REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Clowance Holdings Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 December 2021 |
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for |
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Clowance Holdings Limited |
Clowance Holdings Limited (Registered number: SC132922) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Statement of Comprehensive Income | 6 |
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Balance Sheet | 7 |
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Statement of Changes in Equity | 8 |
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Notes to the Financial Statements | 9 |
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Clowance Holdings Limited |
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Company Information |
for the Year Ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Chartered Accountants |
Lakeview House |
4 Woodbrook Crescent |
Billericay |
Essex |
CM12 0EQ |
Clowance Holdings Limited (Registered number: SC132922) |
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Report of the Directors |
for the Year Ended 31 December 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of provision of maintenance and management services relating to the timeshare properties on the estate known as Clowance House, Praze-an-Beeble, Cornwall. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2021. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
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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. |
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AUDITORS |
The auditors, Mudd Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Clowance Holdings Limited |
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Opinion |
We have audited the financial statements of Clowance Holdings Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year 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. |
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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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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. |
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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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Clowance Holdings Limited |
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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 Report of the Directors. |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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. |
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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. |
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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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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enquiry of management, those charged with governance and the entity’s solicitors around actual and potential
litigation and claims; |
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enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and
regulations; |
- | reviewing minutes of meetings of those charged with governance; |
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reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations; |
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performing audit work over the risk of management override of controls, including testing of journal entries and
other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
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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. |
Report of the Independent Auditors to the Members of |
Clowance Holdings Limited |
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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. |
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for and on behalf of
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Statutory Auditors |
Chartered Accountants |
Lakeview House |
4 Woodbrook Crescent |
Billericay |
Essex |
CM12 0EQ |
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Clowance Holdings Limited (Registered number: SC132922) |
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Statement of Comprehensive |
Income |
for the Year Ended 31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT/(LOSS) |
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Administrative expenses |
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(89,906 | ) | (91,631 | ) |
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Other operating income |
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OPERATING PROFIT | 4 |
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Gain/loss on revaluation of assets | (390,000 | ) | - |
(196,947 | ) | 193,558 |
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Interest payable and similar expenses | 5 |
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(LOSS)/PROFIT BEFORE TAXATION | ( |
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Tax on (loss)/profit | 6 | ( |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
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Clowance Holdings Limited (Registered number: SC132922) |
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Balance Sheet |
31 December 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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Investments | 8 |
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Investment property | 9 |
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CURRENT ASSETS |
Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Revaluation reserve | 18 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Clowance Holdings Limited (Registered number: SC132922) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2021 |
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Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 January 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2021 |
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Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Clowance Holdings Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
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The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. |
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Going concern |
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
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the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c). |
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Turnover |
Turnover represents income arising out of the management of the Clowance Estate and includes management fees and occupancy charges. Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, allowances, volume and promotional rebates and other payments to customers. |
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Turnover from the sale of holiday membership subscriptions are recognised when the customer is invoiced, the customer has accepted their subscription and the collectability of the related receivable is reasonably assured. |
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Tangible fixed assets |
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Freehold property | - |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Tangible fixed assets are stated at cost (deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Any revaluation gains or losses recognised in other comprehensive income. Revaluations shall be made with sufficient regularity to ensure that carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. |
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Government grants |
The company received government grants in respect of furloughed employees wages. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model. |
Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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 year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Foreign currencies |
Transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the spot exchange rate between the functional currency and the foreign currency at the date of the transaction, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Basic financial instruments |
Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
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Investments |
Investments are measured at cost less impairment. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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3. | EMPLOYEES AND DIRECTORS |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.21 | 31.12.20 |
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Directors and management | 2 | 2 |
Restaurant staff | 11 | 11 |
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31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
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4. | OPERATING (LOSS)/PROFIT |
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The operating loss (2020 - operating profit) is stated after charging: |
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31.12.21 | 31.12.20 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.21 | 31.12.20 |
£ | £ |
Bank loan interest |
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Interest on late paid tax |
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Hire purchase |
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Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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6. | TAXATION |
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Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on (loss)/profit | ( |
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UK corporation tax has been charged at 19% (2020 - 19%). |
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Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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31.12.21 | 31.12.20 |
£ | £ |
(Loss)/profit before tax | ( |
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(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Depreciation in excess of capital allowances | - |
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Group relief | - | (41,503 | ) |
Total tax (credit)/charge | (40,271 | ) | 2,521 |
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Tax effects relating to effects of other comprehensive income |
Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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7. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Long | Plant and | and |
property | leasehold | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2021 |
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Additions |
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Revaluations | ( |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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Cost or valuation at 31 December 2021 is represented by: |
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Fixtures |
Freehold | Long | Plant and | and |
property | leasehold | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
Valuation in 2021 | 457,267 | - | - | - | 457,267 |
Cost | 1,562,344 | 446,020 | 178,385 | 788,894 | 2,975,643 |
2,019,611 | 446,020 | 178,385 | 788,894 | 3,432,910 |
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If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
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31.12.21 | 31.12.20 |
£ | £ |
Cost | 1,562,344 | 1,562,344 |
Aggregate depreciation | 866,343 | 847,267 |
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At the reporting date freehold land and buildings of £2,019,611 were valued by B. Hurley, a director of the company. |
Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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8. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Wynchgate House, Woodlands Lane, Bradley Stoke, Bristol, BS32 4JT |
Nature of business:
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Class of shares: | holding |
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31.12.21 | 31.12.20 |
£ | £ |
Aggregate capital and reserves | ( |
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Loss for the year | ( |
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9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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At the reporting date investment property was valued by B. Hurley, a director of the company. |
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10. | DEBTORS |
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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10. | DEBTORS - continued |
31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
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Aggregate amounts |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts (see note 13) |
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Hire purchase contracts (see note 14) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 64,288 | 148,269 |
Other creditors |
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Accrued expenses |
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12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans (see note 13) |
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Hire purchase contracts (see note 14) |
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Amounts owed to group undertakings |
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13. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.12.21 | 31.12.20 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 1,031,253 | 1,253,199 |
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The bank loan is repayable on a quarterly basis and interest is charged at a rate of 5.1% (2020: 5.1%) |
Clowance Holdings Limited (Registered number: SC132922) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
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14. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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31.12.21 | 31.12.20 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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15. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
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Hire purchase contracts | 117,817 | - |
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The loan is secured against the freehold of Clowance House Country Club. |
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16. | PROVISIONS FOR LIABILITIES |
31.12.21 | 31.12.20 |
£ | £ |
Deferred tax | 85,253 | 136,644 |
|
Deferred |
tax |
£ |
Balance at 1 January 2021 |
|
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 December 2021 |
|
|
17. | CALLED UP SHARE CAPITAL |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
|
Ordinary A | £1 | 100 | 100 |
|
Ordinary B | £1 | 1,000,100 | 1,000,100 |
1,000,200 | 1,000,200 |
Clowance Holdings Limited (Registered number: SC132922) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
18. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 January 2021 |
|
|
1,809,975 |
Deficit for the year | ( |
) | ( |
) |
Transfer | 315,900 | (315,900 | ) | - |
At 31 December 2021 |
|
|
1,643,347 |
|
19. | PENSION COMMITMENTS |
|
The company operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £1,743 (2020: £1,448). |
|
20. | CONTINGENT LIABILITIES |
|
There is an unlimited cross guarantee between Clowance Holdings Ltd and Clowance Estate Management Company Ltd with Natwest Bank PLC. |
|
21. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
|
22. | CONTROLLING PARTY |
|
The immediate and ultimate parent undertaking is Seasons Holidays Plc, a company incorporated in England and Wales, which holds 100% of the Company's issued share capital. The consolidated financial statements of Seasons Holidays Plc are available from the company’s registered office. |
|
The Company’s ultimate controlling party is B Hurley by virtue of his majority shareholding in Seasons Holidays Plc. |