Holgates Silver Ridge Limited Company Accounts

Holgates Silver Ridge Limited Company Accounts

HOLGATES SILVER RIDGE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07393061
HOLGATES SILVER RIDGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
28 February 2017
RIDEHALGH LIMITED
Chartered Accountants
Guardian House
42 Preston New Road
Blackburn
BB2 6AH
HOLGATES SILVER RIDGE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2017
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
HOLGATES SILVER RIDGE LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2017
2017
2016
Note
£
£
£
£
FIXED ASSETS
Intangible assets
6
100,000
125,000
Tangible assets
7
3,894,234
3,747,090
------------
------------
3,994,234
3,872,090
CURRENT ASSETS
Stocks
8
79,570
37,000
Debtors
9
32,886
39,612
Cash at bank and in hand
262,430
88,791
---------
---------
374,886
165,403
CREDITORS: amounts falling due within one year
10
3,963,449
3,722,683
------------
------------
NET CURRENT LIABILITIES
3,588,563
3,557,280
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
405,671
314,810
PROVISIONS
Taxation including deferred tax
37,806
35,180
---------
---------
NET ASSETS
367,865
279,630
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
367,765
279,530
---------
---------
MEMBERS FUNDS
367,865
279,630
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HOLGATES SILVER RIDGE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2017
These financial statements were approved by the board of directors and authorised for issue on 17 August 2017 , and are signed on behalf of the board by:
R.J. Holgate
M.W. Holgate
Director
Director
Company registration number: 07393061
HOLGATES SILVER RIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2017
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middlebarrow Plain, Cove Road, Silverdale, Carnforth, LA5 0SH, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
(c) Revenue recognition
The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.
(d) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% per annum straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) Depreciation
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
-
2% per annum straight line
Plant & Machinery
-
25% per annum reducing balance
Fixtures & Fittings
-
25% per annum reducing balance
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. STAFF COSTS
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2).
5. PROFIT BEFORE TAXATION
Profit/(loss) before taxation is stated after charging:
2017
2016
£
£
Amortisation of intangible assets
25,000
25,000
Depreciation of tangible assets
16,645
16,925
--------
--------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 Mar 2016 and 28 Feb 2017
250,000
---------
Amortisation
At 1 March 2016
125,000
Charge for the year
25,000
---------
At 28 February 2017
150,000
---------
Carrying amount
At 28 February 2017
100,000
---------
At 29 February 2016
125,000
---------
7. TANGIBLE ASSETS
Freehold Property
Plant & Machinery
Fixtures & Fittings
Total
£
£
£
£
Cost
At 1 March 2016
3,730,151
66,749
6,823
3,803,723
Additions
146,161
–
17,628
163,789
------------
--------
--------
------------
At 28 February 2017
3,876,312
66,749
24,451
3,967,512
------------
--------
--------
------------
Depreciation
At 1 March 2016
19,888
32,691
4,054
56,633
Charge for the year
4,873
8,514
3,258
16,645
------------
--------
--------
------------
At 28 February 2017
24,761
41,205
7,312
73,278
------------
--------
--------
------------
Carrying amount
At 28 February 2017
3,851,551
25,544
17,139
3,894,234
------------
--------
--------
------------
At 29 February 2016
3,710,263
34,058
2,769
3,747,090
------------
--------
--------
------------
8. STOCKS
2017
2016
£
£
Raw materials and consumables
79,570
37,000
--------
--------
9. DEBTORS
2017
2016
£
£
Trade debtors
12,229
6,687
Prepayments and accrued income
20,657
19,711
Corporation tax repayable
–
13,214
--------
--------
32,886
39,612
--------
--------
10. CREDITORS: amounts falling due within one year
2017
2016
£
£
Trade creditors
56,644
105,871
Accruals and deferred income
318,709
311,670
Corporation tax
9,108
–
Social security and other taxes
65,116
9,651
Director loan accounts
3,513,872
3,295,491
------------
------------
3,963,449
3,722,683
------------
------------
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102.
The company paid interest amounting to £154,422 (2016 : £116,306) to the directors, Mr M.W. Holgate and Mr R.J. Holgate , in respect of their current account balances. The interest was paid at normal commercial rates. The amount owing to the directors at 28 February 2017 was £3,513,872(2016 : £3,295,491).
12. RELATED PARTY TRANSACTIONS
The company was under the control of the directors throughout the year. During the year the company paid a management charge of £25,000 to Holgates (Caravan Parks) Limited. The director, Mr M. Holgate, is a director and majority shareholder in this company.
13. TRANSITION TO FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.