Company registration number 10021460 (England and Wales)
Cameron Ventures (Ipswich) Limited
Financial Statements
For the year ended 31 August 2023
PAGES FOR FILING WITH REGISTRAR
Cameron Ventures (Ipswich) Limited
Contents
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 6
Cameron Ventures (Ipswich) Limited
Balance sheet
For the year ended 31 August 2023
2023-08-31
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,452,021
2,449,369
Current assets
Stocks
9,963
10,567
Debtors
5
2,599,684
1,254,428
Cash at bank and in hand
328,260
399,348
2,937,907
1,664,343
Creditors: amounts falling due within one year
6
(1,434,548)
(910,972)
Net current assets
1,503,359
753,371
Total assets less current liabilities
3,955,380
3,202,740
Creditors: amounts falling due after more than one year
7
(1,372,313)
(1,581,023)
Provisions for liabilities
8
(33,894)
(32,220)
Net assets
2,549,173
1,589,497
Capital and reserves
Called up share capital
300,000
300,000
Share premium account
430,000
430,000
Profit and loss reserves
1,819,173
859,497
Total equity
2,549,173
1,589,497
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 April 2024 and are signed on its behalf by:
Mr B A Keane
Director
Company registration number 10021460 (England and Wales)
Cameron Ventures (Ipswich) Limited
Notes to the Financial Statements
For the year ended 31 August 2023
- 2 -
1
Accounting policies
Company information
Cameron Ventures (Ipswich) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemption the requirement to present a statement of cash flow and related notes.
The financial statements of the company are consolidated in the financial statements of Cameron Ventures Hotels Limited. These consolidated financial statements are available from its registered office (address on page 1).
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Hotel accommodation income is recognised for each night as it takes place at the room rate for that night. Food and beverage income is recognised on the day provided to the customer at the price for the items purchased.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2% straight line
Furniture, fixtures and equipment
10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Cameron Ventures (Ipswich) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Cameron Ventures (Ipswich) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Leases
Assets held under finance leases are recognised as assets and 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 charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
29
38
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
150,000
Amortisation and impairment
At 1 September 2022 and 31 August 2023
150,000
Carrying amount
At 31 August 2023
At 31 August 2022
Cameron Ventures (Ipswich) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Furniture, fixtures and equipment
Total
£
£
£
Cost
At 1 September 2022
2,340,845
565,119
2,905,964
Additions
97,868
1,415
99,283
At 31 August 2023
2,438,713
566,534
3,005,247
Depreciation and impairment
At 1 September 2022
219,781
236,814
456,595
Depreciation charged in the year
40,077
56,554
96,631
At 31 August 2023
259,858
293,368
553,226
Carrying amount
At 31 August 2023
2,178,855
273,166
2,452,021
At 31 August 2022
2,121,064
328,305
2,449,369
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,437
3,030
Amounts owed by group undertakings
1,143,580
354,723
Other debtors
1,448,667
896,675
2,599,684
1,254,428
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
486,999
343,035
Amounts owed to group undertakings
287,450
258,200
Taxation and social security
199,527
131,010
Other creditors
460,572
178,727
1,434,548
910,972
Included in other creditors are amounts owing under hire purchase contracts of £nil (2022 - £8,147) which are secured on the assets concerned.
Cameron Ventures (Ipswich) Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
1,372,313
1,581,023
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Amanda Ruggles
Statutory Auditor:
Gilberts Chartered Accountants
Date of audit report:
9 April 2024
10
Financial commitments, guarantees and contingent liabilities
A cross guarantee exists between the company, its parent undertaking and fellow subsidiary undertakings for all bank overdrafts within the group and the bank loan in Cameron Ventures Hotels Limited. At 31 August 2023 the total borrowings in the group were £4,175,000 and these are not expected to result in any loss to the Company.
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Included in other debtors is £1,422,563 (2022 - £859,570) owed by companies under common control.