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Registered number: 13439517










SNOWBIRD ASSETS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SNOWBIRD ASSETS LIMITED
REGISTERED NUMBER: 13439517

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Tangible assets
 4 
2,351
-

Investments
 5 
1
1

  
2,352
1

Current assets
  

Debtors: amounts falling due after more than one year
 6 
3,743,929
3,683,929

Debtors: amounts falling due within one year
 6 
19,332
207,850

Cash at bank and in hand
 7 
97,722
94,598

  
3,860,983
3,986,377

Creditors: amounts falling due within one year
 8 
(169,478)
(251,565)

Net current assets
  
 
 
3,691,505
 
 
3,734,812

Total assets less current liabilities
  
3,693,857
3,734,813

Creditors: amounts falling due after more than one year
 9 
(3,600,000)
(3,700,000)

Net assets
  
93,857
34,813


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
93,757
34,713

  
93,857
34,813


Page 1

 
SNOWBIRD ASSETS LIMITED
REGISTERED NUMBER: 13439517

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D G Moodie
Director

Date: 25 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SNOWBIRD ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Snowbird Assets Limited is a private Company, limited by share capital and incorporated in England and Wales.
The Company's registered office address is Clockhouse, Dogflud Way, Farnham, GU9 7UD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes for services provided during the year.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SNOWBIRD ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
SNOWBIRD ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Office equipment

£



Cost or valuation


Additions
2,698



At 31 December 2023

2,698



Depreciation


Charge for the year on owned assets
347



At 31 December 2023

347



Net book value



At 31 December 2023
2,351


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
1



At 31 December 2023
1




Page 5

 
SNOWBIRD ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
3,743,929
3,683,929

3,743,929
3,683,929


2023
2022
£
£

Amounts owed by group undertakings
-
150,000

Other debtors
19,332
-

Called up share capital not paid
-
100

Prepayments and accrued income
-
57,750

19,332
207,850



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
97,722
94,598

97,722
94,598



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
150,000
150,000

Corporation tax
17,588
10,065

Other creditors
-
90,000

Accruals and deferred income
1,890
1,500

169,478
251,565


Page 6

 
SNOWBIRD ASSETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
3,600,000
3,700,000

3,600,000
3,700,000



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20 (2022 - 20) Ordinary A shares of £1 each
20
20
20 (2022 - 20) Ordinary B shares of £1 each
20
20
20 (2022 - 20) Ordinary C shares of £1 each
20
20
20 (2022 - 20) Ordinary D shares of £1 each
20
20
20 (2022 - 20) Ordinary E shares of £1 each
20
20

100

100



11.


Related party transactions

At the year end the company was owed £3,743,929 (2022: £3,833,929) from Boismint Ltd its subsidiary, and owed £3,750,000 (2022: £3,850,000) to a Company that is related by virtue of having common directors and/or shareholders.


Page 7