REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SUMMERGRAND LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SUMMERGRAND LIMITED |
SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SUMMERGRAND LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Old Carriage Works |
Moresk Road |
TRURO |
Cornwall |
TR1 1DG |
SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Summergrand Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
As at the year end the company had net current liabilities of £224,112 (2022 - £213,534). |
Included within current liabilities are significant balances owed to related parties which whilst repayable on demand, are in reality unlikely to be exercised. Therefore the company retains the support of creditors, including bankers. |
Taking the above into account together with a review of post-year end performance, the Director's have assessed a period of 12 months from the balance sheet date and consider that the company is a going concern. Therefore the accounts are prepared on a going concern basis. |
Related party exemption |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received and receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company has one revenue stream. Rental income from investment property is recognised in the profit and loss account on a straight line basis in line with the tenancy agreement, payable in advance. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
Financial instruments |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement. |
SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Hire purchase and leasing |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk and rewards of ownership to the lessee. All other leases are classified as operating leases. |
Assets held under finance leases are recognised as assets at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charges to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
1,000 |
- |
SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918) |
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 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Tangible fixed assets include an asset held under hire purchase with a net book value of £46,144 (2022: £61,526). The depreciation charge for assets held under hire purchase was £15,382 (2022: £1,309). |
6. | INVESTMENT PROPERTY |
The property was valued by Jonathan Wall BSc (Hons) MRICS, director of Davis Coffer Lyons on 27 September 2021 on the open market basis. Davis Coffer Lyons are independent valuers not connected with the company. The director's consider that this valuation remains an appropriate valuation of the position at 31 March 2023. |
Had this class of asset been measured on a historical cost basis, it would have a carrying value of £832,162 (2022 - £832,162). |
The investment property owned by the company is pledged to secure the borrowings of the company and the group (see note 12). |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2009 | (117,154 | ) |
Valuation in 2011 | (100,000 | ) |
Valuation in 2017 | (25,008 | ) |
Valuation in 2022 | 225,000 |
Cost | 832,162 |
815,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Amounts owed to group undertakings |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | RELATED PARTY DISCLOSURES |
Mr P F Stanford |
(Director and shareholder of Summergrand Limited) |
During the current and previous year a loan account existed between Summergrand Limited and Mr P F Stanford. No interest was paid on the loan. At the balance sheet date the amount due to Mr P F Stanford was £118,256 (2022 - £118,256). |
Crowndell Consulting Limited |
(Ultimate parent company) |
A loan account exists between Summergrand Limited and Crowndell Consulting Limited. No interest was paid on the loan. At the balance sheet date the amount due to Crowndell Consulting Limited was £97,572 (2022: £92,846). |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Crowndell Consulting Limited. |
The ultimate parent is Crowndell Consulting Limited, a company incorporated in England and Wales. |
These financial statements are available upon request from: |
Lewinnick Lodge |
Pentire |
Newquay |
Cornwall |
TR7 1NX |
Mr P R Fair and Mrs J Fair are considered to be the ultimate controlling party. |
SUMMERGRAND LIMITED (REGISTERED NUMBER: 04942918) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | BANK BORROWING |
The Bank loan is denominated in Great British Pounds with a margin interest rate of 2.25% over 5 years. The carrying amount at the year end is £304,095 (2022 - £333,186). |
The loan is secured by a cross guarantee and debenture from the group companies, in addition to a charge over the investment property held by the company. |
The HP purchase agreement is secured against the assets to which it relates. |