IRIS Accounts Production v23.3.1.45 00321529 Board of Directors 1.7.22 30.6.23 30.6.23 9/2/2024 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh003215292022-06-30003215292023-06-30003215292022-07-012023-06-30003215292021-06-30003215292021-07-012022-06-30003215292022-06-3000321529ns10:Originalns15:EnglandWales2022-07-012023-06-3000321529ns14:PoundSterlingns10:Original2022-07-012023-06-3000321529ns10:Originalns10:Director12022-07-012023-06-3000321529ns10:Original2022-07-012023-06-3000321529ns10:Original2023-06-3000321529ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3000321529ns10:Originalns10:SmallEntities2022-07-012023-06-3000321529ns10:Originalns10:Audited2022-07-012023-06-3000321529ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3000321529ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3000321529ns10:Originalns10:FullAccounts2022-07-012023-06-3000321529ns10:Originalns10:Director22022-07-012023-06-3000321529ns10:Originalns10:Director32022-07-012023-06-3000321529ns10:Originalns10:Director52022-07-012023-06-3000321529ns10:CompanySecretary1ns10:Original2022-07-012023-06-3000321529ns10:Originalns10:RegisteredOffice2022-07-012023-06-3000321529ns10:Original2022-06-3000321529ns10:Originalns5:CurrentFinancialInstruments2023-06-3000321529ns10:Originalns5:CurrentFinancialInstruments2022-06-3000321529ns5:ShareCapitalns10:Original2023-06-3000321529ns5:ShareCapitalns10:Original2022-06-3000321529ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3000321529ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3000321529ns10:Original2021-07-012022-06-3000321529ns10:Originalns5:LandBuildings2022-06-3000321529ns10:Originalns5:PlantMachinery2022-06-3000321529ns10:Original2022-06-3000321529ns10:Originalns5:LandBuildings2022-07-012023-06-3000321529ns10:Originalns5:PlantMachinery2022-07-012023-06-3000321529ns10:Originalns5:LandBuildings2023-06-3000321529ns10:Originalns5:PlantMachinery2023-06-3000321529ns10:Originalns5:LandBuildings2022-06-3000321529ns10:Originalns5:PlantMachinery2022-06-3000321529ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3000321529ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-30
REGISTERED NUMBER: 00321529 (England and Wales)















Financial Statements for the Year Ended 30 June 2023

for

BENGUELA COVE INVESTMENTS LIMITED

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BENGUELA COVE INVESTMENTS LIMITED

Company Information
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: B Anderson
P M W Rea
P M Streeter
I J Ellis





SECRETARY: N Patel





REGISTERED OFFICE: 92-96 Lind Road
Sutton
Surrey
SM1 4PL





REGISTERED NUMBER: 00321529 (England and Wales)





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

Balance Sheet
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,472,106 5,080,972

CURRENT ASSETS
Stocks 744,160 394,609
Debtors 5 339,253 370,204
Cash at bank 1,059,283 1,456,719
2,142,696 2,221,532
CREDITORS
Amounts falling due within one year 6 8,353,791 7,979,276
NET CURRENT LIABILITIES (6,211,095 ) (5,757,744 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(738,989

)

(676,772

)

CAPITAL AND RESERVES
Called up share capital 2,980,974 2,980,974
Retained earnings (3,719,963 ) (3,657,746 )
(738,989 ) (676,772 )

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 9 February 2024 and were signed on its behalf by:





I J Ellis - Director


BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Benguela Cove Investments 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 FRS 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland) (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.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. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

At year end date, the company owed P. M. Streeter £2,059,690 (2022: £4,500,000). These amounts are disclosed in other creditors.

Turnover
Membership subscriptions paid in advance are held as deferred income and are recognised over the period to which they relate. Food and beverage sales provided in the normal course of business are recognised net of trade discounts, VAT and other sales related taxes at the point at which goods and services are delivered to the customer.

Tangible fixed assets
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful
lives on the following bases:
Plant and equipment 12.5% straight line
Fixtures and fittings 20% straight line
Motor vehicles 12.5% straight line
Biological assets 5% straight line

Freehold buildings are maintained to ensure that their value does not diminish over time, and maintenance costs are charged to the profit and loss account in the period incurred. In the directors' opinion, the high level of maintenance ensures that the residual value of the buildings is such that depreciation would be immaterial and consequently has not been changed.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss.

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable. Current and deferred tax is charged or credited to profit or loss.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

Deferred tax
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is
realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the
reporting date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date.
Timing differences are differences between taxable profits and total comprehensive income that arise from
the inclusion of income and expenses in tax assessments in different periods from their recognition in the
financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will
be recovered by the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
During the year, and since the balance sheet date, the company has traded at a loss. To assess the going concern assumption, the directors have considered likely trading for the period covering at least 12 months from the date of approval of these financial statements.
The company has an express statement of support from its parent company and the directors are confident that, even if there are matters which affect the position, the parent company can and will provide such financial support as may be required for at least twelve months from the date of approval of these financial statements.

Therefore, the directors consider that the company will continue to trade, and has access to sufficient appropriate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements, and have thus prepared the financial statements on a going concern basis.

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 when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 and liabilities 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 financial instrument is measured as the present value of the future cash flows discounted at a market rate of interest.

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2022 - 35 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 3,867,892 4,046,130 7,914,022
Additions 9,015 553,459 562,474
Disposals - (15,310 ) (15,310 )
At 30 June 2023 3,876,907 4,584,279 8,461,186
DEPRECIATION
At 1 July 2022 - 2,833,050 2,833,050
Charge for year - 156,030 156,030
At 30 June 2023 - 2,989,080 2,989,080
NET BOOK VALUE
At 30 June 2023 3,876,907 1,595,199 5,472,106
At 30 June 2022 3,867,892 1,213,080 5,080,972

Included in the value of land and buildings above is freehold land of £891,500 (2022 : £891,500) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 22,040 6,287
Amounts owed by participating interests 140,391 279,548
Other debtors 176,822 84,369
339,253 370,204

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 149,779 89,121
Amounts owed to group undertakings 4,753,573 2,768,291
Taxation and social security 56,968 87,516
Other creditors 3,393,471 5,034,348
8,353,791 7,979,276

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

The Report of the Auditors was unqualified.

Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited

BENGUELA COVE INVESTMENTS LIMITED (REGISTERED NUMBER: 00321529)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. ULTIMATE CONTROLLING PARTY

The controlling party is A24 Group Limited.

The ultimate controlling party is P.M. Streeter.

A24 Group Limited is parent undertaking of the smallest and largest group of which the company is a member for which group accounts are prepared. The Financial Statements of A24 Group Limited can be obtained from Companies House.