Registered number:
FOR THE PERIOD ENDED 31 JANUARY 2020
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SOUTH EASTERN LEISURE (UK) LTD
COMPANY INFORMATION
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SOUTH EASTERN LEISURE (UK) LTD
CONTENTS
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SOUTH EASTERN LEISURE (UK) LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JANUARY 2020
The Company supports other group companies to develop land and also provides funding to it's subsidiary Southend United Football Club Limited and a company under common control Roots Hall Limited. The Board are ambitious to maximise the Football Club's potential and believe the opportunity for success within the Club's demographic to be considerable. However, in the view of the Board this can only truly be fulfilled through improved infrastructure and is why a move to a new stadium remains a key objective.
A project of such magnitude is not, in the Board’s opinion, sustainable if leveraged by debt and this is why enabling development to help fund the proposals is crucial. A smooth transition from Roots Hall to Fossetts Farm (Fossetts) is fundamental. Whilst this adds to the complexity through the need to coordinate two major, inextricably linked developments, it is nevertheless an objective of both the Football Club and the Council. A new planning application at Fossetts has been submitted by the Club and it is anticipated that the Council will vote on this submission positively in the coming months. The planning application provides the appropriate mix of ‘enabling development’ to facilitate the new stadium, including revised proposals for residential development at Roots Hall. We have not previously been this advanced in coordinating all the ‘ingredients’ and are doing so without the need of a 'partner'. Previously the needs and programme constraints of others has proved an impediment. With a favourable vote by the Council the Group will be well placed to build the new facilities without further delay.
The company has continued to support Southend United Football Club Limited, including investment in the Academy, which will continue for the foreseeable future. Without such support the Football Club would not be able to maintain its infrastructure and competitive edge.
The company continues, as it has for many years to provide support to Southend United Football Club, without this support the Club could not successfully compete.
The Directors place great importance on the Football Club's move to the new modern facilities that will provide improved revenue streams and as a consequence a reduced dependence on the Company for its continued existence. Many supporters love Roots Hall but sadly the Football Club's current stadium is no longer fit for purpose in the modern era with increasing costs year on year to ensure the Club maintains the standards demanded by the authorities. For that reason alone, support from the Council is crucial. Under the new stadium plans the Football Clubs “risks and uncertainties” are substantially reduced, if not eradicated, albeit with continued prudent management. This in turn will reduce the principal risks and uncertainties within the Company.
This report was approved by the board
and signed on its behalf.
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SOUTH EASTERN LEISURE (UK) LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2020
The directors present their report and the financial statements for the period ended 31 January 2020.
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙
make judgments 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 to 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.
The profit for the period, after taxation, amounted to £
267,119
(2018 -
£
21,760
)
.
The Directors have recommended no dividend be proposed for the period (
2018 - £nil
)
The directors who served during the period were:
The Company intends to continue it's function in the support of other group companies to develop land for resale. There are no intended changes to the strategic direction of the Group.
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SOUTH EASTERN LEISURE (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2020
The auditors, WMT, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SOUTH EASTERN LEISURE (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH EASTERN LEISURE (UK) LTD
We have audited the financial statements of South Eastern Leisure (UK) Ltd (the 'Company') for the period ended 31 January 2020, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity
and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 2.2 in the financial statements, which indicates that the company has net current liabilities and a negative balance sheet and that these may cast significant doubt on the Company's ability to continue as a going concern. The directors are confident that Martin Dawn Plc, one of the joint venture parties, will continue to provide the necessary funds to the Company through their financing facilities. However, there can be no certainty in these matters and this indicates the existence of a material uncertainty which may cast doubt on the Company's ability to continue as a going concern. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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SOUTH EASTERN LEISURE (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH EASTERN LEISURE (UK) LTD (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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SOUTH EASTERN LEISURE (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SOUTH EASTERN LEISURE (UK) LTD (CONTINUED)
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 an Auditors' report 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.
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 Auditors' 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 an Auditors' report 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.
for and on behalf of
Chartered Accountants
Verulam Point
Station Way
Hertfordshire
AL1 5HE
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SOUTH EASTERN LEISURE (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JANUARY 2020
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SOUTH EASTERN LEISURE (UK) LTD
REGISTERED NUMBER:
03685980
BALANCE SHEET
AS AT
31 JANUARY 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 10 to 18 form part of these financial statements.
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SOUTH EASTERN LEISURE (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 JANUARY 2020
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
South Eastern Leisure (UK) Limited is a limited company, incorporated in England and Wales. The address of the registered office is given on the Company information page. The nature of the Company's operations and its principal activities are disclosed in the Directors' Report.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The Company produces separate financial statements. Consolidated financial statements are produced by the ultimate parent undertaking, Martin Dawn plc.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). These single entity financial statements are presented in GBP on the going concern basis. The following principal accounting policies have been applied:
The Company is aware of its present position and its shareholders and other group companies intend to continue to support the Company through various funding facilities. On this basis, the Directors consider it appropriate to prepare these financial statements on the going concern basis.
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
2.
Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
2.
Accounting policies (continued)
There were no key assumptions concerning the future or other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
7.
Taxation (continued)
There is a deferred tax asset of £1,745,310 (
2018 - £1,799,393
) that has not been recognised due to uncertainty regarding the crystallisation of future profits.
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
Subsidiary undertakings (continued)
The 2020 valuations were made by the Directors,, on an open market value for existing use basis.
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
10.
Debtors (continued)
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
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SOUTH EASTERN LEISURE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2020
The Directors have considered the effect on the value of the assets and liabilities of the Company since the balance sheet date, as well as actual and expected future income and expenditure, cash flow requirements and the Company’s ability to continue as a going concern. They have taken steps to protect the workforce and the business, including its cash flow, so as to be able to maintain liquidity given that the effects of the current crisis are likely to last for several months.
There is no ultimate controlling party in either the current or the preceding period/year.
The ultimate consolidating parent is Martin Dawn plc.
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