99
22 February 2022
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No description of principal activity
2019-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
03380491
2019-10-01
2020-09-30
03380491
2020-09-30
03380491
2019-09-30
03380491
2018-10-01
2019-09-30
03380491
2019-09-30
03380491
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-10-01
2020-09-30
03380491
core:PlantMachinery
2019-10-01
2020-09-30
03380491
core:FurnitureFittings
2019-10-01
2020-09-30
03380491
bus:OrdinaryShareClass1
2019-10-01
2020-09-30
03380491
bus:Director3
2019-10-01
2020-09-30
03380491
core:WithinOneYear
2020-09-30
03380491
core:WithinOneYear
2019-09-30
03380491
core:AfterOneYear
2019-09-30
03380491
core:ShareCapital
2020-09-30
03380491
core:ShareCapital
2019-09-30
03380491
core:SharePremium
2020-09-30
03380491
core:SharePremium
2019-09-30
03380491
core:RetainedEarningsAccumulatedLosses
2020-09-30
03380491
core:RetainedEarningsAccumulatedLosses
2019-09-30
03380491
core:BetweenOneFiveYears
2020-09-30
03380491
core:BetweenOneFiveYears
2019-09-30
03380491
core:MoreThanFiveYears
2020-09-30
03380491
core:MoreThanFiveYears
2019-09-30
03380491
bus:SmallEntities
2019-10-01
2020-09-30
03380491
bus:Audited
2019-10-01
2020-09-30
03380491
bus:AbridgedAccounts
2019-10-01
2020-09-30
03380491
bus:SmallCompaniesRegimeForAccounts
2019-10-01
2020-09-30
03380491
bus:PrivateLimitedCompanyLtd
2019-10-01
2020-09-30
03380491
bus:OrdinaryShareClass1
2020-09-30
03380491
bus:OrdinaryShareClass1
2019-09-30
COMPANY REGISTRATION NUMBER:
03380491
Filleted Abridged Financial Statements
|
|
Abridged Financial Statements
|
|
Year Ended 30 September 2020
Abridged statement of financial position
|
1
|
|
|
Notes to the abridged financial statements
|
3
|
|
|
Abridged Statement of Financial Position
|
|
30 September 2020
Fixed Assets
Tangible assets
|
5
|
|
1,429,324
|
1,460,669
|
|
|
|
|
|
Current Assets
Stocks
|
4,175
|
|
4,175
|
Debtors
|
6
|
383,410
|
|
2,534,300
|
Cash at bank and in hand
|
223,771
|
|
60,376
|
|
---------
|
|
------------
|
|
611,356
|
|
2,598,851
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
549,127
|
|
2,322,380
|
|
---------
|
|
------------
|
Net Current Assets
|
|
62,229
|
276,471
|
|
|
------------
|
------------
|
Total Assets Less Current Liabilities
|
|
1,491,553
|
1,737,140
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
–
|
11,997
|
|
|
|
|
Provisions
|
|
24,988
|
27,677
|
|
|
------------
|
------------
|
Net Assets
|
|
1,466,565
|
1,697,466
|
|
|
------------
|
------------
|
|
|
|
|
Capital and Reserves
Called up share capital
|
8
|
|
100
|
100
|
Share premium account
|
|
512,440
|
512,440
|
Profit and loss account
|
|
954,025
|
1,184,926
|
|
|
------------
|
------------
|
Shareholders Funds
|
|
1,466,565
|
1,697,466
|
|
|
------------
|
------------
|
|
|
|
|
|
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2020 in accordance with Section 444(2A) of the Companies Act 2006.
Abridged Statement of Financial Position (continued)
|
|
30 September 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
22 February 2022
, and are signed on behalf of the board by:
Company registration number:
03380491
Notes to the Abridged Financial Statements
|
|
Year Ended 30 September 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA . The business address is Hodsoll Street, New Ash Green, Sevenoaks, TN15 7LE.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors review the financial information for the company and group considering whether they are a going concern for a period of at least 12 months from the date of approval of the accounts. The company is part of a wider group bank loan facility with Barclays Bank Plc. The company and wider group have been significantly impacted by increased costs as a result of the COVID-19 pandemic, which has contributed to an ongoing breach of its group bank financial covenants. Barclays Bank Plc are in the process of carrying out a financial review on the wider group. The results of this review are unknown at present. The directors acknowledge both the ongoing bank independent financial review and continued impact of COVID-19 on group performance may cast significant doubt on the company and groups ability to continue as a going concern. The group are working with Barclays Bank Plc during the financial review and have implemented robust operational and financial improvements across the group. The directors are also optimistic that the detrimental impact of COVID-19 on group performance will begin to ease. They are confident that this will enable the wider group to meet financial covenants soon and hence continue to adopt the going concern basis in preparing the accounts.
Judgements and key sources of estimation uncertainty
In the process of applying the company's accounting policies, the directors are required to make certain estimates, judgements and assumptions that they believe are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and the impact of COVID-19. Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Useful life and residual values Tangible assets The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the company's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness.
Leases Determining whether leases entered into by the company as a lessee are operating or finances leases requires judgement. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee based on the evaluation of the terms and conditions of the arrangements on a lease by lease basis.
Revenue recognition
The turnover shown in the profit and loss account represents residents fees earned during the accounting period.
Exceptional items
Exceptional items are material and non-recurring items. These are disclosed separately on the face of the income statement to reflect performance in a consistent manner, in line with how the business is managed and measured on a day-to-day basis.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis
.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
|
-
|
1% straight line
|
|
Plant and machinery
|
-
|
15% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
|
|
|
Stocks
Stocks are valued at the lower of cost and net realisable value.
Government grants
Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Financial instruments
Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
99
(2019:
74
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 October 2019
|
2,062,349
|
Additions
|
7,580
|
|
------------
|
At 30 September 2020
|
2,069,929
|
|
------------
|
Depreciation
|
|
At 1 October 2019
|
601,680
|
Charge for the year
|
38,925
|
|
------------
|
At 30 September 2020
|
640,605
|
|
------------
|
Carrying amount
|
|
At 30 September 2020
|
1,429,324
|
|
------------
|
At 30 September 2019
|
1,460,669
|
|
------------
|
|
|
6.
Debtors
Debtors include amounts of £– (2019: £49,518) falling due after more than one year.
7.
Securities
The company has entered into an unlimited guarantee for bank loans made available to group companies. It is not anticipated that any material liabilities will arise from the contingent liabilities other than those provided for in these financial statements.
The company treats guarantees and indemnities of this nature as contingent liabilities until such time as it becomes probable that the company will be required to make a payment under the terms of the arrangement.
As at 30 September 2020 the value of the group wide bank borrowings amounted to £16.4million (2019: £16.5million).
There is a legal charge, incorporating a fixed and floating charge, over the property and assets owned by the company.
8.
Called up share capital
Issued, called up and fully paid
|
2020
|
2019
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020
|
2019
|
|
£
|
£
|
Not later than 1 year
|
18,939
|
18,051
|
Later than 1 year and not later than 5 years
|
63,497
|
66,016
|
Later than 5 years
|
11,448
|
25,186
|
|
--------
|
---------
|
|
93,884
|
109,253
|
|
--------
|
---------
|
|
|
|
10.
Summary audit opinion
The auditor's report for the year dated
22 February 2022
was
unqualified
.
The senior statutory auditor was
Tony Hornsby BA(Hons) BFP FCA
, for and on behalf of
MCABA Limited t/a Mitchells
.
11.
Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. During the year the company provided and received loans from group companies and related parties. The total balances outstanding due (to)/from these entities at 30 September 2020 are as follows:
|
|
2020 |
2019 |
|
|
£ |
£ |
|
Amounts due from entities owning a participating interest |
– |
2,019,115 |
|
Amounts due from entities under common control |
12,165 |
276,894 |
|
Amounts due from entities under the control of directors |
171,030 |
167,930 |
|
|
|
|
|
Amounts due to entities owning a participating interest |
– |
(2,016,145) |
|
Amounts due to entities under common control |
– |
(11,997) |
|
|
|
|
Included within the above, the following amounts are due in over one year. Interest of 3% per annum is charged on these balances. Within amounts due from entities under common control £nil (2019: £149,518) is due in over one year. Within amounts owed to entities under common control, £nil (2019: £11,997) is due in over one year. The remaining balances with entities are unsecured, interest free and repayable on demand.
12.
Controlling party
Holywell Park Limited
is the 100% subsidiary of Holywell Park Holdings Limited. A company incorporated in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, England, S40 1LA. The ultimate parent company is Princess Wilru S.á r.l., a company incorporated in Luxembourg. The directors consider Princess Wilru S.á r.l. to be the ultimate controlling party. Princess Wilru S.á r.l. is registered with the Luxembourg Register of Commerce and Companies under number B 118.903. It's registered office is 2a, rue des Capucins, L-1313 Luxembourg, Grand Duchy of Luxembourg.