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COMPANY REGISTRATION NUMBER: 10222634
Snowdrop Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 October 2023
Snowdrop Holdings Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Officers and professional advisers
1
Report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Snowdrop Holdings Limited
Officers and Professional Advisers
Director
Mr J Melville
Registered office
Newland Fach
Llangan
Vale of Glamorgan
CF35 5DN
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Handelsbanken Plc
18 Park Place
Cardiff
CF103DQ
Snowdrop Holdings Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Snowdrop Holdings Limited
Year ended 31 October 2023
Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Snowdrop Holdings Limited You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Clay Shaw Thomas Ltd
2 Oldfield Road Bocam Park Bridgend CF35 5LJ
30 July 2024
Snowdrop Holdings Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,075,084
1,032,198
Investments
6
100
100
-----------
-----------
1,075,184
1,032,298
Current assets
Cash at bank and in hand
33,025
36,805
Creditors: amounts falling due within one year
7
607,769
636,735
---------
---------
Net current liabilities
574,744
599,930
-----------
-----------
Total assets less current liabilities
500,440
432,368
Provisions
86,021
75,300
---------
---------
Net assets
414,419
357,068
---------
---------
Capital and reserves
Called up share capital
8
100
100
Fair value reserve
9
258,000
225,760
Profit and loss account
9
156,319
131,208
---------
---------
Shareholder funds
414,419
357,068
---------
---------
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 statement of comprehensive income has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Snowdrop Holdings Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr J Melville
Director
Company registration number: 10222634
Snowdrop Holdings Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Newland Fach, Llangan, Vale of Glamorgan, CF35 5DN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents the consideration received for rental income on a straight line basis over the lease term.
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.
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:
Equipment
-
20 % straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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 statement of financial position 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost or valuation
At 1 November 2022
1,032,000
567
1,032,567
Revaluations
43,000
43,000
-----------
----
-----------
At 31 October 2023
1,075,000
567
1,075,567
-----------
----
-----------
Depreciation
At 1 November 2022
369
369
Charge for the year
114
114
-----------
----
-----------
At 31 October 2023
483
483
-----------
----
-----------
Carrying amount
At 31 October 2023
1,075,000
84
1,075,084
-----------
----
-----------
At 31 October 2022
1,032,000
198
1,032,198
-----------
----
-----------
At the end of the reporting period the investment property had a market value of £1,075,000 (2022: £1,032,000) representing a gain of £43,000, as reported in the profit and loss.
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
100
----
Impairment
At 1 November 2022 and 31 October 2023
----
Carrying amount
At 31 October 2023
100
----
At 31 October 2022
100
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
100
100
Accruals and deferred income
17,948
17,714
Social security and other taxes
15,969
17,009
Director loan accounts
70,934
125,350
Alltrust Pension control
1,071
1,071
Other creditors
501,747
475,491
---------
---------
607,769
636,735
---------
---------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
50
50
50
50
Ordinary B shares of £ 1 each
50
50
50
50
----
----
----
----
100
100
100
100
----
----
----
----
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Fair value reserve - This reserve records the value of investment property revaluations recognised in other profit and loss and is non distributable.
10. Related party transactions
Included within creditors are loans due to the company shareholders as follows:
2023
£
Balance as at 1 November 2022 600,841
Repaid (60,000)
Interest net of tax 31,840
---------
Balance as at 31 October 2023 572,681
---------
The shareholders charge a commercial rate of interest at 8% on the loan. There are no fixed terms of repayment.
11. Controlling party
In the opinion of the director, there is no ultimate controlling party.