ("ISLES OF SCILLY") LIMITED

REGISTERED NUMBER: 08512961

ABBREVIATED BALANCE SHEET

AS AT 31 DECEMBER 2015

2015

2014

	Note	£	£	£	£
FIXED ASSETS
Tangible assets	2		443,883		55,325

CURRENT ASSETS
Stocks	24,912		736
Debtors	75,545		15,802
Cash at bank and in hand	10,308		4,671

	110,765		21,209
CREDITORS: amounts falling due within one year	(1,491,513)		(364,467)
NET CURRENT LIABILITIES		(1,380,748)		(343,258)

TOTAL ASSETS LESS CURRENT LIABILITIES

(936,865)

(287,933)

CAPITAL AND RESERVES
Called up share capital	3	100	100
Profit and loss account		(936,965)	(288,033)

SHAREHOLDERS' DEFICIT

(936,865)

(287,933)

The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf by:

F F McCarthy

Director

Date: 15 December 2016

The notes on pages 2 to 4 form part of these financial statements.

Page 1

ST MARTIN'S MANAGEMENT ("ISLES OF SCILLY") LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

1.ACCOUNTING POLICIES

	1.1	Basis of preparation of financial statements
		The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	1.2	Going concern
		The directors have taken into account the guidance given by the Financial Reporting Council in "Going Concern and Liquidity Risk : Guidance for Directors of UK Companies (October 2009)". The directors believe that the company has the continued support of its parent and group companies and will be able to meet its debts as they fall due. Therefore, the financial statements have been prepared on the going concern basis.

	1.3	Turnover
		Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

	1.4	Tangible fixed assets and depreciation
		Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant and machinery	-	25% straight line
Motor vehicles	-	25% straight line
Fixtures and fittings	-	20% straight line
Office equipment	-	25% straight line
Computer equipment	-	25% straight line
Improvements to premises	-	20% straight line

	1.5	Operating leases
		Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

	1.6	Stocks
		Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

	1.7	Foreign currencies
		Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Profit and loss account.

Page 2

ST MARTIN'S MANAGEMENT ("ISLES OF SCILLY") LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

2.TANGIBLE FIXED ASSETS

		£
	Cost
	At 1 January 2015	56,651
	Additions	466,664
	At 31 December 2015	523,315

	Depreciation
	At 1 January 2015	1,326
	Charge for the year	78,106
	At 31 December 2015	79,432

	Net book value
	At 31 December 2015	443,883
	At 31 December 2014	55,325

3.SHARE CAPITAL

	2015	2014
	£	£
Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

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ST MARTIN'S MANAGEMENT ("ISLES OF SCILLY") LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

4.RELATED PARTY TRANSACTIONS

During the year the company had loan balances with the following related companies:-

At the balance sheet date the company owed £555,966 (2014 - £234,434) to Karma Developments Pte Ltd. No interest is payable on the loan and it is repayable on demand.

At the balance sheet date the company owed £591,582 (2014 - £nil) to International Vacation Ownership LtdI. No interest is payable on the loan and it is repayable on demand.

At the balance sheet date the company owed £208,036 (2014 - £nil) to IVO Europe PTE Ltd . No interest is payable on the loan and it is repayable on demand.

During the year the following transactions were carried out on a normal commercial basis with related companies:-

The company raised sales invoices to Royal Resorts (S) Pte Ltd totalling £45,726 (2014 - £nil). At the balance sheet date Royal Resorts (S) Pte Ltd owed the sum of £45,726 (2014 - £nil) to the company.

The company incurred costs totalling £13,741 (2014 - £nil) from Kirchbichlweg 6-18 Betriebsgesellschaft mbH (Karma Bavaria). At the balance sheet date the company owed the sum of £13,741 (2014 - £nil) to Kirchbichlweg 6-18 Betriebsgesellschaft mbH (Karma Bavaria).

The company incurred costs totalling £9,311 (2014 - £nil) from IVO Europe PTE Ltd. At the balance sheet date the company owed the sum of £9,311 (2014 - £nil) to IVO Europe PTE Ltd.

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