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COMPANY REGISTRATION NUMBER: 10888698
SALAMANDER HASKELL LIMITED
FILLETED FINANCIAL STATEMENTS
30 September 2023
SALAMANDER HASKELL LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 6
SALAMANDER HASKELL LIMITED
BALANCE SHEET
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
2,247,739
2,333,875
Current assets
Debtors
6
1,144,860
1,146,922
Cash at bank and in hand
556,922
245,865
------------
------------
1,701,782
1,392,787
Creditors: amounts falling due within one year
7
( 3,233,865)
( 3,252,772)
------------
------------
Net current liabilities
( 1,532,083)
( 1,859,985)
------------
------------
Total assets less current liabilities
715,656
473,890
Creditors: amounts falling due after more than one year
8
( 68,849)
( 91,799)
Provisions
Taxation including deferred tax
( 49,600)
( 49,400)
------------
------------
Net assets
597,207
332,691
------------
------------
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
597,206
332,690
------------
------------
Shareholders funds
597,207
332,691
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
M Haskell
Director
Company registration number: 10888698
SALAMANDER HASKELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, company registration number 10888698 , registered in England and Wales. The address of the registered office is Commercial Mills, Slaithwaite, Huddersfield, HD7 5HB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental of plant and machinery and property, stated net of discounts and of Value Added Tax. Revenue from rental of plant and machinery and property is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment properties FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" requires properties held for investment to be included in the Balance Sheet at their fair value when it can be measured reliably. In relation to the property rented to its fellow subsidiary company the Director has taken advantage of the exemption in FRS102 that a property rented to a group company may be included in the accounts at depreciated cost. The Director believes that the residual value of the property is at least equivalent to its cost and therefore the depreciation rate, subject to consideration of impairment, is zero. In relation to property purchased in the year, which is not rented to a group company, the director considers that to comply with the requirement to include the property at its fair value annually would involve unjustifiable expense and therefore this investment property is included at depreciated cost. The Director acknowledges that this treatment does not comply with FRS102. The Director believes that the residual value of the property is at least equivalent to its cost and therefore the depreciation rate, subject to consideration of impairment, is zero.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The company has 1 (2022: 1) employee, being the director.
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Freehold investment property
Total
£
£
£
£
£
£
Cost
At 1 Oct 2022
788,335
1,613,937
134,333
28,284
747,687
3,312,576
Additions
29,712
25,450
60,265
115,427
------------
------------
------------
------------
------------
------------
At 30 Sep 2023
818,047
1,639,387
194,598
28,284
747,687
3,428,003
------------
------------
------------
------------
------------
------------
Depreciation
At 1 Oct 2022
882,905
72,752
23,044
978,701
Charge for the year
183,253
15,659
2,651
201,563
------------
------------
------------
------------
------------
------------
At 30 Sep 2023
1,066,158
88,411
25,695
1,180,264
------------
------------
------------
------------
------------
------------
Carrying amount
At 30 Sep 2023
818,047
573,229
106,187
2,589
747,687
2,247,739
------------
------------
------------
------------
------------
------------
At 30 Sep 2022
788,335
731,032
61,581
5,240
747,687
2,333,875
------------
------------
------------
------------
------------
------------
The freehold property is used by a group company and is stated at cost. The freehold investment property is rented to third party tenants. Based on independent property valuations carried out in June 2023 there is no material difference between market value and cost value and the property continues to be stated at cost value.
6. Debtors
2023
2022
£
£
Trade debtors
934
3,612
Corporation tax recoverable
1,060
Amounts owed by related undertakings
1,101,000
1,101,000
Other debtors
42,926
41,250
------------
------------
1,144,860
1,146,922
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
35,250
38,250
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
198
Amounts owed to group undertakings
3,124,245
3,110,170
Accruals and deferred income
34,950
47,332
Corporation tax
74,472
63,098
Social security and other taxes
32,172
------------
------------
3,233,865
3,252,772
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Accruals and deferred income
68,849
91,799
------------
------------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
49,600
49,400
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
49,600
49,400
------------
------------
10. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in creditors:
Deferred government grants due within one year
22,950
30,600
Deferred government grants due after more than one year
68,849
91,799
------------
------------
91,799
122,399
------------
------------
Recognised in other operating income:
Government grants released to profit or loss
30,600
42,050
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.01 each
100
1
100
1
------------
------------
------------
------------
12. Summary audit opinion
The auditor's report for the year dated 20 March 2024 was unqualified.
The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .
13. Related party transactions
Included in debtors is a loan of £1,101,000 (2022: £1,101,000) to a company controlled by the director. This loan is unsecured, repayable on demand and currently interest-free. Included in creditors are loans owed to the parent company and a fellow subsidiary company totalling £3,124,245 (2022: £3,110,170). These loans are unsecured, repayable on demand and currently interest-free. The company is a wholly-owned subsidiary of Salamander Haskell Holdings Limited . This company is controlled by M Haskell .