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REGISTERED NUMBER: 01284772 (England and Wales)






















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SAGE COTTAGE PROPERTIES LIMITED

SAGE COTTAGE PROPERTIES LIMITED (REGISTERED NUMBER: 01284772)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


SAGE COTTAGE PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: Mrs K Tyrer
Mrs S J O'Donnell
Mrs N M Martin





SECRETARY: Mrs K Tyrer





REGISTERED OFFICE: Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB





REGISTERED NUMBER: 01284772 (England and Wales)





AUDITORS: Fairhurst
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

SAGE COTTAGE PROPERTIES LIMITED (REGISTERED NUMBER: 01284772)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 335,017 217,789
335,017 217,789

CURRENT ASSETS
Stocks 19,567 12,932
Debtors 6 165,106 168,092
Cash at bank and in hand 766,899 808,199
951,572 989,223
CREDITORS
Amounts falling due within one year 7 653,201 704,926
NET CURRENT ASSETS 298,371 284,297
TOTAL ASSETS LESS CURRENT
LIABILITIES

633,388

502,086

CREDITORS
Amounts falling due after more than one
year

8

(36,724

)

(52,431

)

PROVISIONS FOR LIABILITIES (24,206 ) -
NET ASSETS 572,458 449,655

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 572,358 449,555
SHAREHOLDERS' FUNDS 572,458 449,655

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





Mrs S J O'Donnell - Director


SAGE COTTAGE PROPERTIES LIMITED (REGISTERED NUMBER: 01284772)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Sage Cottage Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

Turnover
Turnover represents the value of both golf and leisure club subscriptions receivable, food and beverage sales and accommodation services provided to customers in the year, excluding value added tax.

Turnover from accommodation and other guest services is recognised when rooms are occupied and as services are provided.

Turnover generated from golf and leisure subscription income is recognised on a straight line basis over the membership period to which it relates.

Sales of food and beverages are recognised at the point of consumption when a right to consideration arises.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery etc. 15% reducing balance, 25% reducing balance and 3 years straight line.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At the end of each reporting period end date the company reviews the carrying value of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists then the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

SAGE COTTAGE PROPERTIES LIMITED (REGISTERED NUMBER: 01284772)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade debtors, loans from group companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade creditors, accruals, loans from group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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.

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.

SAGE COTTAGE PROPERTIES LIMITED (REGISTERED NUMBER: 01284772)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Management fees receivable
Management fees receivable are recognised in profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 82 (2022 - 61 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 602,755
AMORTISATION
At 1 April 2022
and 31 March 2023 602,755
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

SAGE COTTAGE PROPERTIES LIMITED (REGISTERED NUMBER: 01284772)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 741,130
Additions 164,513
At 31 March 2023 905,643
DEPRECIATION
At 1 April 2022 523,341
Charge for year 47,285
At 31 March 2023 570,626
NET BOOK VALUE
At 31 March 2023 335,017
At 31 March 2022 217,789

The net book value of tangible fixed assets includes £ 31,577 (2022 - £ 36,192 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,709 17,364
Amounts owed by group companies 69,710 66,295
Other debtors 83,687 84,433
165,106 168,092

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 9) 5,690 6,065
Trade creditors 85,998 124,297
Taxation and social security 11,003 23,098
Other creditors 540,510 541,466
653,201 704,926

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,816 35,833
Hire purchase contracts (see note 9) 10,908 16,598
36,724 52,431

SAGE COTTAGE PROPERTIES LIMITED (REGISTERED NUMBER: 01284772)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 5,690 6,065
Between one and five years 10,908 16,598
16,598 22,663

Non-cancellable operating leases
2023 2022
£    £   
Within one year 12,146 14,954

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gary Edgerton FCA Cert PFS (Senior Statutory Auditor)
for and on behalf of Fairhurst

11. FINANCIAL COMMITMENTS

There is a cross guarantee structure between the following companies;

1. Sage Cottage Properties Limited
2. J S Stokes and Co Limited
3. J S Stokes Properties Limited

The right of set off is incorporated in the bank's legal debenture.

At the reporting date there were no liabilities.

12. 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.

13. ULTIMATE CONTROLLING PARTY

During the current and preceding year the company was a wholly owned subsidiary of J S Stokes and Co Limited, which is itself a wholly owned subsidiary of J S Stokes Holdings Limited. Both companies are incorporated in England.

Group financial statements are prepared for for J S Stokes Holdings Limited and are available from Companies House, Crown Way, Cardiff, CF14 3UZ.