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Company Registration number: 10417689

Kingfisher Resorts Studland Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 28 December 2022

 

Kingfisher Resorts Studland Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 34

 

Kingfisher Resorts Studland Limited

Company Information

Directors

A J B Nares

R F Chamberlayne

N P Chapman

N J Street

Company secretary

Kin Company Secretarial Limited

Registered office

Hyde Park House
5 Manfred Road
London
SW15 2RS

Auditors

Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

 

Kingfisher Resorts Studland Limited

Strategic Report for the Year Ended 28 December 2022

The directors present their strategic report for the year ended 28 December 2022.

Principal activity

The principal activity of the group is that of trading as a hotel via its wholly owned subsidiary.

Fair review of the business

The principal activity of the group is that of trading as a hotel via its wholly owned subsidiary.

The group operates the Knoll House Hotel, a unique property in Studland in Dorset and as previously reported continues to seek planning permission to redevelop its assets. The hotel remains very profitable with results in 2023 in line with those in 2022 and strong cash generation. The directors expect this level of profitability to be at least maintained in 2024.

The company has invested significant sums in the planning process to date (which are included within Assets in the course of construction) but on 24 January 2024, the latest planning application was turned down. However, the Directors are now preparing a revised application and believe there is strong political support for approval and remain positive about obtaining success, following a reduction in the scale of the development originally proposed.

The application has been fully supported by the Board and funders and will further strengthen the group’s balance sheet.

The Board considers that the group performed satisfactorily against the hotel market generally, having regard for its historic legacy balanced against the imperative to refurbish what is a geographically well positioned, but dated and inefficient product.

The main KPIs of the business for the 2022 trading period, as traditionally assessed by the hotel industry, are as follows: -

Occupancy – 70% (2021 - 74%)

ADR (Average daily rate) - £111 (2021 - £139)

RevPAR (Revenue per available room) - £78 (2021 - £103)

 

Kingfisher Resorts Studland Limited

Strategic Report for the Year Ended 28 December 2022

Principal risks and uncertainties

The Board considers the principal risks affecting the UK hotel market in general are both demand driven uncertainty caused by falling consumer confidence and disposable income, and inflationary and macro driven cost pressures, particularly affecting utility costs.

The impact of these cost increases cannot be recovered through tariff growth, resulting in a need to balance careful operating cost control with a need for value for money and sustainable trade.

The Board manages its exposure to price risk through careful yield management, assessing the demand levels and adjusting key tariffs accordingly. The Board does not consider it is exposed to credit risk.

The Board has ensured that sufficient funding is available to meet the group’s needs in the foreseeable future through a prudent combination of equity and bank debt; along with regular management and updates of forecasts, cash flow and liquidity risks are managed.

Approved by the Board on 4 April 2024 and signed on its behalf by:


A J B Nares
Director

   
 

Kingfisher Resorts Studland Limited

Directors' Report for the Year Ended 28 December 2022

The directors present their report and the consolidated financial statements for the year ended 28 December 2022.

Directors of the group

The directors who held office during the year were as follows:

A J B Nares

R F Chamberlayne

N P Chapman

N J Street

Financial instruments

Price risk, credit risk, liquidity risk and cash flow risk

The Board manages its exposure to price risk through careful yield management, assessing the demand levels and adjusting key tariffs accordingly. The Board does not consider it is exposed to credit risk.

The Board has ensured that sufficient funding is available to meet the group’s needs in the foreseeable future through a prudent combination of equity and bank debt; along with regular management and updates of forecasts, cash flow and liquidity risks are managed.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Future Developments

The future developments of the business are included within the strategic report.

Approved by the Board on 4 April 2024 and signed on its behalf by:


A J B Nares
Director

   
 

Kingfisher Resorts Studland Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Kingfisher Resorts Studland Limited

Independent Auditor's Report to the Members of Kingfisher Resorts Studland Limited

Opinion

We have audited the financial statements of Kingfisher Resorts Studland Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 December 2022, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 28 December 2022 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.

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

 

Kingfisher Resorts Studland Limited

Independent Auditor's Report to the Members of Kingfisher Resorts Studland Limited

Other information

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 auditor’s 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

Kingfisher Resorts Studland Limited

Independent Auditor's Report to the Members of Kingfisher Resorts Studland Limited

Auditor 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 an auditor’s 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the hotel sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

 

Kingfisher Resorts Studland Limited

Independent Auditor's Report to the Members of Kingfisher Resorts Studland Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance; and

enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 auditor's report.

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 an auditor’s 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.





Alison Kerr FCA (Senior Statutory Auditor)
For and on behalf of Albert Goodman LLP, Statutory Auditor

Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

4 April 2024

 

Kingfisher Resorts Studland Limited

Consolidated Profit and Loss Account
for the Year Ended 28 December 2022

Note

2022
 £

2021
 £

Turnover

3

3,728,958

3,214,653

Cost of sales

 

(1,863,478)

(1,549,063)

Gross profit

 

1,865,480

1,665,590

Administrative expenses

 

(1,553,304)

(1,214,664)

Other operating income

4

-

226,593

Operating profit

5

312,176

677,519

Interest payable and similar charges

6

(502,469)

(459,699)

(Loss)/profit before tax

 

(190,293)

217,820

Taxation

9

-

(88,017)

(Loss)/profit for the financial year

 

(190,293)

129,803

Profit/(loss) attributable to:

 

Owners of the company

 

(190,293)

129,803

 

Kingfisher Resorts Studland Limited

Consolidated Statement of Comprehensive Income
for the Year Ended 28 December 2022

2022
£

2021
£

(Loss)/profit for the year

(190,293)

129,803

Total comprehensive income for the year

(190,293)

129,803

Total comprehensive income attributable to:

Owners of the company

(190,293)

129,803

 

Kingfisher Resorts Studland Limited

(Registration number: 10417689)
Consolidated Balance Sheet as at 28 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

10

596,228

726,288

Tangible assets

11

9,890,351

9,425,353

 

10,486,579

10,151,641

Current assets

 

Stocks

13

24,132

25,671

Debtors

14

614,040

148,765

Cash at bank and in hand

 

58,595

821,407

 

696,767

995,843

Creditors: Amounts falling due within one year

16

(5,253,022)

(4,922,477)

Net current liabilities

 

(4,556,255)

(3,926,634)

Total assets less current liabilities

 

5,930,324

6,225,007

Creditors: Amounts falling due after more than one year

16

(2,556,923)

(2,661,313)

Provisions for liabilities

17

(343,777)

(343,777)

Net assets

 

3,029,624

3,219,917

Capital and reserves

 

Called up share capital

19

49,000

49,000

Share premium reserve

4,851,009

4,851,009

Retained earnings

(1,870,385)

(1,680,092)

Equity attributable to owners of the company

 

3,029,624

3,219,917

Shareholders' funds

 

3,029,624

3,219,917

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 


A J B Nares
Director

   
 

Kingfisher Resorts Studland Limited

(Registration number: 10417689)
Balance Sheet as at 28 December 2022

Note

2022
£

2021
£

Fixed assets

 

Investments

12

8,078,087

8,078,087

Current assets

 

Debtors

14

453,782

189,064

Cash at bank and in hand

 

5,153

45,249

 

458,935

234,313

Creditors: Amounts falling due within one year

16

(4,992,200)

(4,147,897)

Net current liabilities

 

(4,533,265)

(3,913,584)

Total assets less current liabilities

 

3,544,822

4,164,503

Creditors: Amounts falling due after more than one year

16

(2,234,423)

(2,308,813)

Net assets

 

1,310,399

1,855,690

Capital and reserves

 

Called up share capital

19

49,000

49,000

Share premium reserve

4,851,009

4,851,009

Retained earnings

(3,589,610)

(3,044,319)

Shareholders' funds

 

1,310,399

1,855,690

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares group accounts. The company made a loss after tax for the financial year of £545,291 (2021 - loss of £503,653).

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 


A J B Nares
Director

   
 

Kingfisher Resorts Studland Limited

Consolidated Statement of Changes in Equity
for the Year Ended 28 December 2022

Ordinary share capital
£

Share premium
£

Profit and loss reserve
£

Total
£

Total equity
£

At 29 December 2021

49,000

4,851,009

(1,680,092)

3,219,917

3,219,917

Movement in year :

Loss for the year

-

-

(190,293)

(190,293)

(190,293)

Total comprehensive income

-

-

(190,293)

(190,293)

(190,293)

At 28 December 2022

49,000

4,851,009

(1,870,385)

3,029,624

3,029,624

Ordinary share capital
£

Share premium
£

Profit and loss reserve
£

Total
£

Total equity
£

At 29 December 2020

49,000

4,851,009

(1,809,895)

3,090,114

3,090,114

Movement in year :

Profit for the year

-

-

129,803

129,803

129,803

Total comprehensive income

-

-

129,803

129,803

129,803

At 28 December 2021

49,000

4,851,009

(1,680,092)

3,219,917

3,219,917

 

Kingfisher Resorts Studland Limited

Statement of Changes in Equity
for the Year Ended 28 December 2022

Ordinary share capital
£

Share premium
£

Profit and loss reserve
£

Total
£

At 29 December 2021

49,000

4,851,009

(3,044,319)

1,855,690

Movement in year :

Loss for the year

-

-

(545,291)

(545,291)

Total comprehensive income

-

-

(545,291)

(545,291)

At 28 December 2022

49,000

4,851,009

(3,589,610)

1,310,399

Ordinary share capital
£

Share premium
£

Profit and loss reserve
£

Total
£

At 29 December 2020

49,000

4,851,009

(2,540,666)

2,359,343

Movement in year :

Loss for the year

-

-

(503,653)

(503,653)

Total comprehensive income

-

-

(503,653)

(503,653)

At 28 December 2021

49,000

4,851,009

(3,044,319)

1,855,690

 

Kingfisher Resorts Studland Limited

Consolidated Statement of Cash Flows
for the Year Ended 28 December 2022

Note

2022
 £

2021
 £

Cash flows from operating activities

(Loss)/profit for the year

 

(190,293)

129,803

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

155,886

147,748

Finance costs

6

502,469

459,699

Income tax expense

9

-

88,017

 

468,062

825,267

Working capital adjustments

 

Decrease/(increase) in stocks

13

1,539

(4,263)

(Increase)/decrease in trade and other debtors

14

(465,275)

47,598

Increase in trade and other creditors

16

327,181

97,420

Net cash flow from operating activities

 

331,507

966,022

Cash flows from investing activities

 

Acquisitions of tangible assets

(490,824)

(236,318)

Cash flows from financing activities

 

Interest paid

6

(502,469)

(122,733)

Repayment of bank borrowing

 

(101,026)

(82,679)

Net cash flows from financing activities

 

(603,495)

(205,412)

Net (decrease)/increase in cash and cash equivalents

 

(762,812)

524,292

Cash and cash equivalents at 29 December 2021

 

821,407

297,115

Cash and cash equivalents at 28 December 2022

 

58,595

821,407

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hyde Park House
5 Manfred Road
London
SW15 2RS
United Kingdom

The principal place of business is:
Knoll House Hotel, Ferry Rd, Studland
Swanage
Dorset
BH19 3AH
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling (£).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 28 December 2022.

The parent has taken advantage of s408 of the Companies Act 2006 and has not included its own profit and loss account in these financial statements. The parent company's profit for the financial year is disclosed below its balance sheet within these accounts.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

Going concern

The group operates the Knoll House Hotel Ltd, a unique property in Studland in Dorset, via its subsidiary company, Knoll House Hotel Ltd. The group is seeking to obtain planning permission to develop the hotel. The group generated an operating profit in 2022 of £329k but after interest charges, the group made a loss after tax of £190k. The results for 2023 are similar to those of 2022 and the directors anticipate similar results in 2024.

The group has invested significant sums in the planning process to date (which are included within Land and buildings) and on 24 January 2024, the latest planning application was turned down. The Directors are now preparing a revised application and believe there is strong political support for approval and remain positive about obtaining approval for a revised application. However, this means further delay and additional costs will be incurred in both the planning process and interest charges. Whilst the directors are confident that agreement can be reached with the planning authorities in the long run, some uncertainty remains whilst planning approval has not been achieved.

The group finances its ongoing working capital and capex requirements using bank and other borrowings. Subsequent to the year end and prior to the date of approval of these accounts, the subsidiary company has drawn down additional bank and lease finance of £434k and this has been factored in to forecasts prepared.

As set out in note 20, the company has borrowing of £3,050,000 which is on a rolling three-month basis. Accrued interest of just over £1m is due to the lender at 31 December 2022 and is unpaid with their agreement. As at 31 December 2023, the accrued interest not paid amounts to £1.4m. This has been in place since June 2017 and the directors have obtained confirmation from the lender that their intention is that this funding will continue to be available to the company until at least 30 April 2024.

The directors have prepared forecasts which demonstrate that the group can continue to meet its liabilities as they fall due on the basis that the existing funding in place continues to be available to the company and that the group’s trading continues to provide positive cash flow similar to existing levels. Whilst the confirmation from the lender described above does not provide certainty, alongside the previous history of this funding being rolled over, the strong trading position of the hotel itself and the assets of the group to support a re-financing should that be necessary, the directors consider that the company and the group have adequate resources to continue in operational existence for a period of at least 12 months from the approval of these financial statements and therefore they continue to adopt the going concern basis of accounting in preparing these financial statements.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

Room sales are recognised at the point that the room is used by the customer. Food and drink sales are recognised at the point of sale.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

Government grants

Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences presented as other debtors or deferred income within the balance sheet.

Tax

The tax expense for the period comprises tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible assets

Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets to their residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

5% - 25% straight line

Land and Buildings - not depreciated

Not depreciated until work complete

The land and buildings are not depreciated during the current phase of development given the level of expenditure in progress and the residual value of the land and buildings.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over ten years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Accruals consist of interest payable arising on the group's loan borrowings and also obligations to pay for goods or services not yet invoiced that have been acquired in the ordinary course of business from suppliers.

Accruals are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Other creditors are initially measured at the transaction price and subsequently measured at amortised cost using the effective interest method. Other creditors include deposits held on behalf of customers in regard to future bookings.

Creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

Defined contribution pension obligation

The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Reserves

Called up share capital represents the nominal value of shares that have been issued.

Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.

Profit and loss account includes all current and prior period profits and losses.

Critical accounting judgments and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future period where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Land and buildings
Expenditure that relates to the freehold property of the group is judged by management as that which is incurred in the development of the property, will enhance that property and which will in future provide returns over a reasonable economic life.


Key sources of estimation uncertainty
The directors have made an assessment that no impairment of the freehold property is required. The group has applied for planning permission to further develop the freehold property and continues to incur costs to obtain that planning permission as well as to develop the existing hotel. The directors have assumed that planning permission will be obtained when making their assessment as this is their expectation. Should planning permission for development not be obtained, the level of future returns from the property will need re-evaluating. This could result in an impairment being required although the directors consider this unlikely. The carrying amount of freehold property is £9,608,648 (2021: £9,233,910).
 

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

3

Turnover

All turnover is derived from the operation of the hotel.

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2022
£

2021
£

Government grants

-

226,593

5

Operating profit

Arrived at after charging/(crediting):

2022
 £

2021
 £

Depreciation expense

25,826

17,688

Amortisation expense

130,060

130,060

Operating lease expense - plant and machinery

90,031

134,971

6

Interest payable and similar expenses

2022
£

2021
£

Interest on bank overdrafts and borrowings

120,639

78,930

Interest expense on other finance liabilities

381,830

380,769

502,469

459,699

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2022
 £

2021
 £

Wages and salaries

1,267,596

1,127,453

Social security costs

90,899

67,392

Pension costs, defined contribution scheme

18,710

19,998

1,377,205

1,214,843

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2022
 No.

2021
 No.

Administration and support

61

53

Other departments

4

4

65

57

8

Auditors' remuneration

2022
£

2021
£

Audit of these financial statements

3,600

3,600

Audit of the financial statements of subsidiaries of the company pursuant to legislation

6,700

6,700

10,300

10,300


 

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

9

Taxation

Tax charged/(credited) in the profit and loss account:

2022
 £

2021
 £

Deferred taxation

Arising from origination and reversal of timing differences

-

88,017

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of 19% (2021 - 19%).

The differences are reconciled below:

2022
£

2021
£

(Loss)/profit before tax

(190,293)

217,820

Corporation tax at standard rate

(36,156)

41,386

Deferred tax expense relating to changes in tax rates or laws

-

88,017

Increase/(decrease) from tax losses for which no deferred tax asset was recognised

36,156

(65,137)

Tax increase from effect of capital allowances and depreciation

-

7,759

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

15,992

Total tax charge

-

88,017

Deferred tax

Group

Deferred tax assets and liabilities

2022

Asset
£

Liability
£

Revaluation of property

-

1,033,042

Tax losses carried forward

689,265

-

689,265

1,033,042

2021

Asset
£

Liability
£

Revaluation of property

-

1,033,042

Tax losses carried forward

689,265

-

689,265

1,033,042

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

10

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 29 December 2021

1,300,601

1,300,601

At 28 December 2022

1,300,601

1,300,601

Amortisation

At 29 December 2021

574,313

574,313

Amortisation charge

130,060

130,060

At 28 December 2022

704,373

704,373

Carrying amount

At 28 December 2022

596,228

596,228

At 28 December 2021

726,288

726,288

11

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 29 December 2021

9,233,910

260,076

9,493,986

Additions

374,738

116,086

490,824

At 28 December 2022

9,608,648

376,162

9,984,810

Depreciation

At 29 December 2021

-

68,633

68,633

Charge for the year

-

25,826

25,826

At 28 December 2022

-

94,459

94,459

Carrying amount

At 28 December 2022

9,608,648

281,703

9,890,351

At 28 December 2021

9,233,910

191,443

9,425,353

Included within the net book value of land and buildings above is £9,608,648 (2021 - £9,233,910) in respect of freehold land and buildings.
 

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

12

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Knoll House Hotel Limited*

Hyde Park House, 5 Manfred Road, London, United Kingdom, SW15 2RS

Ordinary shares

100%

100%

 

     

* indicates direct investment of the company

Subsidiary undertakings

Knoll House Hotel Limited

The principal activity of Knoll House Hotel Limited is operating a hotel.

Company

2022
£

2021
£

Investments in subsidiaries

8,078,087

8,078,087

Subsidiaries

£

Cost or valuation

At 29 December 2021

8,078,087

Provision

Carrying amount

At 28 December 2022

8,078,087

At 28 December 2021

8,078,087

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

13

Stocks

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Finished goods and goods for resale

24,132

25,671

-

-

14

Debtors

 

Group

Company

Current

2022
£

2021
£

2022
£

2021
£

Trade debtors

4,907

35,425

-

-

Amounts owed by group undertakings

-

-

-

187,233

Other debtors

507,933

33,355

452,545

636

Prepayments

101,200

79,985

1,237

1,195

 

614,040

148,765

453,782

189,064

15

Cash and cash equivalents

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Cash on hand

3,421

2,092

-

-

Cash at bank

55,174

819,315

5,153

45,249

58,595

821,407

5,153

45,249

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

16

Creditors

   

Group

Company

Note

2022
 £

2021
 £

2022
 £

2021
 £

Due within one year

 

Loans and borrowings

20

3,190,622

3,187,258

3,160,622

3,157,258

Trade creditors

 

380,280

203,819

92,372

76,951

Amounts owed to group undertakings

 

-

-

662,902

-

Social security and other taxes

 

238,473

60,615

-

-

Outstanding defined contribution pension costs

 

6,727

5,719

-

-

Other creditors

 

272,332

342,693

1,335

7,178

Accrued expenses

 

1,164,588

1,122,373

1,074,969

906,510

 

5,253,022

4,922,477

4,992,200

4,147,897

Due after one year

 

Loans and borrowings

20

2,356,923

2,461,313

2,034,423

2,108,813

Other non-current financial liabilities

 

200,000

200,000

200,000

200,000

 

2,556,923

2,661,313

2,234,423

2,308,813

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 29 December 2021

343,777

343,777

At 28 December 2022

343,777

343,777

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £18,710 (2021 - £19,998).

Contributions totalling £6,727 (2021 - £5,719) were payable to the scheme at the end of the year and are included in creditors.

19

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A shares of £0.01 each

4,800,000

48,000

4,800,000

48,000

Ordinary B shares of £0.01 each

100,000

1,000

100,000

1,000

 

4,900,000

49,000

4,900,000

49,000

Rights, preferences and restrictions

Ordinary A and B have the following rights, preferences and restrictions:
The ordinary A & B shares have full voting rights and rights to divdends at the discretion of the directors.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

20

Loans and borrowings

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Current loans and borrowings

Bank borrowings

140,622

137,258

110,622

107,258

Other borrowings

3,050,000

3,050,000

3,050,000

3,050,000

3,190,622

3,187,258

3,160,622

3,157,258

 

Group

Company

2022
£

2021
£

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

2,356,923

2,461,313

2,034,423

2,108,813

Bank borrowings

The bank borrowings are secured by a debenture and first charge on the assets of the group, which includes freehold property owned by these companies. Interest is payable on these borrowings at rates between 3.15% and 4% per annum over base. Amounts due in more than five years are repayable by instalments, with the final instalment due April 2038.

Other borrowings

The other borrowings were obtained to finance the purchase of the subsidiary's undertaking and are secured by a second charge on the assets of the group, including freehold property owned by these companies. The other borrowings have a nominal interest rate of 12% per annum and are on a rolling three-month renewal basis which have continued to be renewed since year end and the directors are confident this will continue to be the case as they continue their long-term business plan to develop the land and property.

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

Bank loans and overdrafts after five years

Group

Included in the loans and borrowings are the following amounts due after more than five years:

2022
£

2021
£

After more than five years by instalments

1,496,802

1,645,069

Company

Included in the loans and borrowings are the following amounts due after more than five years:

2022
£

2021
£

After more than five years by instalments

1,496,802

1,645,069

-

-

21

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2022
£

2021
£

Not later than one year

34,893

28,910

Later than one year and not later than five years

23,907

25,085

58,800

53,995

The amount of non-cancellable operating lease payments recognised as an expense during the year was £43,708 (2021 - £57,102).

22

Related party transactions

Group

Key management personnel

Key management personnel are considered to be the executive directors, N Chapman and A Nares. Key management personnel do not receive a salary from the group.

Summary of transactions with entities with joint control or significant interest

Included within other debtors is a loan of £448,000 (2021 - £Nil) made to a company under common management. This loan is interest free and repayable on demand.
 

 

Kingfisher Resorts Studland Limited

Notes to the Financial Statements
for the Year Ended 28 December 2022

Summary of transactions with other related parties

A company owned by the directors
 Fees payable of £220,000 (2021 - £204,877) for resort management services are payable to a company controlled by two of the directors in accordance with an agreement with the parent company and are included in the profit and loss account. The balance due to the related party at the year end is £44,994 (2021 - £33,000) and is unsecured.
 

Company

Summary of transactions with all subsidiaries

The group has taken advantage of the exemption provided from disclosing transactions with wholly owned subsidiaries.